Charles Hoskinson, co-founder of Cardano, has announced the imminent release of two significant upgrades designed to address criticisms regarding the Cardano network’s progress and its native token ADA. These upgrades aim to solidify Cardano’s position in the ever-evolving crypto ecosystem.
Cardano Faces Scrutiny But Responds With Confidence
Cardano has recently been under scrutiny for its development pace and overall standing within the cryptocurrency landscape. However, Charles Hoskinson remains confident in Cardano’s future, emphasizing the project’s strategic focus on scalability, governance, and fostering a strong community.
In a statement on April 7th, Hoskinson expressed amusement at the recent criticism while simultaneously conveying his conviction in Cardano’s potential. He said, “Seeing all the dunking on Cardano makes me smile a bit. We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community. Chang is coming soon as measured by progress on SanchoNet.”
Chang Hard Fork: Empowering ADA Holders Through On-Chain Governance
The Chang hard fork, scheduled for the second quarter of 2024, represents a major leap forward for decentralization and community-driven governance within the Cardano ecosystem. This upgrade will empower ADA holders to actively participate in shaping the network’s future through on-chain voting mechanisms. This marks a significant milestone in the evolution of blockchain governance.
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Chang introduces a framework for on-chain community consensus, paving the way for a more democratic and participatory approach to governance. This includes the introduction of Delegate Representatives (DReps), a Cardano Constitution Convention, and a crucial community vote on the Cardano Constitution itself. These measures will collectively lay the groundwork for a fully decentralized governance system.
Ouroboros Leios: Unlocking Scalability Potential
In tandem with the governance overhaul, Cardano is poised for a major technological leap forward with the Ouroboros Leios upgrade. This protocol update significantly enhances the network’s scalability and efficiency by introducing a revolutionary model for transaction validation and block production.
Ouroboros Leios differentiates between distinct node types, each with specific responsibilities. This distinction is expected to significantly amplify the network’s transaction throughput and overall processing capacity.
Charles Hoskinson emphasizes the transformative potential of Ouroboros Leios, stating, “Ouroboros Leios is the biggest step forward towards solving the blockchain trilemma ever. Our research labs are scaling up, we are now at 209 papers with much faster research translation.”
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Cardano Navigates a Skeptical Landscape
The announcement of these upgrades comes amidst a period of heightened scrutiny, with Cardano being compared to various emerging blockchain projects. However, Charles Hoskinson remains resolute. He draws parallels between the challenges faced by Cardano and the broader tech industry’s evolutionary hurdles. He emphasizes the importance of Cardano’s robust foundation and unwavering community support.
“AI has the same issue. A few months ago, Open AI dominated everything, then Claude 3, now we got Grok 1.5, and soon Llama 3. The winners have foundations that are built to last generations and a community that respects and maintains those foundations. There is no substitution for this reality,” Hoskinson concluded, highlighting the difference between fleeting trends and enduring foundational innovation.
