Charles Hoskinson, the founder of Cardano and the co-founder of Ethereum, addressed the vision behind the creation of the crypto ADA and the whole project’s progress, during an interview.
Hoskinson said that the company expanded from only two people to 160 in more than 16 countries.
He stated that the company is 100% revenue-driven and this revenue has nine figures.
IOHK is built to be two companies at the same time
He also said that the IOHK is an engineering and science company that was built in such a way to basically be two companies at the same time.
He said that the science part of IOHK was created in order to focus on the science of crypto because according to the team there was a massive lack on the science side.
“People were making all these claims, like, I can do 500,000 transactions per second, that, I can do this and that, there was no actual rigor by that. There are just saying it on paper, but no universities looked at it, no scientist has looked at it,” Hoskinson believes.
The engineering side of the company, on the other hand, builds crypto and one of the projects is Cardano the third-gen crypto.
ADA is the third-gen crypto
He explained that Bitcoin was trying to achieve two things in the very beginning: to introduce the idea of digital scarcity or artificial scarcity.
Hoskinson said that Satoshi Nakamoto created a decentralized database and a ledger which was scarcity and this triggered people to value Bitcoin as real money.
On the other hand, people also noticed the deficit of Bitcoin and this led to Ethereum, the second-gen crypto.
Hoskinson said that even if Ethereum has a great community, it is not scalable.
He calls Cardano (ADA) the third-gen crypto that will be focusing on scalability, sustainability, and interoperability.
Hoskinson concluded by saying that Cardano is working on finding solutions for the three essential problems that cryptos are dealing with, the ones mentioned above: scalability, interoperability, and sustainability.
In his opinion, any crypto that is working to deal with these issues is the third-generation crypto.