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Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), and creator of Cardano was recently invited to Google’s London offices to talk about Cardano development and the future of cryptocurrencies.

Global Google users were able to dial in, listen, and ask questions of Hoskinson and Duncan Coutts, Director of Engineering for IOHK.

Marked as a substantial contributor to the development of blockchain technology, Cardano development was of interest to participants for a variety of reasons, including its Proof of Stake (PoS) methodology and the Ouroboros algorithm which dictates consensus for Cardano.

IOHK was asked if the number of Cardano tokens available was enough to convince people to join the proof of stake protocol and contribute to network consensus.

Charles Hoskinson Cardano Founder

“The ceiling is 45 billion tokens and the current number in circulation is 26 billion so we have a little bit of room to work with inflation there, plus there’s transaction fees as well to subsidize transaction validation,” said Hoskinson.

The CEO went into detail on how the proof of stake network works for Cardano and its implications for transaction fees and incentives for participants. “Not only will people participate, they’ll probably make windfall profits relative to operational costs, given the way these markets work.”

Hoskinson also pointed out the price of the Cardano token would be a driver, the system is at beta testing stage, and that the model might not be right to begin with.

The Cardano roadmap illustrates exactly where the company is with network developments and its future plans. The next major version of Cardano, called Shelly, will provide full decentralization and is due this year.

“At the moment we’re running our proof of stake protocol in a forced delegation model. So all the PoS mechanics are there and the stake rights have been delegated to nodes that IOHK and two other entities control, so it’s a federated network.”

Cardano will be opening up a test network in July for developers to test smart contracts on the IELE virtual machine, a new system able to write, compile and execute smart contracts with better performance and higher security.

The IELE virtual machine “gives people who live in the Ethereum world and write smart contracts the chance to play around and deploy code on our system and look at our gas model and get a better understanding of how our system works.”

Hoskinson was also asked how Cardano could overcome the “first-mover” advantage held by Ethereum.

“Our strategy is to be backwards compatible, support more languages, especially mainstream languages in a better way, have a better user and developer experience, and be smarter about the ecosystem in which these contracts live,” said Hoskinson.

IOHK’s open discussion with Google and the live participants enabled developers with interest in the Cardano blockchain and its potential use cases to ask and receive answers to some very in-depth questions.

IOHK outlined how developers could participate and use the open source frameworks IOHK/Cardano is creating. Coutts explained:

“At the moment, our code is all open, it’s on GitHub. This is one of those projects that’s open source but not yet open, collaborative. It’s not easy at the moment for us to collaborate with people because we’re not yet using GitHub with its issue tracker; we have a private issue tracker at the moment, for example. So this is one of the things where we aim to get there.”

Privacy protocols, like those Monero employs to provide anonymity were also discussed alongside future technological developments in the crypto space.

In terms of near-future use cases for Cardano, Hoskinson revealed that the IOHK team has been talking with the Ethiopian Ministry of Science and Technology about blockchain-based supply chain management for coffee production.

“Now, this is a really big market. There are a million and a half farmers, there are massive amounts of stuff going on in those supply chains, so that would be a great stress test for the platform.”

As leaders in blockchain technology, the Cardano team are obviously knowledgeable on the potential next steps for blockchain and decentralized technology and had plenty to say on what the future might bring. Hoskinson answered questions on the subject beginning with:

“I think the magic is that there are a lot of concepts that have been sitting on the academic shelf for 25, 30 years, or emerging trends that we’re seeing in hardware or software that can now be dragged into the cryptocurrency space. I’ll give three examples: one is multi-party computation; two is trusted hardware; and three is a lot of PL [programming language] concepts.”

On the entire future of cryptocurrencies, Hoskinson made some predictions as to how a new, unified, token-based economy could work:

“So the capstone I think of where the cryptocurrency movement is going is to remove the walls between these tokens of value and give you ways of representing them that are interoperable with each other. So you can turn your gold into silver. You can turn your silver into currency, turn your currency into airline miles. And because all the payment systems are now programmable, thanks to you guys and many others, the merchant gets paid whatever the hell the merchant wants to get paid, now.”

The meeting and full Q&A session revealed much of the ethos behind IOHK/Cardano and its aspirations. IOHK’s Richard Wild ended by introducing IOHK’s Symphony of Blockchains, an artistic project by the company, which visually recreates blockchain operations. The project allows even those new to the sector to really get a feel for the technology and how it works.

The post IOHK Talks Cardano and Cryptocurrency at Google’s London Offices appeared first on UNHASHED.

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