Charles Hoskinson Addresses Major Challenges to Cardano
During his recent Q&A, IOHK Chief Charles Hoskinson shared his concerns on one of the biggest issues with Cardano: the network effects.
Instead of trying to develop “first-to-market” products, Hoskinson rather defended the team’s focus on deep academic rigor, including the “not no usual” peer-review approach.
While explaining this he said,
It should not be controversial in anyway. Given the complexity of the basic protocol, we must all agree that this is a good idea.
To explain why rushing is not the best decision, Hoskinson pointed out the recent Poly Network hack as a result of the same rush.
Going forward, Cardano claims to be more convenient and more secure. The forum is run by three different organizations called “Evidence Based Development”. The unchanging basic blockchain registers all transactions, enhancing security in the crypto ecosystem.
Critics of the project often point out that competing blockchains such as Ethereum fail to gain the largest proof-of-stake blockchain traction as they have already reached high receptions and adoption points.
To this Hoskinson commented that the smart contract industry is still “too small a pool” to reach premature conclusions about the dominance of a particular project’s success.
They say, ‘We are the dominant platform.’ Yes, you are the dominant platform. It’s like saying you are the biggest fish in a small pond near the ocean. No one won. We are all currently fighting in a small pool.
The end result is basically the same between POS and proof of work. But PoS is virtual, and less energy-intensive. In fact, Ethereum is also moving towards the PoS mechanism.
Hoskinson was not happy with the lecture on non-fungal tokens and dogecoin cryptocurrency.
During the AMA, he complained about parodies and memes that have become dominant in the industry in recent times, all of which he wanted to “overcome” lately.