Here is controversial statement, Charles Hoskinson is a modern day Sisyphus. He pushed Cardano (ADA) up the hill all the way to third in the ranks but slipped back down to 8th. At least for the time being, Cardano (ADA) has been disappointing to say the least. On the other hand, in terms of fundamentals, we would argue that it is the closest network to solving the blockchain trilemma. Back in 2021, no blockchain network could have speed, security and a decentralized network all together. And the prime example for that is Solana, known for transaction speed, and a centralized network that persistently suffers from outages. But, the modern day Sisyphus has updated his plans on upgrading Cardano (ADA) to hopefully dethrone all other proof of stake blockchains. ADA is out for blood, Bitcoin blood.
ADA was doing pretty well before Solana joined the race with insane transaction speed and took over the race. SOL was on steroids, institutions were betting on it and investors saw an opportunity. But, steroid users have heat attacks. In this case, Solana turned out to be a much more centralized network that suffered from multiple outages and lost its fan base. In the meantime, the defeated Cardano (ADA) went back to the gym and added support for smart contracts. And now, let’s get ready to rumble because Hoskinson is firing some hardcore shots at Solana.
According to Hoskinson, a series of upgrades are coming to Cardano this year and the results are going to be significant. So much so, the network could surpass Solana in terms of speed and other fast boys out there.
“This year all these updates are coming that are massively improving the scalability and expressiveness of the system so that you will get the same type of performance you’re seeing from systems like Solana and so forth. Or at least in the same orders of magnitude.”
These upgrades are set to take place in June and October which will unlock many new features. As late as October sounds, this could be great news for ADA for two reasons: first, Solana’s massive success was mostly due to NFT sales which seem to be slowing down at the time. Second, Cardano is slowly inching towards perfection as a blockchain network. This could be an evolutionary step for all blockchain platform especially a PoS one at that.
Cardano (ADA) in 2022
According to Hoskinson, for the next 12 months, the team will focus on “commercial comparability, sustainability and self-determination.”
“In terms of commercial comparability, we focused an enormous amount of effort at the beginning of the project on correctness and scientific excellence… so we developed all of these protocols…
In terms of sustainability, you’d like a system that as it operates gets more efficient, more scalable and has the ability to grow at an organic pace. And the systems contain that same cost center and standard of performance that you come to know and love…
And then self-determination, which is unique to Cardano and a few others like Tezos (XTZ) is we have a great governance layer. You hold data, you can vote. And you can participate in the governance of the system.”
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