Charles Hoskinson Discusses The Future Of Cardano (ADA)

The founder of Cardano and IOHK, Charles Hoskinson, is in the Cardano ADA news today for outlining his vision on the project and the ‘bright’ future as he described it. Hoskinson talked about Cardano during an event held in celebration of the project’s secondary anniversary and shared his main long-term vision: Cardano disrupting the centralized governance system.

If you have been following the blockchain news before, you probably know that the ADA cryptocurrency is product of the project, which is in fact a very ambitious research-oriented blockchain. However, it is also true that Cardano has been slowly transitioning in a new period which will transition the project to proof-of-stake (PoS) consensus.

The launch of Shelley, which is this new development, has been plagued with problems and delays. This is why Charles Hoskinson felt the urge to speak and discuss the slow development. According to him, the real reason for the lack of speed was the company’s thorough and detailed approach to building Cardano.

Earlier this year, our Cardano news showed that the project celebrated its second anniversary on September 28. As an ex-founder of Ethereum, Charles Hoskinson hosted a Cardano meetup event in Plovdiv, Bulgaria, and used this opportunity to go over Cardano’s history – as well as highlight the project’s plans for the future.

The lengthy introductory speech talked about Shelley, the next era of Cardano’s development which will transition the cryptocurrency and network to a proof-of-stake protocol. Byron, which was the first development phase of Cardano, focused the network’s basic needs and presented the first incarnation of its “Ouroboros” PoS consensus.

Meanwhile, the news show that ADA is performing quite slow this period.

According to Charles Hoskinson, Shelley will get a new incentivized testnet in November. The reason for that is simple – the company is still not sure about the system’s functionality.

“If you’re going to decentralize the system and hand it over to people you need to build up a critical mass of people who are capable of running the system,” he said.

When asked about actually doing this, Hoskinson noted that there are two ways. The first is forking the network (which is not the way that anyone at Cardano wants to go) and the second is the longer and harder way of testing the system even further.

“Or you can go ahead and build a safe sandbox,” he added.

Such a sandbox, according to Charles Hoskinson, will allow knowledge and domain expertise to build up, which is due to “bubble over” at some point, as he explained. When this knowledge hits a critical threshold, the mainnet can launch.

Cardano was in the news before for partnering with the major footwear brand New Balance – to share its blockchain for authentication of products.