Cardano has faced criticism for the delays in the rollout of features and network upgrades, but the network’s slower pace is something that Cardano Foundation CEO Frederik Gregaard proudly embraces. According to Gregaard, the “boring” academic approach of Cardano, based on rigorously peer-reviewed research, sets it apart from other blockchain platforms.
Gregaard emphasized that Cardano’s research and innovations have been adopted by fast-moving blockchain platforms, making the industry more resilient and adaptable. He also pointed out that with the increasing adoption of AI, the industry will need computable data, which Cardano is well-equipped to provide. Despite being labeled as “boring,” Gregaard highlighted Cardano’s longevity, the significant number of changes on GitHub, and the network’s impeccable operational record.
Recent updates such as the Hydra scalability solution and the Mithril stake-based multisignature protocol have resulted in network upticks following their launch. Data from blockchain analytics firm Messari shows a significant increase in Cardano’s total value locked (TVL) in the third quarter of 2023, positioning the network at 15th among all the networks reviewed.
As Cardano prepares for the upcoming Voltaire, the final era of the Cardano roadmap that focuses on decentralized governance, Gregaard emphasized the vast potential of on-chain governance and the importance of capturing the essence of Cardano’s vision and mission.
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The executive also announced that Cardano will conduct workshops to allow the community to contribute to a constitutional document, aligning with the Cardano Improvement Proposal 1694 (CIP-1694), signaling the network’s commitment to decentralized governance.
Despite the strong community presence, the Cardano ecosystem has not been immune to the controversies and tribalism that have emerged in the decentralized realm. Gregaard highlighted the strength of having a large community and the positive impact it has on the blockchain industry. He also acknowledged that tribalism is inevitable but noted that it is gradually lessening as the importance of blockchain technology becomes more evident.
Looking ahead, Gregaard outlined Cardano’s path to becoming a stable network through a series of hard forks and the enactment of CIP-1694. He expects to see the integration of multi-party computation, ZK-rollups, and other advancements. Additionally, Gregaard anticipates the adoption of Cardano by nation-states not only in financial markets but also in international trade and voting, further solidifying the network’s application landscape.
In conclusion, while Cardano’s slower-paced approach may have drawn criticism, the network’s commitment to academic rigor and peer-reviewed research sets it apart in the blockchain industry. The recent network upticks and the upcoming advancements show that Cardano is steadily making strides towards becoming a stable and versatile network with the potential to be utilized by nation-states for various essential functions. As the industry continues to evolve, Cardano’s academic approach and commitment to decentralized governance position it as a noteworthy player in the blockchain space.
