Academic Approach
Cardano, a blockchain platform, has faced criticism for the slow rollout of its features and network upgrades. However, the delays are seen as a badge of honor by Cardano Foundation CEO Frederick Gregaard, who describes the network as "boring" due to its academic approach. Gregaard explains that Cardano is based on academic peer-reviewed papers and the research conducted by the platform has been adopted by other fast-moving blockchain platforms. He believes this makes blockchains more resilient and adaptable.
Importance of Computable Data
Gregaard also highlights the importance of Cardano's academic approach in the context of the increasing adoption of artificial intelligence (AI). He argues that the industry needs computable data, and Cardano's research and principles can contribute to this requirement. Despite being labeled as "boring," Cardano is one of the oldest blockchain projects and has a strong track record of reliability and stability.
Recent Updates and Network Growth
Cardano has recently made significant updates to its network, including the launch of the layer-2 scalability solution Hydra and the stake-based multisignature protocol Mithril. These updates have resulted in increased network activity. In the third quarter of 2023, Cardano's total value locked (TVL) increased by 198% year-to-date, according to data from blockchain analytics firm Messari. The network now ranks 15th among all networks reviewed.
Preparing for Decentralized Governance
Cardano is now preparing for the upcoming Voltaire, the final era of its roadmap that focuses on decentralized governance. Gregaard explains that Cardano aims to have higher aspirations for on-chain governance compared to other projects, but also takes learnings from other networks, such as MakerDAO. The platform will hold workshops next year to involve the community in the development of a constitutional document aligned with the Cardano Improvement Proposal 1694 (CIP-1694).
Tribalism in the Crypto Space
Cardano, like other projects in the decentralized realm, has faced controversies surrounding crypto tribalism, which has caused fragmentation in the industry. However, Gregaard sees a large and diverse community as a strength for a public, permissionless blockchain. He notes that Cardano continues to attract new community members, even during bear markets. He also emphasizes that Cardano's nonprofit status allows it to remain impartial and avoid the influence of founders.
The Future of Cardano
Gregaard envisions Cardano becoming a stable network through a series of hard forks and the enactment of CIP-1694. He expects Cardano to be used by nation-states in various sectors, including financial markets, international trade, and voting. He also anticipates the growth of applications built on the Cardano network.
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