Cardano Is About To Go Ballistic - Charles Hoskinson

Cardano Is About To Go Ballistic - Charles Hoskinson

In this video, Charles Hoskinson gives updates on smart contracts and Cardano. Here is the summary of the content:

Charles notes that people are building all kinds of things. And as a consequence, some of the things are being built in a very Alpha way, to say the least. So, people are coming up with questions about access control, concurrency, and capabilities of the system. The problem is that it's like somebody just takes their first computer class and learns about bubble sort. They then ask why their computer is slow. Meanwhile, it's because they're using bubble sort.

It turns out that there's a new better algorithm that can be implemented, using better methodologies and techniques.

Charles states that what his team is trying to do as an ecosystem is balance the speed of delivery to market with time for the development of tooling, pedagogy, and community-driven applications. He adds that if they had more time, they would have a very long testnet period, like a year so that people would come with tons of problems, and there would be grand evolution and education of the underlying infrastructure.

"Now, we're in a competitive environment where there's a lot of people moving very quickly. It doesn't make sense to do a long testnet. What you can do is create something on the mainnet where it's clear that there's a certain class of problems that are very easy to solve."

Charles cautions those who will misinterpret his submission and think he means Cardano won't be useful for six to 12 months. He explains that "we're going to have stable coins materializing. We're going to have interoperability materializing. You could do all sorts of mechanisms for multi-SIG. You could start connecting centralized off-chain infrastructure."

Charles explains that his team is planning on a system you can use to run efficient complex financial contracts

Charles states that Ethereum is trying to understand how to build the proof of stake route of trust. He adds that Cardano is secured on the tens of billions and it had a beautiful upgrade path.

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