- Emurgo Director Amar Singh gives his take on Cardano’s future.
- Singh is confident in Cardano’s technical advantages.
- Emurgo role going forward is to drive real-world adoption.
Since launching in 2017, Cardano has been plugging away quietly in the background, working to achieve its ambitious goal of bringing positive global change through blockchain technology. While the project has made great progress since its inception, its “scientific approach” has been a source of frustration for many, with critics slamming the resultant slow development cycle.
Amar Singh, Emurgo’s Head of Business Development, believes the time is nearing for all of the steady groundwork of the past few years to pay off. Speaking to DailyCoin senior journalist Insha Zia at the Cardano Summit 2023 in Dubai, Singh predicts a confluence of factors to converge that will lead to a newfound appreciation for Cardano.
Sleeping Giant Cardano
Singh expects that Cardano will gain more recognition in the coming years due to a convergence of factors building up. However, he acknowledged that Cardano’s slow methodological approach to blockchain development has frustrated everyone involved. Nonetheless, Singh believes that this approach must be trusted and relevant in the long term.
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“The founders didn't want to make a Blockchain for the next three to five years. They want to make a Blockchain for the next 30 to 50 years,” explained Singh.
Moreover, Singh is optimistic that the fruits of this diligent approach will pay dividends in the future. Singh told DailyCoin that Cardano’s technical advantages are becoming more recognized by entities who want a blockchain to work as advertised. This recognition will see more national ministries and large-scale enterprises adopting the Cardano blockchain, predicts Singh.
Deterministic Design
Key to this scale of adoption is Cardano’s legwork in the early stages of development, declared Singh. He mentioned that the Cardano ledger is deterministic by design, giving developers much-needed fee predictability, along with the protocol’s low cost and strong security. This is not the case with many blockchains, including Ethereum, which has variable fees depending on the network load.
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Under Cardano’s extended unspent transaction output (EUTXO) accounting model, transactions can be validated before submitting to the chain. That way, users don’t waste funds on failed transactions. This deterministic element adds a strong degree of reliability and efficiency.
Metadata Advantages
Another technical ground-up advantage mentioned by Singh was Cardano’s 16,000 bytes metadata capacity per block. Metadata is additional information carried in a block that isn’t necessarily related to cryptocurrency transfer but provides additional functionality. This can relate to timestamps, smart contract data, InterPlanetary File System links, and so on.
Singh highlighted how Cardano’s abundant metadata capacity offers many advantages, including more expressive smart contracts and storing NFTs directly on the blockchain. Many NFTs on other platforms exist merely as a link pointing to assets stored on third-party servers. This makes the long-term existence of those NFTs dependent on forces outside the blockchain’s control.
Emurgo Going Forward
As Cardano grows, Singh revealed that Emurgo plans to continue catalyzing real-world adoption. With a shifting focus toward commercial integration, Emurgo aims to forge connections between institutions and Cardano’s blockchain capabilities. The company sees its role as building infrastructure, like regulated custody solutions, to enable native support for Cardano assets across exchanges, custodians, and more.
Moreover, Singh anticipates national-level blockchain projects, particularly in developing regions like Africa and Asia, to be onboarded, with Emurgo actively pursuing these projects. By driving proof-of-concept deployments that highlight Cardano’s advantages, Emurgo can showcase the impact of decentralized solutions for governments and enterprises.
Overall, Emurgo is poised to play an integral role in bridging the gap between the protocol and tangible business applications. But more importantly, as Cardano’s real-world capabilities get demonstrated on the global stage, Cardano’s reputation as a sleeping giant will fade, expects Singh.
Discover the latest on growing Bitcoin miners’ confidence here:
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Learn more about the Cardano Foundation’s role post-Voltaire here:
Cardano Braces for Life Without the Foundation, What Happens After Voltaire?
