Cardano (ADA) A Noah Ark Level Picture on the Financial Operating SystemJune 28, 2020
Cryptonites expressed there is a lot of excitement these days with Cardano, ADA, and Shelley. He further stated it is interesting to dive deep into specifications and some high level picture about the project and all things Cardano.
About Shelley and Cardano, Charles Hoskinson recollected on how they took a contract in 2015 and on how it was kind of a mandate to form that in to the first, two, and third generation of the cryptocurrency. Further they had broken down the work streams to three different domains. One was scalability, one was inter-operability and one was sustainability. And, basically they wanted the system which would get faster or give same performance as it gained more users.
A certain system said do this like BitTorrent for example. And, those are tremendous and scalable. You can get hundreds of billions of users or millions of users. So, I said wouldn’t it be really cool if we have a financial operating system that had the same property.
Sydney Ifergan, the crypto expert tweeted: “Cardano (ADA) and Charles Hoskinson are going to be way ahead with their seemingly Noah Ark project. Genesis and Instructions from God. Good Luck.”
Second, the reality is we live in internet of value and blockchain. We live in a situation where there are thousands of cryptocurrencies, and there is dozens of very prominent financial systems all around the world. So, it is not going to be a situation where everything gets replace with one standard, but rather you need to be able to talk to many different standards, where interoperability is super important. The ability to move information of value between systems.
And, then finally sustainability is kind of catch off for who pays and who decides the problem. So, if you build an open infrastructure, the problem with that is that you don’t have a custodial entity. Normally, there is always that Microsoft, Windows, Google, Android or Apple to the iPhone phenomenon.
Here we have an issue where no one is going to control it and no one is going to own it. So, who makes the decision on how the decisions are made to get the system to evolve. And, for the system to be able to pay for its maintenance, upgrades, and scale. Eventually, implied that it was a set of high level aspirational set of goals and we had that goal in 2015.
Charles clarified, what occurred was that we slowly and maturely are beginning to build an army of scientists and engineers. We adopted some very rigorous patterns to try to address these problems. We use first principle thinking, we use reviews, and we use formal methods.