Blockchain networks are collectively outlining their framework for 2024 and the years ahead, and Cardano is not exempted. As Cardano continues to expand its reach, it remains crucial that the network maintains its core values and maps out its future goals. Shedding light on how this will happen, the Cardano founder Charles Hoskinson shared some notable insights into the network’s future.
In a recent interview with an ADA proponent, Cardano’s Hoskinson disclosed the network’s current timeline and spoke on the future of governance, amongst other things.
Spotlighting Cardano’s current position, Hoskinson explained that things are coming together as planned. Although updates and upgrades usually receive a lot of criticism, with onlookers insisting that “Cardano is dead”, Hoskinson reveals that on-chain metrics and statistics reflect a healthy network ecosystem.
Speaking of Plutus V3, the upgrade is expected to enhance the entirety of the Cardano network; Hoskinson disclosed that it is already in Node 88. However, the network is still set up in preparation for its upcoming hardfork. The network is currently working towards developing the end-to-end package for both Plutus V3 and the 1694 governance model features. Hoskinson refers to it as the biggest and most consequential update in the history of Cardano, as it is designed to activate the entire government of Cardano through a series of actions.
On the future of governance, he disclosed that the governance structure was changed with the introduction of CIP 1694. Courtesy of this inception, the government relies on three principles. First, the governance will need some notion of democratic consent, done through voting.
Institutions that translate complex concepts like budget processes and constitutional representation which caters to minorities are also necessary. The overall goal for the broader Cardano community, as Hoskinson added, is to make sure that Cardano is the most decentralized governing body in the world.
Outlining the current roadmap for scaling Cardano, Hoskinson stated that investment in a multi-model approach is the way forward, hence the network’s commitment to invest in Hydra and Plutus V3. Changing the existing consensus model is essential for Cardano to achieve a Solana kind of speed, but network efficiency is just as important, Hoskinson added.
As he is quoted saying,
“Decentralization and resiliency is an expensive asset. Speed is easy, speed with decentralization, resiliency, preservation of the principles of the system, no one is to solve that problem.”
The current market pattern is reflected in the ADA’s price performance, with hourly and daily gains totalling 15.56% at press time. Additionally, the key cap is recording upsurges, and as a result, ADA is trading at a press time price of $0.68. It bears mentioning that trading volume and weekly and monthly gains are all in an upward trajectory.
