Charles Hoskinson, co-founder of Cardano, recently discussed developing a global governance framework for the smart contracts ecosystem that may be approved by international agencies.
Hoskinson has praised the company and called it the “foundation of trust” for the whole cryptocurrency space.
Speaking at the recently finished Cardano Summit 2023 in Dubai, Hoskinson provided a fascinating overview of the history of Cardano and a forward-looking look at the novel technologies and community governance that will be a part of the Cardano ecosystem.
“Not too long ago Cardano was very small but we had a great vision. If you think about what we’ve achieved over the last seven years…it’s pretty remarkable and we’re just getting started,” he stated .
Hoskinson also highlighted Cardano’s incredible resiliency and reliability, noting that it has been up and running for five years without experiencing any problems.
“The fact that Cardano has never failed in 5 years, it’s always been running 24 hours a day 7 days a week, it’s become effectively the root of trust of the entire cryptocurrency space there is no engine better-there is no code better than what we’ve re we’ve written,” he added.
Hoskinson also unveiled a novel structure at the “Partner Chains” summit which may fundamentally alter new blockchains establishement and running models. This invention combines the well-known security, liquidity, and dependability of Cardano with modular blockchain technology.
To create optimized partner chains, Charles emphasized that this framework will empower developers and validators to leverage emerging Cardano technologies along with the platform’s core features.
Notably, Midnight, a blockchain with a focus on data protection, will be the first partner chain to employ this ground-breaking technology.
The Cardano community is still actively working to develop and grow the Cardano ecosystem in the meantime. The most recent weekly development report highlighted a number of significant October events. The IOG teams actively participated in the Cardano Summit by offering a wide range of products and services, masterclasses, panels, and keynote addresses.
The paper also described the ongoing work by the Mithril team to establish a proof of concept for peer-to-peer (P2P) networking in an effort to decentralise the Mithril networks.
Other significant advances included the enhancement of PlutusTx’s equality comparison, the Hydra example, and Catalyst’s preparation for Fund11.
The research also revealed that as of November 3, 2023, Cardano had 77.6 million transactions processed, 148 projects that had been released, 9 million native tokens, and an astounding 1,295 projects in the development pipeline.
Nevertheless, recent Cardano improvements demonstrate the project’s potential and sustained growth as a reliable foundation for the whole cryptocurrency industry.
Recently, Hoskinson published a screen grab of CMC data that showed the top ten cryptocurrency assets in terms of market capitalization. Based on the statistics, ADA had the most loss during the previous day, with a 1.58% price drop.
It’s interesting that Hoskinson brought up the fact that ADA wasn’t meant to be the chart’s largest loser.
The data also showed that Solana (SOL), which had a higher market valuation than ADA, had decreased by 3.91%. In response, Hoskinson questioned if 3.91 was a larger number than 1.58 in the statistics.
One user made the observation that CMC might be alluding to the cryptocurrency asset that has had the greatest decline from its prior peak. Hoskinson, though, declined to express the same opinion. He claimed that in many instances, the top 20 cryptocurrencies have also declined.
Things were never black and white when it comes to Solana-Cardano feud. Just last year, Hoskinson was caught saying that Solana could theoretically become a sidechain of the Cardano network.
The founder of Cardano then emphasized that a sidechain can possess its unique computational framework, its distinct approach to data accessibility, its independent network infrastructure, and its individual consensus mechanism.
Hoskinson was saying that a collaborative effort between Solana and Cardano could significantly enhance Solana’s prospects.
“So you could take Solana, replace the current consensus algorithm with something 25 times faster and doesn’t collapse all the time, make it a Cardano sidechain, Solana would then be paid to ADA holders to maintain it (probably at a lower inflation rate than they’re currently paying right now). They don’t have to worry about security anymore, and then all those DApps move over and they get better reliability and security and they get faster.”
The fact that the Cardano and Solana communities have been at odds for more than a year deserves a mention. The conflict between the communities widened last year when co-founder of Solana Anatoly Yakovenko criticised Cardano’s devs for being overly cautious when issuing updates.
He pointed out that the team’s chances of fulfilling their commitments will be hampered by the Cardano developers’ commitment to accuracy.
Fascinatingly, Hoskinson poked fun at Solana by drawing a comparison between the network and a broken-down Nintendo system. Hoskinson said as much during a significant network failure in Solana.
Overall, when a user compares Cardano and Solana, the Ethereum alternatives, it’s clear that Cardano stands out in its potential to transform the financial industry, despite its delayed development. Cardano places significant emphasis on decentralized finance. However, Solana’s development has gained much more popularity than Cardano’s.
There’s a belief that fierce competition will unfold between these two blockchain development platforms, whether one is investing in Ada and SOL tokens or aiming to create a dApp. Cardano adopts a methodical and deliberate growth approach, prioritizing thorough peer review and avoiding hasty decisions.
In contrast, the Solana ecosystem is famous for its rapid pace. It’s certain that both will have a notable impact on the world, albeit through different strategies.