We’re now moving to “third generation” blockchain and cryptocurrency platforms, says IOHK CEO and Ethereum co-founder Charles Hoskinson. His team’s Cardano project is just that — a contracts and payments infrastructure capable of plugging into any
Cardano Adds Governance, Privacy, Security Features
Cardano is the creation of IOHK (Input Output Hong Kong) and its team of engineers and researchers around the world. IOHK was contracted to develop and maintain the platform until 2020.
There’s little doubt Hoskinson would like it to replace Ethereum as the world’s dominant smart contract and distributed app (DApp) platform, but he says Cardano does much more. The governance, identity and privacy features built into its multi-layer structure make it more appealing to banks and regulators — and it’s still all open source.
Much of the work on Cardano, and investment in the project, comes from Japan. We caught up with Hoskinson and the team at Tokyo Institute of Technology today to find out more. Here’s the full interview:
Ouroboros, ADA and the Daedalus Wallet
Hoskinson talked about Cardano’s brand new proof-of-stake algorithm called “Ouroboros” (developed at Tokyo Tech) and why POS is superior to proof-of-work for a global computational platform. It’s drastically cheaper and more energy efficient, he said, which allows for advanced functions like “sharding”, or parallel operations that all settle on the same chain.
Cardano’s features are starting to appear in the wild. IOHK released the Daedalus wallet which currently stores the native currency token ADA. In the future, Hoskinson says, it will be a universal wallet for all cryptocurrencies, as well as a platform for blockchain applications.
ADA itself launched on public exchanges recently. This followed three rounds of pre-sales focused on Japan, and a series of roadshow events where Hoskinson and the IOHK toured the country.
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Images via Jon Southurst, IOHK