The central theses
- In an exclusive interview with Crypto Briefing, Charles Hoskinson discussed Cardano’s upcoming plans.
- Cardano is now on its way to the highly anticipated hard fork, code-named Alonzo.
- The team also trains over 1,000 developers who want to write applications on Cardano.
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Charles Hoskinson discusses Cardano’s upcoming plans.
Cardano founder discusses roadmap
With a market capitalization of more than $ 60 billion, Cardano is one of the most valuable decentralized networks in the world.
It started in 2015 when one of the co-founders of Ethereum, Charles Hoskinson, conceived a new proof-of-stake blockchain. Cardano should be a huge improvement on Ethereum. Rather than dictating the software architecture and functions, Hoskinson took a peer-reviewed academic approach.
The project thus adopted the philosophy of openness in software development and implemented software functions using an evidence-based method. Over the years, Cardano’s research team has published over 100 scientific research papers, from distributed systems to programming languages to game theory.
Since its creation, the blockchain has evolved in different versions or eras, adding new main functions each time. The first iteration of Cardano, known as the Byron Era, began in September 2017 and allowed users to exchange Cardano’s ADA currency on an interconnected network using the Ouroboros consensus protocol.
The following upgrade from Cardano, called Shelley, took place in mid-2020 and achieved a decentralization of the network consensus. Upon launch, the network was updated to a state where the majority of the nodes are operated by the community rather than a centralized group.
According to Shelley, the latest version of Cardano known as Goguen aims to bring new blockchain functionality through a series of tough forks. For example, meIn March 2021, the team added support for indigenous assets on Cardano with the Mary Fork. To fulfill the next step of the Goguen era, Cardano is now approaching a much-anticipated hard fork named Alonzo. With this upgrade, developers can finally create smart contracts on Cardano.
According to Charles Hoskinson, the founder of Cardano, hundreds of development teams are already striving to contribute. In an exclusive interview with Crypto Briefing, Hoskinson explained Cardano’s plans to host oracles, stablecoins, DEXs and NFT marketplaces on the upcoming Plutus smart contract platform.
Crypto Briefing: What Will Happen Next To The Alonzo Hard Fork?
Charles Hoskinson: Cardano spent four years doing research and development to create the ideal programming model for smart contracts. What’s exciting is that Alonzo is actually where we turn all of this on. Soon we will launch the Pioneer Testnet and run it for two months and freeze at the end of June. It will take about four to six weeks to actually do the hard fork and activate smart contracts for the mainnet. We also started the Plutus Pioneer program, in which we train over 1,000 developers who have expressed an interest in writing decentralized applications (dApps) on Cardano.
CB: How is the Cardano ecosystem developing in terms of the various uses and use cases?
CH: We’ll have NFT marketplaces, DEXs, stablecoins, and oracles – all the usual suspects. Many of these protocols are very easy to replicate. We are currently formalizing them so that we have a full understanding of how they work. We have a project with Runtime Verification in which we write the blueprints for all DeFi basic elements like Uniswap, SushiSwap etc. We will simply reimplement them on Cardano. It’s better, faster, cheaper, and more predictable than Ethereum on our system. There is also an open question of liquidity and customers, and we have some strategies for that. Another advantage Cardano has over Ethereum is an integrated decentralized VC catalyst that has over $ 250 million available to fund dApps. We will finance 100 to 200 companies in the next three months – not only new dApps, but also migrations to Cardano.
CB: What are the different projects coming to Cardano from Ethereum?
CH: We conclude agreements with two dozen different dApps or platforms. That will happen in the next 180 days. It’s a little difficult to start this conversation. Projects usually want to ask questions, such as: For example, whether they can have a test network to run on. These start when Alonzo Testnet comes by. Usually the conversation is not an explicit migration from Ethereum to Cardano. Instead, we have seen across the industry that projects want to be multi-chain. However, some have already expressed interest in a full migration to Cardano. SingularityNet is one such migration.
CB: Cardano has been criticized for its slow development. Perhaps it was peer-to-peer review that was responsible for this?
CH: Most of our delays were technical delays, not scientific delays. It happened because we took the wrong approach and tactic and we had to fix them, and it took a long time. It’s fair review that Haskell (programming language) wasn’t ready when we picked it to build stuff. We had to modernize the language a bit and tThis was one of the reasons we had so many delays in 2018 and 2019. We rewrote Cardano three times to bring it up to date. But we actually got back on track and shipped Shelley, the proof-of-stake system, in 2020. We’re sending out smart contracts this year along with a lot of other things. If you compare our proof-of-stake development to Ethereum, it started two years earlier than we did. We started developing Proof-of-Stake in 2016, while Vitalik [Ethereum’s founder] Casper was launched in 2014. Nevertheless, we are already on the market with PoS and Ethereum still has to migrate completely.
CB: How do you ensure decentralization when it comes to blockchain governance on Cardano?
CH: In my opinion, Cardano is the most decentralized for block production. There are 10 major mining operations in Bitcoin that produce more than 50% of the blocks. In comparison, Cardano has more than 2,000 stake pools, and around 200 to 400 of the stake pools produce 80% of the blocks. So Cardano is around 20 to 40 times more decentralized in terms of block production. The system is resilient and is designed to get more stake pools over time. Eventually we will have tens of thousands of government pool operators.
Disclaimer: The author did not have the cryptocurrency mentioned in this article at the time of going to press.
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