An IOHK news release stated,
“At the meeting, held at Google’s London headquarters last month, Googlers around the world dialled in to hear the presentation and put questions to IOHK’s chief executive, and to Duncan Coutts, IOHK Director of Engineering. As you might expect from a company that has laid much of the ground for today’s technological landscape, Googlers asked some of the most incisive and informed questions Charles has had on his speaking tour this year.”
The CEO went into detail on how the proof of stake network works for the nwtwork 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 ADA token would be a driver, the system is at beta testing stage, and that the model might not be right to begin with.
He mentioned that the testnet could open opportunities for Ethereum users to write smart contracts on the Cardano system. This will also give users a chance to look at their gas model and see how the Cardano blockchain works. He hopes that, eventually, testnet iterations will occur and they’ll be able to join the two systems together.
Hoskinson, an early founder of Ethereum, eventually left Ethereum and founded IOHK with Jeremy Wood in 2014. Cardano is an open source, decentralized public blockchain and cryptocurrency project maintained by IOHK and the Cardano Foundation.
The Cardano blockchain, built from scratch in the functional programming language Haskell, uses Ouroboros, a provably-secure proof-of-stake consensus algorithm. ADA the platform’s native cryptocurrency, is traded on cryptocurrency exchanges.
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