https://www.youtube.com/watch?v=z3s6olBfbfA&feature=youtu.be&t=4336
My own notes of my interpretation of what was said: Native assets can have a lot of advantages over ERC20 tokens in performance and cost, and we can have a path where you can pay token fees in the native asset instead of ADA. Then have vanity addresses where you can have your own address preference.
Dapps, Oracles, stablecoins, DEXs, all coming
When Prism is fully integrated so that you have an identity center you no longer send ADA to an address, you will be able to send it to Jason, to James, to the identity in Prism. Basic grandma level usability.
End to end communication, end to end encrypted communication, pub-sub, all will come.
Proof of stake is far harder. Cardano did it right with all the peer review and papers.
Upgrades will be a hardfork combinator event, just a flipping switch, no disruption to service
Polkadot and Cardano are the scalable ones, no other. Nominated Proof-of-Stake that Polkadot uses is based on the Cardano's Ouroboros protocol.
Cardano will not just do the smart contracts, it will do the pond and the ocean
Cardano can deal with clock issues, can recover from dishonest majority, better way of generating random numbers
Dealt with the account model, network stack, consensus model, programming languages
If we do one deal in Africa we get 5 million people, then we wake up one day we have 100 million. That needs a system that can scale and we have thought about how to get there, and get there with regulation, with identity, with off-chain, with permissioned ledger.
When the price increases we get more decentralized, K increases, we get more stake pools, we will get more resilient and run more hydra nodes that gets us to more than 1000 tps. 1000 stake pools and 1000tps will get you to a million tps. Bitcoin is the opposite, when the price of Bitcoin goes up, you get more vertical integration with mining towards asics and subsidised power, and the pools go from public to private, and you end up with 5 guys doing the mining. You can feed the entire bitcoin mining community with two pizzas. The entire Cardano runs with 20 kilowatts.
Bitcoin uses more electricity than Canada and still constrained to 7tps. Cardano gets more decentralised and gets more tps.
With the base layer of Cardano alone as it is today we can go from 150 tps to 1000 with the base protocol pre-sharded. So if you add on to that the state channels to run all the micro transaction off chain and low economic value transactions off chain, maybe we will exceed that in ten years. Cardano has 5 years or more to think about Sharding before the network needs it, because we built it right from the ground up and cannot outgrow our designs. Ethereum outgrew itself and is now hastily and chaotically backpedaling to rectify and do sharding etc, which creates complexity doing so many things all at once.
In the beginning in 2015 we asked what does a blockchain mean and wrote the GKL paper, then we asked can proof of stake even work and created a toy theoretically secure proof of stake but not the real one just to prove that under the worst conditions proof of stake can match Bitcoin and that was the original Ouroboros paper. Then we said let's build it to work at scale in a real operating environment and went from synchrounous to partial synchrounous, not scalable random number gen to high throughput number gen, static to adaptive security which is Ouroboros Praos, to be able to bootstrap from genesis we did Ouroboros genesis, clock issue we did Ouroboros Chronos, recover from dishonesty majorities we did consensus reducts, state channels Ouroboros Hydra. Every time we did that we built on the foundation already laid so that we never need to do a regression. Then the thousands of citations for Ouroboros papers.
Far ahead of Ethereum on the the theory side and on the engineering side.
We did the ITN to rollout Shelley and spent 6 months with the incentivised test net building a stake pool population,learning the mechanics of staking, getting the parameters right before we went to do the Shelley hardfork. Now that we did the Shelley hardfork we are now in the hybrid era where we gradually move from OBFT to Praos, network has never stalled. Professional adult way do it rather than experimenting with peoples businesses and hurting them as they lose money in badly built Defi. Can be trusted by govts and fortune 500 companies when we take it to them, because we did it right.
Ethereum goes about it irresponsibly and immaturely, not doing peer review, not doing due dilligence, and hurting the people using it as they lose money through errors.
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