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Proponents of the cryptospace have made it their goal to inform users in the community about the developments on the network, as well as the future of their respective cryptocurrencies. In a recent panel discussion with Unblocked, Charles Hoskinson, the Chief Executive Officer of IOHK spoke about the choice of viable technologies in the cryptocurrency space as well as the effects it can have on mainstream procedures.
Hoskinson was of the opinion that Proof of Stake vs Proof of Work differences are evident as one deals with physical aspects, while the other aims to reduce the input consumed to generate the same output. The computer scientist said,
“If you have physical control like the one on PoW, then the government or anyone else can seize a particular warehouse or commodity using force. PoW can also expose networks to goldfinger attacks where one of two networks built on PoW can destroy the other chain if the former has 51 percent of the total hash power.”
The IOHK CEO further added that PoW is not feasible in the long run, because mining pools are not loyal and that members in the pools “do not care for the price of the currency or the quality of the chain.” He stated,
“Just like the mercenaries in ancient Rome, the members of the mining pool will realize that they will make more money if they do something else like destroying the chain rather than uplifting it.”
The computer scientist then spoke about the recent upgrades on the Cardano network, focusing on Cardano 1.5 update. During the initial launch of Cardano 1.5, the organization had stated,
“Cardano 1.5 is important in preparation for moving to the Shelley development phase. This update brings a new consensus protocol, Ouroboros BFT, which is a key step in the transition from Ouroboros Classic, the current consensus protocol running the Cardano network, to Ouroboros Genesis, the protocol for the Shelley era. Ouroboros Genesis is a major upgrade to the protocol that underpins Cardano because it is first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin.”
Hoskinson also revealed that the 1.5 upgrade was the first in a series of upgrades targeted at making the Cardano network more and more decentralized. He claimed that after the upgrades, users will get something that is 100 times more decentralized than Bitcoin and that the network will emerge out of 2019 more decentralized than any other network in the market.