At the Blockchain summit in Malta, Ethereum co-creator and IOHK CEO Charles Hoskinson spoke with CryptoSlate in an exclusive interview to share insights on his early days at Ethereum (ETH) and the work done by IOHK to develop Cardano (ADA) from scratch.
In 2014, before the launch of ETH, the native cryptocurrency of the Ethereum network, Hoskinson left the project to create IOHK, a company that oversees the development of Cardano, the eighth most important cryptocurrency in the global market with a valuation of $ 1.9 billion.
At the time, Hoskinson stated that the difference in opinion compared to the technical roadmap of the Ethereum blockchain led to the creation of IOHK, from which he left Ethereum develop a scientific and peer-reviewed blockchain project. Hoskinson said:
"A big difference of opinion[traimembrifondatoridi[amongstfoundingmembersof[traimembrifondatoridi[amongstfoundingmembersofEthereum]and we went in different ways and that's fine. I started IOHK shortly thereafter and I ran it for about four years. We have grown from zero to 160 employees in 16 countries and we are a revenue-oriented company with no venture capital. We only grow according to the volume of business ".
Difference between Cardano and Ethereum
As the first multilayer blockchain network, Cardano uses a system that allows users to use the first layer of the blockchain as a settlement level for payments and the second level as a control layer for smart contracts.
Through the use of Ouroboros, a unique proof-of-stake (PoS) subjected to peer review consent algorithm, Cardano's multilayer blockchain protocol maximizes scalability and efficiency in information processing while neutralizing attacks as selfish extraction.
The main difference between the development of Ethereum and Cardano is that while the former focuses on creating an open source community to tackle downsizing with a variety of solutions, Cardano has a clear vision on how to scale the protocol to the point where decentralized applications (dApps) and large-scale systems can use the blockchain to transmit data without problems. Hoskinson explained:
"Now he has reached a point where he needs a new one consent algorithm be able to scale and reach the next level and operate at a reasonable cost, so this is pretty much what Casper is doing. We have our vision on how to do this is what Ouroboros is and is a radically different way of performing that vision. Vitalik's approach, what he did, is that he built an open source team and just tried things, one thing after another and a bit failed, and they're gradually trying to understand exactly what they want to do and have converted into vision and now they are starting to formalize it. "
Building Blockchain From Scratch supported by scientific research
Since its inception, IOHK has developed a long-term vision of creating a blockchain network from scratch with each layer supported by scientific research to create the most practical version of a distributed system possible.
As such, IOHK used an uncommon method of issuing a document for each new component of the blockchain to ensure that the system can operate with the same level of job security and the convenience of a network without miners.
"We said blockchain, what makes it a secure blockchain, proof-of-work creates a secure blockchain, proof-of-stake can get the same proof-of-work security, and so we can actually make it practice. published the card after the card after the card. "
Hoskinson noted that most of the documents published by IOHK were subjected to conferences such as CCS for peer review, which are known to accept less than 10% of requests. He emphasized the rarity of having several documents on the same thread, in this case, the blockchain technology, to pass the peer-review process.
"We have written 6 to 7 articles on that line of research and many of them are peer-reviewed and have participated in important conferences such as CCS that historically accept 10 to 15 percent of the documents presented there. three on a single search thread is about one in a thousand possibilities, it's really hard and we did it, we follow the peer review process and it's much more federated. "
In the years to come, IOHK and Cardano aim to continue publishing peer-reviewed articles to support the development of the blockchain and strengthen Cardano's presence in rapidly growing markets such as Japan and South Korea that have shown strong demand for the protocol.
Cover photo of Arif Wahid on Unsplash
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