- Charles Hoskinson addresses what’s coming to the network this summer.
- The Cardano founder adds that by this summer the chain could surpass Bitcoin, Ethereum, and every other cryptocurrency.
- Hoskinson also shares how Cardano plans to tackle the ongoing regulatory turmoil.
Cardano is emerging as a powerhouse in the crypto industry, cementing itself as a pioneering force to be reckoned with. This year, the Proof-of-Stake chain has exhibited remarkable growth, fueled by the release of new protocols, updates, and proposals that have the crypto community hooked.
As the network approaches its final development stages with the highly anticipated Voltaire update, Cardano’s founder Charles Hoskinson has shared some exciting news about what lies ahead for the network in the summer.
Charles Hoskinson’s Video Update
In a video update released on Thursday, May 25, Cardano founder Charles Hoskinson shed light on the latest developments within the ecosystem. Hoskinson touched on various topics with an optimistic outlook, unveiling the potential of a “Cardano Summer” in the next few weeks.
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One of the key highlights of Hoskinson’s address was the CIP-1694 proposal. It is a ground-breaking revision of Cardano’s on-chain governance infrastructure scheduled to be integrated into the upcoming Voltaire update. The proposal can potentially reshape the Cardano ecosystem into a government, allowing any user to submit a governance action.
Hoskinson eagerly shared that the development team has been progressing at “blinding speeds” to finalize CIP-1694, which is expected to be released in the next few weeks. In parallel, Cardano is also conducting a series of workshops worldwide, engaging its vibrant community and equipping them with a deeper understanding of the new protocol.
Looking ahead, Hoskinson asserted his firm belief that once CIP-1694 goes live following the community vote and hard fork, the network will become “more decentralized than all crypto,” including competitors Bitcoin and Ethereum. The founder added that the achievement would serve as a resounding “wake-up call” to Bitcoin maximalists and others who have dismissed Cardano’s research-oriented approach as mere “academic waste.”
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The Cardano Founder delved into other updates, including the launch of Genesis and Eclipse detection following CIP-1694. Hoskinson added that by summer, Cardano would be a complete end-to-end network that would behave the way he envisioned and intended for it to be used.Â
Beyond this, Hoskinson also addressed the ongoing regulatory turmoil, sharing how the development team is tackling the issue and laying the foundation for a better regulatory framework.
Quantifying Cardano’s Decentralization
Hoskinson introduced the development team’s ongoing effort to measure and quantify decentralization using the Edinburgh Decentralization Index, which plans to leverage metrics such as the Herfindahl-Hirschman, Gini, and Nakamoto coefficients. These metrics would provide valuable insights into Cardano’s level of decentralization, further cementing its position in the crypto industry.
The Cardano founder also highlighted the potential impact of these metrics on governments and regulatory bodies worldwide. By using these indicators to assess decentralization, policy-makers could formulate informed regulations and differentiate between cryptocurrencies as either commodities or protocols based on their decentralization.
Hoskinson emphasized that major regulatory bodies, such as MiCA and those in the United States, could adopt these metrics once they are complete, fostering a more nuanced and optimized regulatory framework.Â
On the Flipside
- Cardano is currently the 7th largest network by market cap.
- Cardano has made an impressive ascent in DeFi TVL rankings, claiming the 17th spot with a total value locked (TVL) of $163.16 million, at press time.
- A report published in December 2022 by Santiment highlighted Cardano as the top protocol in terms of development activity.
Why This Matters
Cardano is one of the top cryptocurrencies in the market with a vibrant community. The network has often shown its unwavering commitment to innovation and progress. Summer 2023 could be revolutionary for the crypto community regarding decentralization. Many are eagerly awaiting the realization of Hoskinson’s summer expectation. If it succeeds, it would undoubtedly pave the way for a more inclusive and resilient future in the crypto industry.
Find out what Charles Hoskinson had to say about the Ledger controversy:
Cardano Founder Charles Hoskinson Reacts to Ledger Controversy: “Don’t Break Social Contracts”
Will Cardano reach $1?
Cardano’s Road to $1: DeFi TVL Tripled, SNEK Soars 200%, and Whale Interest Burgeons
