- Charles Hoskinson discusses the Mithril upgrade, highlighting its compression of historical data for smart contracts and scalability.
- Mithril technology enhances dApps and DeFi platforms.
- Hoskinson explains Hydra’s role in optimizing resource consumption for scaling and security.
In a recent interview, Charles Hoskinson, the founder of Cardano, discussed a significant milestone within the Cardano ecosystem known as the Mithril upgrade. Hoskinson explained that Mithril represents an important advancement in a class of technologies that compresses significant historical data into a compact representation.
According to him, this compressed representation proves valuable for tasks like bootstrapping blockchains for smart contracts. Notably, crypto influencer Corey Costa was the anchor of the live interview with Charles Hoskinson.
Furthermore, Hoskinson elaborated on the significance of Mithril, citing its utility in scenarios where large blockchain copies need not be downloaded for verification purposes. Hoskinson noted that Mithril serves as a foundational element in the broader context of scalability. It facilitates the parallel processing of transactions and plays a role in discussions related to the Ouroboros layout.
Additionally, he highlighted that Mithril initiates a data availability narrative to enhance decentralized applications and DeFi platforms. Notably, the technology is already available on the mainnet for trial, with stake pool operators participating in testing.
Meanwhile, the conversation shifted to another solution within Cardano, Hydra. Hoskinson clarified Hydra is not just about achieving a million transactions per second or addressing scalability, as commonly misunderstood. Instead, he explained that Hydra focuses on optimizing resource consumption for applications on-chain, enabling them to scale while maintaining fast finality, low operating costs, and security.
Hoskinson acknowledged that Hydra is a crucial scalability component, but it is not the sole solution. He added that other avenues, such as Roll-Ups and side chains, as well as increasing the base chain’s throughput, are also being explored.
Hoskinson emphasized the need for a nuanced understanding of distributed systems and blockchain technology, cautioning against a simplistic focus on increasing transactions per second.
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