IOHK CEO Charles Hoskinson reveals he is using Polkadot as inspiration for tackling a scaling challenge of Cardano

By Selena On Jun 18, 2021

In a recent interview of Lex Fridman with Charles Hoskinson, the founder of Cardano, in addition to revealing his plan for Cardano in the next 90 days and suggesting that Tesla should choose ADA over BTC, he also compared Cardano and Polkadot with positive statements.

Here’s my conversation with Charles Hoskinson (@IOHK_Charles) about Cardano, Ethereum, Bitcoin, Dogecoin, @elonmusk, mathematics, life, and much more. This was a fascinating conversation, setting the record for the longest one on the podcast at 5 hours. https://t.co/cczHij4xsZ pic.twitter.com/VVRelejOTY

— Lex Fridman (@lexfridman) June 16, 2021

Should invest in Polkadot when Charles Hoskinson also refers to Polkadot’s parachain system?

Hoskinson revealed that Cardano is currently looking into how to solve the sidechains problem. Referring to Polkadot’s parachain system, Hoskinson concedes it is a valuable infrastructure for further examination.

When comparing Cardano and Polkadot, the executive director of Input Output Global (IOG) offered an insight into the workings of the crypto industry, saying that the projects are always stalking each other. However, AZ Coin News had to borrow a sentence from Tesla CEO Elon Musk, that based on what data? Why does Hoskinson think every project is the same? As for regularly spying on competitors, Hoskinson admits that Cardano is actively engaged in analyzing code from competitors to borrow concepts.

Going back to the story, contrary to previous criticisms, Hoskinson also praised Polkadot’s focus on the commercial side of their operations. In particular, how they arrange and manage their commercial infrastructure.

Currently, Cardano is in the early stages of tackling the scaling challenge using Polkadot as inspiration.

Hoskinson said his team will soon be working on a separate fork of Polkadot to test the code for comparative analysis:

“We actually have a whole group of people that do business intelligence and comparative analysis. We’re getting to a point where we want to start eventually forking their code and running private versions of it. And just playing around with things, and getting better.”

According to Hoskinson, business intelligence is an industry-wide phenomenon. He gave the example of Ethereum developers Consensys doing this on the EOS code and producing a report that rubbished their claims.

He stated:

“ConsenSys actually does this, they actually did it with EOS, and they wrote this lovely report like trashing EOS saying. Hey, by the way, all those claims these guys made are just not true.”

Finally, he revealed that Cardano is currently looking into how to solve the sidechains problem. Referring to Polkadot’s parachain system, Hoskinson concedes it is a valuable infrastructure for further examination.

He concluded:

“So, if you’re saying, Hey, how do you do a good sidechain model with an Ouroboros proof-of-stake? Well, we already have this parachain thing, right? So, just by looking at that, I can kinda get an idea of how… one way of doing it.”

Developers designed Polkadot as a layer-0 multi-chain network. At this base layer or central relay chain, security and interoperability operations take place. From there, up to 100 parachains connect, offering specialization and flexibility at layer 1.

Source: PRICEPREDICTION.NET

According to a recent analysis by PricePrediction.net, Polkadot price has been decoupling from the crypto markets, all thanks to the development activity taking place in its ecosystem. Additionally, a host of other happenings in the space has kept DOT in the news lately.

For instance, Coinbase’s pro trading platform recently added DOT, the native currency of the Polkadot blockchain on their network. For a brief period, DOT did witness a price surge, but couldn’t sustain the same for long. What’s more, over 65% of DOT’s active supply has already been staked since May and only 30% of DOT now remains in circulation.

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