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Cardano [ADA] plans ahead – Visionary of IOHK talks about their projects

Sthuthie Murthy

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The visionary of IOHK, Cardano [ADA] says "I couldn’t care about crypto or Blockchain, I care about social elements of things"
Source: Pixabay

Cardano [ADA] has a lot of new innovations to be implemented and brought out to the use of the society and their new hot topic is the proof-of-stake algorithm called Ouroboros. They have developed three algorithms with modifications called Ouroboros, Ouroboros Praos and the latest being Ouroboros Genesis.

Ouroboros is the first ever mathematical protocol that has proven to be secure and also the first ever to have gone through a peer review through its acceptance to crypto last year. The papers on Ouroboros Praos got recently accepted at the Eurocrypt-2018 conference in Israel, one of the most prestigious conferences as they are now working on Ouroboros Genesis for an even advanced algorithm.

The basic idea of these is to determine how individual nodes reach consensus about the network. It aims to eliminate the requirement for an energy-hungry proof-of-work protocol. This is important because that protocol stands as a barrier to blockchain scaling.

According to the Founder of IOHK, Charles Hoskinson’s interview at Epicentre earlier this week, he says things have to be done in order and that’s what they have been following. Their first goal for 2017 was to get a product in the market followed by a plant to work on it in 2018.

The idea was to move towards specification driven development, fully decentralize the system, turn to smart contracts system and get everything rolling out. 2019 will highlight the governance performance which basically is, take the system and start sharding the system and then turn on the governance components gradually.

The CEO says:

“If there is any delay in the process and schedule of 2019 then 2020 is an additional year we have”

The founder himself has been touring around meeting other masterminds from the industry and delivering talks and short presentations of their advancements, visions, and performance. His next visits according to the schedule are in London where he will talk about their Blockchain revolution. His latest presentation about money and the idea behind payment systems in Rwanda, South Africa was much applauded.

When we look at how banks work, how governments work, how commerce works, they tend to be paper-based and siloed in a certain respect. They tend to focus on things like coordination, trust, identity, reputation, representation of value, and the flow of value which are the core purposes.

He stated during the same:

“You will all hear a lot about Blockchain and crypto, to be frank, I couldn’t care about crypto or Blockchain, I care about social elements of things as money is just a collective delusion.”

The Impact Hub Kigali community tweeted with compliments for the speaker, Charles:

“Great meeting you and thanks for your support! It must be said. @IOHK_Charles was a hero for delivering his talk two nights ago and patiently taking so many questions from our community in a biblical rain storm.”

Ambassador Cocumbre, a Twitterati said:

“Great to see Rwanda getting involved with Cardano and crypto! Makes me more excited to visit later this year.”



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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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