As a seasoned analyst with over a decade of experience in the crypto world, I’ve seen my fair share of ups and downs. But the journey of Charles Hoskinson and Cardano (ADA) stands out as one of the most intriguing and inspiring stories in this space.
Charles Hoskinson, the founder of Cardano (ADA), has finally spoken up about his experiences while working on the protocol over time. He described it as a tumultuous journey marked by a variety of feelings, difficulties, and immense hurdles. On a personal level, he admitted that he too has faced criticism commonly leveled against Proof-of-Stake (PoS) blockchains.
Cardano as a Decentralized Distributed System
Significantly, Hoskinson pointed out that his work on Cardano has presented numerous difficulties, such as strained friendships and lack of companionship. Yet, he’s encountered backing from various sources who haven’t shied away from offering candid feedback about the ecosystem.
Charles Hoskinson referred to the Cardano Layer-1 blockchain as a distributed network operating across more than 100 nations worldwide. He emphasized the protocol’s resilience, underscoring its decentralized characteristics. This, he noted, has brought together millions of individuals who have yet to meet in person. Furthermore, Hoskinson pointed out that the system is consistently being updated to enhance its capabilities.
Over the last ten years, one key lesson I’ve internalized is that assuming a public role often makes you into a kind of Rorschach inkblot, with people who have negative feelings towards you easily finding negative meanings in anything you say or do.
Working on Cardano this…
— Charles Hoskinson (@IOHK_Charles) September 2, 2024
He even compared it to the leading blockchain, Bitcoin (BTC), citing that Cardano’s outlook “dwarfs” the former. Hoskinson stated that Cardano is a living, self-replicating, and self-sustaining governance virus.
In his September 2nd post, Hoskinson pondered the potential future of what he and others have brought to life – an entity endowed with intelligence, a drive to thrive, and an unstoppable growth. He noted that neither external forces nor obstacles can halt its progression. This thought-provoking creation has now become a part of our world.
Chang Hard Fork Upgrade Goes Live
One significant update that Cardano’s system has adopted is the Chang hard fork. On September 1st, this long-awaited update was set in motion, signifying a significant move towards decentralized decision-making within the ecosystem. The successful implementation of this upgrade allows ADA holders to choose governance representatives, thus ushering in what’s known as the “Voltaire Era” on the platform.
Cardano owners not only can possess the power to actively decide on development plans, but this decision-making process is expected to significantly influence Cardano’s future direction. The Chang hard fork upgrade, initially planned for an earlier launch, has been temporarily postponed. Charles Hoskinson announced this delay in order to provide cryptocurrency exchanges such as Binance additional time to make necessary system updates.
As outlined in the “Cardano Improvement Proposal” CIP-1694, a fresh community governance framework has been proposed. This framework consists of three user-driven governing entities: the Constitutional Committee, Delegate Representatives (DReps), and Stake Pool Operators (SPOs).
Following the successful deployment of its latest update, Cardano is now among the pioneering blockchain networks adopting a token-based governance structure. This transition will occur in two distinct stages. The Cardano Change hard fork proposed by the Interim Constitutional Committee marks the beginning of phase one, which restricts the ability of earlier committees to modify the blockchain’s underlying code.
In approximately the next three months, we’ll move forward with the second stage, which aims to strengthen the newly established administrative entities.
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2024-09-02 15:30