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