Cardano’s founder updated the community on staking, the new layer of governance and his plans to stay out of the spotlight
The second quarter of 2020 was very positive for ADA, Cardano’s cryptocurrency. The token appreciated 16.3% in the year and even surpassed the king of smart contracts, Ethereum. This upward trend comes from recent updates to the long-awaited Shelley core network, which will fully decentralize Cardano. During the Cardano Shelley Summit 2020 this week, Cardano founder Charles Hoskinson shared his vision for the coming year.
Hoskinson acknowledged the amount of time it took the team to release Shelley. In his opinion, it was worth the wait because of the project’s formal approach and attitude towards “building things to last”. Now, the launch of the Shelley core network is scheduled for July 29, 2020.
He pointed out that during the testnet phase, Cardano’s Incentivized Testnet hired more than 1,200 stake pool owners. These users will receive their rewards for more than six months of staking on August 3rd.
Hoskinson also said that the team has had a Shelley node running since June 30. This node will pave the way for others, testing possible problems before the main network.
Recognizing Cardano’s current limitations, its founder showed that the team understands the importance of decentralized financing (DeFi) and decentralized applications (dApps). He said the network will have native tokens, as well as the ERC-20 on Ethereum® – but with a better design.
He expects the new token standard to appear on the network in the next 120 days.
Unlike other networks, there are a substantial number of stock pool owners acting as providers of Cardano-related services, Hoskinson said. These services include oracles, fragmentation and interoperability. In the future, he predicts that people will be able to connect to these services via API.
Expansion of the ecosystem
Cardano’s big bet is on functional programming languages, like Haskell. The development community for functional programming languages is currently ignored by other blockchains like Ethereum, giving the network an edge, according to Hoskinson.
In addition to only betting on developers to join the network, Cardano is investing a lot of money in promoting new talents.
Charles talked about the partnership with Wave Financial in a Joint Venture called cFund, which would bring DeFi and dApps developers to Cardano’s ecosystem. CFund is expected to provide $ 20 million to developers looking to build on the network. The site will be launched in July.
In addition to cFund, Cardano will provide 100 million “sliced” ADA tokens to the community to finance projects and people who want to improve the network. In addition to the developers, there may be people with experience who Hoskinson called an “expert class”.
In his opinion, people with relevant knowledge of the domain, but not involved in Cardano, can be hired by the community as consultants.
Voltaire, the network’s governance layer, is expected to be launched alongside Shelley, Hoskinson added.
This should allow the community to become more involved in running the network, allocating funds to promising people and projects and voting on critical decisions.
For the voting process, Cardano entered into a partnership with Submittable, a shipping management software company, with plans to make voting easier – even giving people the option to vote by mobile app.
To formalize governance, the team implemented an improvement proposal framework, similar to Bitcoin BIPs and Ethereum EIPs. The proposal to improve Cardano will be called CIP. The Cardano Foundation has already launched the first CIP, describing the standard procedure for creating futures.
Cardano’s face, for now
Despite his desire to remain on the project for life, Charles Hoskinson does not want to be the face of the network forever. Consistent with a decentralized ethos, he would like to become just a stakeholder in a vibrant community.