Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice, and is solely the writer’s opinion.
Amid the ongoing bull run, Cardano [ADA] concluded its 2023 Summit in Dubai earlier this month. The project’s co-founder Charles Hoskinson shed light on some crucial matters on the sidelines of the event. In particular, he emphasized the importance of building a unique global governance system acceptable to authorities from across the world. This way, an alternate legal system around the smart contracts ecosystem can be built, recognized by institutions from across the world.
Hoskinson’s concerns are critical for us to understand how the crypto industry is trying to develop a global governance and legal infrastructure in the face of a myriad of regulatory actions across the world.
Let’s dive right into the history of the cryptocurrency that still remains one of the most popular proof-of-stake- (PoS) based projects.
Cardano—a PoS warrior
After Ethereum [ETH] co-founder Charles Hoskinson left the project due to disagreements, he teamed up with another wizard who used to work at Ethereum, Jeremy Wood. The duo began working on the development of the Cardano project in 2015. The project finally got launched two years later in 2017.
The Cardano blockchain uses a proof-of-stake (PoS) consensus mechanism. Its PoS protocol is called Ouroboros that can run both permission-less and permissioned blockchains. Hoskinson is very appreciative of Ouroboros due to its energy efficiency.
PoS is frequently contrasted with proof-of-work (PoW) as both consensus mechanisms are behind most of leading blockchain networks. It is critical at this juncture that we understand what both these mechanisms a
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Author: Suzuki Shillsalot
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