Recently, Charles Hoskinson, Co-Founder and CEO of IOHK, explained the key differences between Cardano ($ADA) and competing smart contract platform Polkadot ($DOT).
As reported by The Daily HODL, Hoskinson said:
“The big contrasts between the two systems though, we actually are made of multi asset. We have a different accounting model. I think our base ledger is far more expressive. Our rate of evolution with proof of stake is much faster than theirs because they’re based on derivative work, and we already have Ouroboros Omega and other things there.
“I think ultimately a better sidechain will come because we have something called Mithral for that. But we learned a lot from their work.“
Hoskinson also noted Cardano’s superior governance protocol over its competitor:
“The other thing is that we thought about governance a lot more carefully in my view. And we have Catalyst and Voltaire. Really, the key there is saying, ‘How do we make sure every single person that holds data can participate in the network?’ That wasn’t a high design priority for Polkadot. It was more of fast commercial adoption, the acquisition of customers. It will come to governance later. Those are just different business philosophies.“
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