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Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson

Akash Anand



Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Source: Pixabay

Proponents of the cryptocurrency space have made it a point to inform users of the latest news and updates in their respective networks. The latest luminary to do so is Charles Hoskinson, Chief Executive Officer [CEO] of IOHK, who is in charge of running projects like Cardano [ADA] and Ethereum Classic. Speaking at Unblocked, the computer scientist spoke about how the world is going digital and there is nothing that anyone can do to stop that from happening.

Hoskinson stated,

“The main example of technology advancing rapidly is in China’s development of the social security number. People have to realize that the digital systems that we build will control the money in their pockets. There is no law in physics that will help you save your money, that is like saying Facebook has to protect your privacy.”

Charles Hoskinson then touched upon the reasons why Poof of Stake [PoS] was chosen over Proof of Work [PoW], a more popular concept. He responded by saying that PoS was chosen over PoW because of philosophical differences. In his words,

“I will admit that PoW is a great infrastructure but I admit that there are certain elements that puts PoS ahead for me. PoW is control outside the system and if the ledger is successful then it will happen. A Mom and Pop shop cannot participate in this process as the buy-in is very expensive. That is why the 10 largest Bitcoin corporations control around 51 percent of the total Bitcoin hash power.”

The CEO added that PoW concept is a perfect fit for people who are okay with mercenaries not really loyal to the chain running their processes. At the same time, Hoskinson was frank in stating that the PoW concept is intellectually very interesting. He made his case for PoS by saying that his chosen concept conducts simulations of who runs the process properly and then, updates the system. According to him,

“The PoS is a process that throws away all the expensive work and advances the network to help you do your job.”

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Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app




Binance Chain's "decentralization" questioned by Bitcoin enthusiast; calls Binance DEX as just an "app"
Source: Unsplash

Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.

According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.

He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:

“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”

He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.

Wertheimer further added:

“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”

A Twitter user, @bag_holder commented:

“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”

Another Twitter user, @thecryptostefan commented:

“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”

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