Cardano OBFT Era Has Begun Charles Hoskinson about Privacy in Cryptographic Structures In Private Assets

By Steven Anderson February 21, 2020 Off
cardano OBFT Ada cryptographic

The Cardano (ADA) hard fork is successfully launched, and Charles Hoskinson is celebrating the successful launch of the OBFT hard fork. This is the stepping stone to Shelley.

On February 20, 2020, Charles Hoskinson stated, “Hardfork successful. The OBFT era has begun.”

The Shelley main net is expected to launch during the cherry season of Japan, which is in approximately six weeks. OBFT means “Ouroboros Byzantine Fault Tolerance (BFT).”  The Ouroboros is the major defining consensus algorithm.  

Tim Harrison, director of marketing and communication at Cardano developer, IOHK, spoke about the importance of the upgrade. He spoke about how hard fork introduces “a bridge between Ouroboros Classic, which we’re currently using on the Byron mainnet, to Ouroboros Genesis, which is what will power the Shelley era.”

Sydney Ifergan, the Crypto Expert, tweeted:  “Waiting for the integration of Shelley testnet into Cardano Mainnet. Cardano already is a big name in facilitating a robust scientific approach with improvements across the board.”

Cardano ADA Charles Hoskinson in the past about Privacy

Charles Hoskinson, in the past, stated that privacy was a big thing and stated that this was one reason why Ernst and Young created nightfall (EY nightfall protocol), for example. They were very keen to try to find a way to create private assets and private transactions because it is just simply not feasible for a bank to put its ledger on a public open system. They need absolute assurance that finally, privacy is preserved for their customers. However, they also need audit-ability. So a regulator comes there.

So, when working with companies, Charles Hoskinson stated that he just tends to say it is okay; and, what is the problem you want to solve is?  How do you solve that problem? What do you want to do? And, he states that usually, they end up talking a lot more about things like the level of privacy, like can you ever edit the records, is it going to be totally immutable and on.  He further stated that there is some degree of mutability inside the system in a lot of cases because we are going to have to be proving things out. After all, it is just too much data in the system.

Cardano ADA Charles Hoskinson about Cryptographic Structure for Private Assets

So, Charles, in the past, stated about how some sophisticated cryptographic structure for private assets is required, like a token for medical records, token for academic records, and token for the vote.  He also spoke about how corporations care a lot about these types of topics, and they care less about whether it is Ethereum or Cardano.

He also stated about how companies request from their side that “we deploy the authentication solution on Cardano.”   So this is a big company, and they requested it to be on open infrastructure, and they really enjoyed their experiences there.

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