Cardano Soars Towards Self-Sovereignty: Progress Update Highlights Decentralization Milestones and Cutting-Edge Innovations
Hoskinson highlighted that Cardano is adopting a governance model that enables the community to play an active role in decision-making.
Cardano aims to take decentralization to the next level, giving ADA holders a chance to have a direct say in shaping the future of the network.
In a recent tweet, Charles Hoskinson, the founder of Cardano (ADA) blockchain company, provided an update on the network’s current progress. He has also praised the team’s efforts towards decentralization and highlighted its importance as a future standard for regulating the cryptocurrency industry.
Cardano Update https://t.co/9UFaQyPJ3y
— Charles Hoskinson (@IOHK_Charles) May 25, 2023
In the 29-minute video, the co-founder emphasized the progress of the Cardano platform despite facing criticism and shared plans for this year, including global workshops on Cardano Improvement Proposal CIP-1694. He also mentioned writing “a ton of really great code,” specifically focusing on decentralization efforts. He said, “My belief is that we’ll be substantially more decentralized than all cryptocurrencies on the market, which is one of the primary goals of these types of protocols.”
Cardano’s Decentralized Future
Hoskinson is no stranger to stirring up controversy and igniting vibrant debates within the cryptocurrency realm. According to Hoskinson, Cardano stands out from other cryptocurrencies because of its distinctive Extended UTXO architecture and the utilization of its programming language, Plutus. He further added that the unique features of Cardano, such as its Extended UTXO architecture and Plutus programming language, compel developers to reevaluate and modify their protocols, promoting creativity and originality.
This innovative approach has helped Cardano to establish itself as a pioneer in adopting new technologies like Hydra.
He also addressed the issue of governance in the Cardano ecosystem and argued that “governance is a key element to the long-term success of any cryptocurrency. At Cardano, we are working to ensure that governance is open, transparent and democratic.”
Hoskinson highlighted that Cardano is adopting a governance model that enables the community to play an active role in decision-making. He pointed out that “we are creating a system where ADA holders can vote on improvement proposals. We believe this is essential to ensure Cardano ‘s direction is in the hands of those who care most about its future.”
By implementing this approach, Cardano aims to take decentralization to the next level, giving ADA holders a chance to have a direct say in shaping the future of the network. According to Hoskinson, some Bitcoin maximalists and others may initially disregard decentralization metrics as “academic waste.”
Nevertheless, he maintains that these metrics will eventually be incorporated into regulatory standards and “when people start saying things like ‘sufficiently decentralized’ and what regulations should apply” to cryptocurrency depending on their decentralization stage, It will undoubtedly have a big influence.
The Cardano co-founder emphasized the significance of self-sovereignty and “pushing power to the edges and putting you in control of everything as opposed to some of us” He believes that this is the fundamental purpose of the cryptocurrency industry, and it has been the driving force behind the Cardano project’s progress.
As of press time, Cardano is trading at $0.36, recording an increase of 1.77%. Additionally, the coin has recorded a remarkable surge of +13.8% in the last seven days, with an impressive growth of +36.7% in just one month.
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Filed under: Bitcoin - @ May 27, 2023 6:25 pm