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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Cardano’s Inventor Predicts A “Internet Of Blockchain”, Will Users Benefit?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Cardano ADA ADAUSDT

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In an interview for Forbes, Cardano’s inventor and the CEO of Input-Output Global (IOG), Charles Hoskinson talked about consensus mechanisms, energy consumption, and the potential future for this industry. Based on interoperability, a subject IOG has been developing, Hoskinson called out Ethereum for trying to “lock” users into its ecosystem.

Over the next three to five years, as IOG’s CEO estimated, the crypto ecosystem could be connected via “the internet of blockchains”. This will allow the user to remain “liquid” and able to jump from a platform, like Ethereum, Polkadot, or Cardano, to another just with the click of a button. Hoskinson said:

I think over the next three to five years what will happen is our industry will converge to a Wi-Fi moment where it just works (…). You click a button, now you’re in Cardano. It takes a few minutes, a few hours and you’re there. That means it’s going to be a race to a bottom, in terms of operating cost.

The platforms will compete to reduce costs for the consumers. Thus, they will try to make their blockchains much “cheaper to operate”. IOG has been focused on developing a cross-chain communication protocol. As Hoskinson explained, this will enable any user or platform to “represent value information between systems” and move it. The rest could be decided by the consumer:

(…) focus on the ability to move information, value and identity between chains, and then you kind of let the markets decide where things are going to live.

Cardano More Energy Efficient Than Bitcoin?

Cardano’s inventor addressed a topic that has been making headlines over the past weeks, the question of Proof-of-Stake versus Proof-of-Work as consensus mechanism and Bitcoin’s energy consumption.

In PoW, the entity that will mine a block on, for example, Bitcoin’s network is selected with a “meritocratic process”. After such entity mines enough hashes, it could get a “golden ticker”, as Hoskinson explained adding the following:

The higher the value of the asset, the more competition you get, the more energy expenditure. 99.9999997%, if not more, of the energy consumed by bitcoin is from that first stage.

In contrast, PoS operates with a mechanism that selects an entity to issue a block by considering the amount of a token committed to the process. For this consensus, the lottery that throws the “golden ticket” is synthetic. In the opinion of Hoskinson, PoS is more energy-efficient:

The advantage of proof of stake is that because you don’t have that gargantuan overhead and energy expenditure for deciding who gets to make a block, (…). So you end up getting protocols that are much lighter and massively more energy efficient. Cardano, for example, is 1.6 million times more energy efficient at the moment than bitcoin.

Hoskinson said 2021 will be Cardano’s “overflow” year. In the coming months, the platform will implement smart contracts after integrating native tokens and new functionalities. The future will be focused on governance, the commercialization of Cardano, and the adoption by “millions of users” from nation-states.

ADA is trading at $1,23 with 22.4% profits in the daily chart. In the weekly and monthly chart, ADA has a 6.7% loss and 1.5% gain, respectively.

Cardano ADA ADAUSDT
ADA with significant gains in the daily chart. Source: ADAUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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