As a seasoned analyst with over two decades of experience in the tech and crypto industries, I’ve witnessed the rise and fall of numerous digital currencies. However, the recent developments within the Cardano ecosystem under the leadership of Charles Hoskinson have caught my attention.
According to its founder, Charles Hoskinson, the latest Chang hard fork update in September has propelled the Cardano (ADA) blockchain to take the lead among the cryptocurrency landscape.
Charles Hoskinson, well-known for his part in launching Ethereum (ETH), has repeatedly expressed admiration for Cardano’s advancements during the past month after the latest update, claiming its superiority over popular cryptocurrencies like Bitcoin (BTC) when it comes to decentralization.
Hoskinson Declares Cardano Remains Top Dog
In a recent post on social media platform X (formerly Twitter), Hoskinson reaffirmed Cardano’s status, claiming it is “still number 1.” This statement follows his remarks at the Token2049 Conference in Singapore, where he discussed the new governance model of the Cardano network.
Charles Hoskinson highlighted that this model aims to shift control from a limited group towards the wider public, tackling a significant issue he perceives as centralization in Ethereum’s structure.
Hoskinson highlighted that Ethereum’s heavy dependence on its creator, Vitalik Buterin, can lead to a restriction in innovation, as compared to Cardano. The hard fork in Cardano, led by Chang, has set up a system that guarantees continuous development, regardless of the level of individual participation.
Hoskinson emphasized that delegated representatives (DReps) can now collaborate, cast votes, and make use of a governance system built on blockchain technology to frequently approve the network’s development plan. He passionately declared, “It doesn’t matter if Charles is alive or not; innovation will continue happening every day.
Over the past seven years, I’ve had the pleasure of observing remarkable expansion within the Cardano blockchain. This growth is evident in crucial areas such as the number of Plutus scripts, which now surpass 74,000, and the creation of approximately 1.3 million delegated wallets.
Furthermore, it’s worth noting that around 1,373 projects have taken off on this platform, as underscored in a celebratory video by Input Output Global (IOG), the organization responsible for the blockchain’s development.
Final Transition To Decentralized Governance?
In his latest social media update, Hoskinson also remarked on Cardano’s advancements in decentralized governance, suggesting that the network is on the cusp of achieving remarkable milestones with upcoming features.
In the future, Cardano plans to switch out its original genesis keys, which have played a crucial role in governing the network since it began. This transformation will be facilitated by greater involvement from stake pool operators (SPOs) and DReps, as well as the creation of a Constitutional Committee (CC).
To reach a completely decentralized governance structure, it’s crucial to verify that stake pool nodes maintain necessary performance levels and that Decentralized Applications (DApps) are almost ready for deployment.
The shift to the Voltaire era, marking a completely independent blockchain, happens upon the last deployment of the Genesis keys, which will lead to another hard fork. Yet, neither IOG nor the blockchain’s creator has revealed any official announcements or dates regarding these advancements.
Currently, as I’m typing this, the native token of Cardano, ADA, is being traded at approximately $0.352. There has been a 2% increase in its value over the past 24 hours.
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2024-10-05 13:16