Cardano CEO Defends Slow Development Pace, Cites Academic Approach and Future Expectations
Summary:
Cardano Foundation CEO, Frederick Gregaard, defended the slow pace of Cardano's development, attributing it to the platform's academic approach to research and innovation. Noteworthy progress has been seen in the network following significant updates like the Hydra and Mithril protocols. On-chain governance leveraging experiences from other networks forms part of the strategy for the upcoming Voltaire era. Despite facing controversies related to crypto tribalism, a strong community backs Cardano. Looking ahead, the network plans several hard forks and implementing Cardano Improvement Proposal 1694 (CIP-1694) as it envisages broader applications in various sectors.
The pace of development and implementation of features on the Cardano blockchain has attracted skepticism, although the approach seems to be a source of pride for Cardano Foundation CEO, Frederick Gregaard. He considers the platform's thorough, scholarly method as responsible for its "boring" and steady progress. Gregaard recently acknowledged this during the Cardano Summit held in Dubai, highlighting their commitment to academic research and worldwide knowledge sharing.
The CEO affirmed that the extensive research and innovations Cardano has been investing in over the years is adopted by other quick-progressing blockchain entities. This adoption, according to Gregaard, contributes to building stronger and more flexible blockchain systems globally, which is beneficial for humanity and the planet.
He also discussed the significance of their work in the context of increasing adoption of artificial intelligence (AI), requiring industry access to computable data. Further emphasizing, Gregaard pointed out that Cardano's steady advancement as being one of the largest and oldest projects in the blockchain field. He also expressed pride in their impressive track record of over 2000 days without a breakdown.
Significant updates on Cardano, such as the Hydra layer-2 scalability solution and the Mithril multi-signature stake-based protocol, have contributed to network spikes after their introduction. Moreover, although Cardano's DeFi activities have been steady, there has been a 198% increase in its Total Value Locked (TVL) compared to the previous year, moving it up from 34th to 15th in rank among all reviewed networks.
As Cardano prepares for the upcoming Voltaire era, focusing on decentralized governance, the CEO emphasized a more ambitious approach towards on-chain governance than their competitors. He confirmed that they draw insights from other networks, notably MakerDAO, to enrich their governance model.
Additionally, community interaction is fostered through workshops aimed at creating a "constitutional document." These workshop plans tie into the Cardano Improvement Proposal 1694 (CIP-1694).
Despite experiencing the fragmentation inherent to crypto tribalism, Cardano still enjoys the backing of a strong community, a factor which Gregaard sees as a strength. He also expressed that significant advancements in the blockchain space are linked to projects spearheaded by recognized figures, attracting followers based on the project's history.
The CEO anticipates Cardano to stay its current course towards attaining a stable network. This path would involve multiple hard forks and the implementation of the CIP-1694. Gregaard envisions Cardano not only being leveraged in financial markets but also gaining traction in international trade, voting systems, and other sectors. He also foresees the application landscape of their network becoming more mature.
Published At
11/8/2023 9:46:00 AM
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