Charles Hoskinson, the founder of Cardano and Co-Founder of Etherum made a speech about the creation of Cardano and he gave information about the progress of the project during a conversation with Mpho Dagada.
According to his explanation, there were two people in the company at first. This number has raised to 160 and these people are from over 16 countries. He continued that the company is 100 percent revenue which is driven with 9 figures of revenue. He also stated that the IOHK is a science and engineering company. They planned that it would be two companies at the same time.
According to Charles, there is a big deficiency in the science of cryptocurrency. Being aware of that, they built the science part of the company to make scientific investigations about this field. Charles says that people were saying things like they could do 300,000 transactions per second, that, there was no actual rigor by that. Although they were saying things like that, they stayed on papers and didn’t come into practise. Scientists didn’t investigate it.
Because of that reason, the company started to work on this issue and the engineering part of the company started to build the cryptocurrency. One of their projects is Cardano, known as the third generation cryptocurrency. Charles stated that Satoshi Nakamoto, the founder of Bitcoin, managed to build decentralized database and a ledger. However, these had scarcity. After years people started to regard Bitcoin as real money. The amount of investments that were made to Bitcoin reached billions of dollars in 2013. Charles mentioned that people realized the deficit of Bitcoin when it was widely known.
Etherum is the other well known cryptocurrency which focused on smart transactions. According to Charles, there was a problem of Etherum and it was the victim of its own success. Although it has a great community, it is not scalable. Because of that, the developers will focus on scalability, interoperability, and sustainability while working on third generation cryptocurrency, said Charles.
Charles also talked about their project. He said that as they know the main problems of cryptocurrency, they will improve their project with 10 universities in order to find solutions to these problems. He added that they have already found some solutions for these problems.
Charles defines third generation cryptocurrency that it will have necessary features to cope with these problems.