- Charles Hoskinson calls consensus building Cardano’s “hidden superpower.”
- Cardano’s Ouroboros proof-of-stake mechanism enhances security and scalability.
- ADA shows bullish trends, with projections of up to 178% growth by 2024.
Cardano CEO Charles Hoskinson recently spoke about the network’s strengths, calling consensus building its “hidden superpower.”
Hoskinson made this statement during a recent fireside chat at the Rare Evo convention held in Las Vegas between August 15 and 17, 2024. Cardano Foundation CTO Giorgio Zinetti and IOG Chief of Staff J.J. Siler were present during the chat.
“This exercise of consensus building is one of the hidden superpowers and the biggest competitive advantage that Cardano has,” Hoskinson remarked.
He discussed various topics, including what sets Cardano apart. He explained that while many people find the idea of consensus building abstract, it has given Cardano a competitive edge.
The conversation touched on Cardano’s unique consensus mechanism, Ouroboros, which uses a proof-of-stake algorithm. Ouroboros prioritizes security, scalability, and energy efficiency. It selects validators based on the number of tokens they hold and rewards them for acting honestly.
A recent tweet from IOG further reinforced the importance of consensus, emphasizing consensus building as one of Cardano’s greatest strengths. The tweet also expressed appreciation for the insights shared by Hoskinson, Siler, and Giovanni Abignano during the Rare Evo 2024 event.
Consensus building is crucial for decentralized networks to run smoothly. It ensures that everyone involved agrees on the blockchain’s state and that transactions are legitimate. It also helps validators decide who creates new blocks and resolve any conflicts, keeping the blockchain secure. To note, every blockchain has its own consensus mechanism, and Cardano uses Ouroboros.
Meanwhile, Cardano’s on-chain trend indicates a bullish trajectory, with ADA rallying 11.13% in its weekly chart, according to CoinMarketCap data. Moreover, Coincodex’s technical analysis reveals a 61% bullish sentiment, projecting ADA to surge by 178.02% to $1.057415 in 2024, provided it reaches the upper price target.
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