Charles Hoskinson Boasts IOHK and Cardano (ADA) has Billions in Revenue
Charles Hoskinson Of Cardano (ADA) Says IOHK Made Revenue Worth Billions
The Ethereum co-founder and creator of Cardano, Charles Hoskinson recently spoke about his vision behind creating ADA as well as providing a progress update on how it was going during an interview with cryptocurrency millionaire, Mpho Dagada. Charles started by saying that his company had radically expanded from a couple of people up too many people across ten countries. He added that Cardano is entirely revenue funded with billions in revenue.
As for the vision, Charles commented that IOHK was designed to function for both scientific and engineering duties. The scientific aspect of the firm was created to study the science of crypto to cater to the massive deficit within that area in the industry. Charles added that people within the crypto world were making numerous claims about high transaction speeds and others, but no scientists or universities were verifying those claims. To ensure more verifiable claims, Charles considered having their research papers peer-reviewed.
The engineering part of the firm is where the firm creates cryptocurrency content, with Cardano as the primary project. He explained that at the onset, the Bitcoin currency was seeking to do two significant things, with one being the idea of introducing digital or artificial scarcity.
Charles said that Bitcoin’s approach was to create a distributed database and ledger that have scarcity. The result was that it triggered another primary factor, which is having people value it as real currency all though it took quite some time to gain that acceptance. Bitcoin only saw significant global movement and billions of dollars in capital investment in 2013 after being launched a few years back in 2009. Charles added that people realized Bitcoin’s deficit once it was respected and taken seriously.
Ethereum is the second-gen crypto that succeeded Bitcoin and focused primarily on smart contracts. Nevertheless, the main issue with Ethereum currency is that it became the casualty of its success. Charles said that despite Ethereum having a supportive, engaging community surrounding it, the crypto-coin was not scalable. He added that his new third-gen cryptocurrency must focus on improving sustainability, scalability, and interoperability.
He commented further that the inadequacies of Ethereum and Bitcoin were the reason why the market now has Ethereum Classic and Bitcoin Cash. All these different forks mean that people had legitimate grievances or differences, and the cryptocurrencies did not provide any sort of governance structure to solve their issue. Hence, the conflicting sides chose to split the job up.
Cardano’s founder ended by speaking about how their project was working to find solutions for the issues plaguing other cryptos like Ethereum and Bitcoin. Through partnering with ten universities to conduct studies, Charles said that they have come up with solutions to interoperability, scalability, and sustainability. He added that any crypto project aiming to solve these core issues would be regarded as the third generation of cryptocurrency.