5 October 2024
The recent Chang hard fork upgrade in September has positioned the Cardano (ADA) blockchain as the top player in the crypto ecosystem, according to its founder, Charles Hoskinson.
Hoskinson, who is also known for his role in co-founding Ethereum (ETH), has consistently praised Cardano’s progress over the past month following the recent upgrade, asserting its superiority over the largest cryptocurrencies on the market such as Bitcoin (BTC) in terms of 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.
Hoskinson emphasized that this model “redistributes power” from a select few to the broader community, addressing a key concern he sees with Ethereum’s “centralized structure.”
Hoskinson pointed out that Ethereum’s reliance on its founder, Vitalik Buterin, creates “a bottleneck for innovation,” whereas Cardano’s Chang hard fork has established a framework that ensures ongoing development regardless of individual involvement.
Hoskinson further highlighted how delegated representatives (DReps) can now engage with one another, vote, and utilize a blockchain-based governance system to regularly ratify the network’s roadmap. He stated emphatically, “Charles, alive or dead, doesn’t matter. There’s still going to be innovation on a daily basis.”
In addition, the Cardano blockchain has shown significant growth in key metrics, boasting over 74,000 Plutus scripts and the creation of 1.3 million delegated wallets over the last seven years.
Additionally, approximately 1,373 projects have been launched on the platform, as highlighted in a commemorative video by Input Output Global (IOG), the development company behind the blockchain.
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.
Looking ahead, Cardano aims to replace its initial genesis keys, which have been instrumental in managing the network since its inception. This transition will be supported by increased participation from stake pool operators (SPOs) and DReps, as well as the establishment of a Constitutional Committee (CC).
The next steps toward achieving a fully decentralized governance model involve ensuring that stake pool nodes meet operational thresholds and that decentralized applications (DApps) are nearing completion.
The final transition to the Voltaire era, signifying a fully self-sustaining blockchain, will occur with the final use of the Genesis keys, triggering another hard fork. However, further announcements and dates for these developments have yet to be released by IOG or the blockchain’s founder.
At the time of writing, Cardano’s native token ADA trades at $0.352, recording a 2% price surge in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com