Cardano [ADA]’s Charles Hoskinson: New revamp removes unnecessary rules, simplifies system and gets rid of redundancies

During a spontaneous AMA session, Charles Hoskinson, CEO of Input-Output HK and Cardano developer, discussed the recent internal workshop at Berlin to conclude Cardano’s Delegation Specification. Currently, ADA is the eleventh most-valuable cryptocurrency and is reigning at a market cap of $1.16 billion. The coin’s Shelly phase is all set to launch in the first quarter of the year.

Hoskinson cited that Delegation Spec is an incumbent and significant component for the construction of the system and emphasized on the need for a user-friendly and readable spec for security auditing in cryptographic protocols. He said:

“Spec was written in math and was very close to the canonical representation to the Haskell Programming Language”.

So far, four main Byron Phases have been released. Speaking about wrapping up its Byron Phase, Hoskinson is eager for the release of the revamped Cardano 1.5. Hoskinson suggested that there are no material changes in the wallet or any other feature, however, certain internal functional changes have been made. For instance, Classic Ouroboros has been replaced with Ouroboros BFK.

Essentially, to decentralize the system and enable users on the network to participate and get rewards for creating new blocks, upgrading will continue in this platform by further introducing a decoupled wallet [standalone software made out of the existing Cardano wallet] in its 1.6 version.

Additionally, the subsequent versions will finally incorporate all the delegation mechanics involved in allowing users to begin building staking pools. He further disclosed his plans to launch a test net with the Rust clients for the process, to execute the final Cardano version, which will feature live-staking.

With plans to drift away from the normal UTXO to the extended version, which will serve crucial for Plutus and Marlowe, the CEO said that the company’s team has been working on some sort of a fake blockchain called mockchain to experiment out and check the programming language Plutus on a real system.

While the Bitcoin mining process – POW – which favors the one with massive hash power, the Cardano developer is keen on coming up with a product that explores the capabilities of POS by configuring it correctly. He added that many concepts of Bitcoin have come in handy for developing the product. Talking about building Daedalus Dapps and deploying them on Cardano ecosystem, Hoskinson said:

“All of the millions and millions of web developers who understand how to write software for these systems or have written software for these systems would instantly be able to apply all their tools, domain knowledge and other capabilities into these systems and there’s a pretty reasonable security model around them.”

While talking about Cardano’s scalability, Charles said that he aspires to reach somewhere between 50 to 250 transactions per second.