Charles Hoskinson, the founder of IOHK recently had a discussion with Tai Zen and Leon Fu, the Co-Founders of one of the famous YouTube channels called Cryptocurrency Markets. They spoke about some of the current IOHK projects and its role when it comes to Ethereum Classic [ETC].
Hoskinson spoke about the concept behind Input Output Hong Kong [IOHK] and said that they wanted to build both science and engineering company. On the science side, they wanted to get into the science of cryptocurrencies, from game theory to distributed systems and consensus protocols. On the engineering end, they wanted to create a company which could build blockchain projects like Ethereum or Cardano.
Further, Charles briefly discusses the current projects of IOHK. At present, IOHK has multiple product lines and these products depend on how the user chooses to interface with the company. If it’s the science side, they would do a directed research and participate in the government grants.
The Founder of Cardano quotes the following example:
“We got one collaboration with IBM Research and Guardtime and we are studying decentralized software updates for the EU. But then we also do consultancy on our end, for example, Zen Cash has retained the science team and they are looking for options for them.”
The engineering end of IOHK builds cryptocurrencies which begin with building a full client for Ethereum Classic like Mantis to their big project, Cardano. Furthermore, Charles Hoskinson said that there are few unannounced projects the company is planning to work on.
Alongside, they are also working on enterprise contracting like permission ledger where cognitive models can be stored similar to Hyperledger. On the enterprise end, the company is focused on the developing worlds like the Caribbean, Africa, South America and South East Asia and on the cryptocurrencies side they focus on the global marketplace with Cardano.
Later on, Hoskinson spoke about Plutus, the functional programming language which defines the critical smart contracts in Cardano. He said that even tho Ethereum carries ‘good stuff’, it has ‘flaws’ and these flaws can be overcome by Cardano’s new virtual machine called KVM. Notably, Charles admits that they are not perfect and are a little too slow for their taste.
He further added that a principled approach is faster than a pragmatic approach like Ethereum’s Casper. According to him, the best example of a principled approach would be Oroborus.
He explained that Casper is Ethereum’s attempt at constructing proof-of-stake and Oroborus is our attempt at constructing proof-of-stake.
“We started from first principles, we were at bedrock and we said what the hell is blockchain. Then is proof of work secure, then is proof of stake secure. We just kind of walked our way up and we went from theory to practicality. Now we’re at a position where we not only fully understand proof of stake as a problem, we acutally believe that we have a very good solution for it and we’re rapidly converging via the Shelly release to a full POS system”
He then continued to say that Casper is converging for the version 1 protocol and it does not have an obvious way of sharding. According to him, Casper does not have proper security proof for a 51% Byzantine resistance POS. He also gave insight on how Cardano is different when compared to all other smart contracts in the market. Finally, Charles explained the role of IOHK plays for Ethereum Classic.
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