As a long-time crypto investor with a keen interest in blockchain technology and its potential to revolutionize our world, I find myself increasingly excited about the recent developments unfolding within the Cardano ecosystem. Having witnessed the rise and fall of numerous projects over the years, it’s refreshing to see a team like Charles Hoskinson and the Cardano community consistently pushing boundaries and delivering on their promises.
At Rare Evo 2024, Charles Hoskinson, the founder of Cardano, unveiled a set of substantial upgrades planned for the Cardano blockchain during his keynote speech. Addressing a wide range of attendees consisting of developers, stakeholders, and supporters, Hoskinson detailed Cardano’s future strategies in technological advancements, governance, and international expansion.
Cardano Roadmap For The Coming Months
As a researcher, I’m excited to share that the core focus of Charles Hoskinson’s presentation was the unveiling of Plutus V3, the most advanced version yet of Cardano’s smart contract platform. This new iteration promises enhanced functionalities and upgraded security features. To quote him directly, “Plutus V3 is just around the corner! We’ve tackled the blockchain trilemma, not only solving it but outperforming it. We’re doing this collaboratively with Intersect and the community, prototyping in public with your help. That’s what sets Cardano apart.”
Further emphasizing technological strides, Hoskinson delved into Hydra, Cardano’s layer-2 scaling solution designed to increase the network’s transaction throughput exponentially. He provided a detailed explanation of Hydra’s mechanics, particularly its use of the extended UTXO model, which ensures that transactions are processed efficiently and securely. “Hydra is amazing technology. We’re so excited about Hydra, we designed extended UTXO specifically for Hydra. […] This ability to move on and off the chain seamlessly. […] It just works, it’s secure it’s fast,” he noted.
A significant part of the keynote focused on the development of governance within the Cardano network. Hoskinson unveiled plans for what he called “the largest decentralized autonomous organization (DAO) ever in the cryptocurrency world,” which will oversee a sizable digital treasury. He elaborated on the DAO’s organizational structure, which blends a constitutional committee, stake pool operators (SPOs), and aspects of liquid democracy.
According to Hoskinson, this fresh approach to governance represents a significant leap towards self-governed and democratically-managed blockchain networks. He highlighted the prospect that this system could bolster community power and promote a fairer, more participatory decision-making structure.
In a nod to Cardano’s global reach, Hoskinson discussed his recent interactions with both governmental bodies and academic institutions in Argentina. These encounters highlighted the worldwide curiosity about blockchain technology’s potential. He excitedly mentioned meetings with the mayor of Buenos Aires, as well as numerous other influential individuals who are eager for their collaboration at the University of Buenos Aires School of Law during the Constitutional Convention. Hoskinson added that delegates from over 50 countries will gather to discuss Cardano’s future direction for the next decade.
Moving forward, Hoskinson sparked enthusiasm among attendees by unveiling sneak peeks of the forthcoming Cardano Summit in October. He revealed an innovative contest designed to showcase the potential of Hydra: a real-time, multiplayer session of Doom running on Hydra, with each game frame equating to a transaction on the blockchain, capable of handling up to one million transactions per second (TPS).
“I got something for you. You get 30,000 concurrent players, 35 frames per second, 35 transactions per second, that’s about a million TPS. […] We’re going to have a death match where people fight each other in Doom. We’ll find a win to make it happen whoever wins gets $100,000 in USDM […] That’s how we get to that 30,000 players. Why? Because we want to showcase the power of this,” Hoskinson revealed.
At the end of his speech, Hoskinson reiterated his commitment to propelling blockchain technology forward by means of extensive study and collaborative innovation driven by the community. He underscored the tenacity and expanding potential of the Cardano network, stating, “Every day, individuals in this gathering, as well as those beyond it, are banding together and pondering, ‘How can we make it more straightforward, quicker, less costly, easier, superior?’ The reason? We aim for cryptocurrency to become a global phenomenon.”
At press time, ADA traded at $0.3734.
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2024-08-26 21:41