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19 January 2021

How Cardano is trying to solve blockchain’s biggest problems | CryptoSlate

How Cardano is trying to solve blockchain’s biggest problems | CryptoSlate

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Speaking on the CryptoBanter podcast, Charles Hoskinson, the CEO of IOHK, said that Cardano was built with an unparalleled level of foresight and is on its way to solve some of the biggest problems the industry faces today—the movement of value and information across blockchains.

However, the most important thing Shelley did for Cardano is to introduce the Hard Fork Combinator (HFC), providing the blockchain with an advanced governance system that will essentially make hard forks obsolete.

The company’s November product update will be the richest showcase of its achievement yet, with the company’s founder and CEO Charles Hoskinson saying that the Cardano community will be pleasantly surprised with some of the news they might hear.

When asked how he feels knowing that Cardano beat Ethereum to market when it comes to staking, Hoskinson said that it was always satisfying to see the underdog win.

Hoskinson said that the fact that Cardano can now do what Ethereum aspires to achieve in the next three years is a result of years of preparation.

Next year, Hoskinson said, will be even bigger for the blockchain, as all of its functionalities will be turned on.

Hoskinson noted that while there are still things that needed to be introduced to Cardano, there’s nothing Ethereum will be able to do that Cardano can’t do right now.

The only blockchain with a higher stake rate is Polkadot, with most of the circulating supply staked, but Hoskinson noted that he expects Cardano to match that next year.

Hoskinson said that the company needed to solve two problems—code migration and infrastructure migration.

Hoskinson expects that projects will continue to launch on Ethereum, though, but added that in the long-term, more of them will be migrating to Cardano.

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