In a recent interview,Charles Hoskinson, Co-Founder and CEO of Input Output Global (IOG), the company responsible for building Cardano, talked about some of the key concepts of blockchain technology in the context of Cardano’s research and development work.
Hoskinson made his comments during an interesting interview with Forbes that was published on Monday (April 26).
Cardano’s Development Process:
We’ve published 102 papers over a three year period. A big part of those 102 papers was creating strong theoretical foundations for cryptocurrencies as a whole, not just for Cardano. For instance, we wrote a paper called GKL15, which has been cited more than 1,000 times, and it’s the canonical way of looking at what is blockchain.
Proof-of-Stake vs Proof-of-Work:
With proof of stake systems, instead of mining we say, “We’re just going to go ahead and weight your stake proportionally, treat it like a synthetic lottery, and you should win on average that much.” The advantage of proof of stake is that because you don’t have that gargantuan overhead and energy expenditure for deciding who gets to make a block, it means you can put a lot of your magic in the other two stages.
On-Chain Governance in Cardano:
… our system also has voting on-chain, and outside of Tezos we’re probably the most advanced there. That means when you have your stake, not only can you delegate it, you can also use it to vote on funding proposals and changes to the chain as a whole.
2021 is kind of our overflow year, where we’re pulling together and turning on all the things we dreamed of over the last five years. That includes things like our governance stack, smart contracts, our metadata standard, token issuance, full decentralization… We’re getting nation states to do cool things and we’re bringing millions of users in through that push model.