During an interview with Forbes, Charles Hoskinson, better known as the Cardano founder, explained the latest crypto and blockchain technology advancements. Hoskinson, a trade mathematician, responded to Forbes’ questions to help people understand the role of theory and application in blockchain growth.
It’s challenging to strike the right balance between these two disciplines, but it’s critical if crypto is to gain mainstream acceptance. In the coming years, the blockchain technology that solves this puzzle will most likely be the dominant platform. These topics are critical for newcomers to the crypto space and seasoned crypto enthusiasts.
Cryptocurrency and Blockchain Evolution
Hoskinson described how they collaborated to bring academic and scientific rigor to Cardano and crypto production in general. They have published 103 papers in three years, according to Hoskinson, to lay a robust theoretical foundation for cryptocurrencies as a whole.
They also published GKL15, a paper with over 1000 citations. According to Hoskinson, this paper is a canonical way of interpreting blockchain.
Hoskinson and his colleagues looked at partitioning the proof of work as part of the portfolio’s industrial analysis. He cited anonymous medical records and a global system of billions of settlements as examples.
The third area of Hoskinson’s research is protocol-specific, in which engineers assist in implementing specific capabilities.
PoS and PoW
According to Hoskinson, there are three items that a consensus algorithm must achieve. For starters, someone must be in charge for a brief period. For example, in a poker game, the person in charge will make a block and broadcast it to everyone in the network, and the network must accept it.
When deciding who should be in control, there is a distinction between proof of work and proof of stake. It’s like mining hashes, which are similar to lottery tickets in the proof of work scheme. It would help if you persevered until you reach the lucky numbers.
After obtaining the lucky number, one can construct a block. On the other hand, with a stake of evidence processes, the stake is weighted proportionally like a synthetic lottery instead of mining.
Since there is no significant overhead and energy cost for determining who gets to make a block, proof of stake allows for lighter and more energy-efficient protocols. Cardano, for example, is 1.6 million times more energy-efficient than Bitcoin.
Hoskinson concluded the interview by saying that they have been piecing it together and are nearing the end of the Cardano 2020 research agenda. They want to grow the ADA blockchain technology with as much expertise as possible.