Cardano Foundation, on June 28th, announced the details of the meeting wherein IOHK’s Charles Hoskinson was invited by Google to discuss the future of Cardano and other cryptocurrencies, and advancements in technology through them.
Charles began by introducing the base layer of Cardano and IOHK to Googlers. He went into the consensus algorithm of Cardano called Ouroboros, and explained its proof-of-stake [PoS] criterion that incentivizes more and more people to join and assist the network.
The IOHK leader also spoke about several milestone developments that are being focused on, with one of them expected to take place in July. A test network is likely to be launched for developers in order to enable experiments and demos with smart contracts on the IELE virtual machine. Full decentralization of the network is expected, latest by the end of this year.
IELE virtual machine is simply a computation tool to assist in the advanced working of smart contracts. It is known to possess superior mathematical standards with the prime objective to verify the smart contracts.
The questions during the meeting were particularly on how developers could contribute to Cardano. The teams also had elaborate discussions on the K framework and the cryptocurrency-backed privacy matters.
A member from Google posed an initial question on Ouroboros and PoS, and asked if the tokens being offered will suffice in encouraging people to join the protocol and assist Cardano’s network. Charles explained that according to a preliminary monetary policy, there are about 26 billion tokens in circulation with the maximum of 45 billion tokens. This provides for a little flexibility in terms of inflation. He added that transaction fee will help subsidize transaction validation.
According to Charles, Proof of Stake, specially Ouroboros, is extremely cost-effective when compared to mining. This will only lower the costs of operation. The only challenge is to design a system that will actually be capable of executing the desired result that involves a collective management of the fees, incentives, stake pools, and delegation.