Cardano has been criticized by critics for delays in rolling out features and network upgrades. However, this slower pace appears to be a badge of honor for Cardano Foundation CEO Frederick Gregaard, who said the network was “boring” given the platform’s academic approach.
“Cardano is boring. We are boring because we are based on academic peer-reviewed papers, (and) we are sharing those papers globally,” Greggard told Cointelegraph on the sidelines of the recent Cardano Summit in Dubai.
The executive pointed out that the research results that Cardano “spent many years conducting and implementing” have been used by some fast-growing blockchain platforms, and he is “incredibly proud” of this:
“If they adopt some of the core principles that we’ve researched and invented, it’s good for the planet…(and) all of humanity because it makes blockchains around the world more resilient and adaptable.”
Gregaard added that this trend is also important with the increasing adoption of artificial intelligence (AI), which requires the industry to have computable data. He added:
“I said, ‘Sorry, we’re boring.’ But we’re one of the oldest projects. We’re huge… we’re the most changed people on GitHub, and we haven’t been down in over 2,000 days… sometimes Boredom is a good thing.”
Cardano’s recent major updates, including Layer 2 scalability solution Hydra in May and stake-based multi-signature protocol Mithril in July, have led to growth in the network following their launch. Most recently, in Q3 2023, while Cardano’s decentralized finance (DeFi) activity remained flat, its total value locked (TVL) increased by 198% year-to-date, data Blockchain analytics company Messari said. The network’s TVL, which started the year ranked 34th, now ranks 15th among all networks reviewed.
Gregaard said that as the ecosystem prepares for the upcoming Voltaire, the final era of the Cardano roadmap that focuses on decentralized governance, the ecosystem’s level of expectations for on-chain governance is “much higher than other projects.” ”, but they are trying to learn from other networks, including MakerDAO. He said:
“This is about capturing the essence of Cardano’s vision, mission and culture. I think the discussion about how much can be pushed on-chain and off-chain is probably more relevant.”
The executive added that Cardano will continue hosting workshops next year where the community will be able to “verify, confirm and contribute to the constitutional document.”
As shown above, the workshop details are consistent with Cardano Improvement Proposal 1694 (CIP-1694).
Tribalism in Cryptocurrency
The Cardano ecosystem is known for its strong community. However, similar to other projects in the decentralized space, it has not been immune to controversies surrounding crypto tribalism — a phenomenon that has led to fragmentation in the industry.
Gregaard sees this as an advantage and says that public, permissionless blockchains require a large community covering all infrastructure, including the value capture layer. He added that they continue to add members to this community, claiming they recorded over 200,000 new non-custodial wallets during the bear market.
The executive also said that the “best work” in the field occurs in second- and third-generation blockchains created by big names, suggesting that people care about projects because of the “legacy” behind them.
For example, Ethereum co-founders Charles Hoskinson and Gavin Wood left the second-generation blockchain and created their own platforms, Cardano and Polkadot respectively.
“Some of it is also about emotion and politics, but it’s good to have people like the Cardano Foundation at this time because we are a non-profit. We are not guided by any founder,” Gregard explained.
“What many people don’t realize is that as we increasingly see the scope and impact of blockchain, and more importantly, the importance that blockchain brings to the world order, this tribalism is gradually Watered down. And society as a whole,” he added.
what kind of future
Gregaard said Cardano will continue on its current path toward a stable network, which will involve a series of hard forks and the enactment of CIP-1694.
“We’re going to change the core governance principles or the execution of governance while still staying true to the vision. I think you’re going to see multi-party computation, ZK-rollups and a lot of other things.”
The executive added that he expects many nation-states to use Cardano not only in financial markets, but also in areas such as the international trading industry and voting. He also predicts that the Internet application landscape will mature.
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