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- Charles Hoskinson gives an update on Cardano’s progress, focusing on the upcoming release of Sip 1694, the various critical path items for full system decentralization, and the ongoing efforts in developing Cardano’s sidechain model.
- Cardano’s self-funding and treasury system, commitment to fairness, and ability to adapt to new technologies highlight its potential as a significant platform in the future of finance.
Latest Development and Ongoing Works in Cardano
In the recent conversation, Charles Hoskinson discussed the significant advancements of the Cardano project. The primary attention has been devoted to the development of Sip 1694. This initiative, undergoing vigorous internal and external development, is on the verge of being released for pre-production.
Cardano Update https://t.co/9UFaQyPJ3y
— Charles Hoskinson (@IOHK_Charles) May 25, 2023
Concurrently, several other vital path items are under progress for achieving total system decentralization. These elements include peer-to-peer connectivity, Genesis, and Utxohd. Simultaneously, the Plutus team is diligently working on V3, which will integrate BLS signature support.
Focus on Adaptability and Decentralization
In addition to these, Cardano’s Hydra team continues to enhance their speed, while Mithral prepares the main net for the first version. Discussions are underway to explore opportunities beyond just wallets for Mithral. Parallelly, a concerted effort to assess different curves for recursion and Snarks is happening, which will be crucial for Cardano’s sidechain model.
Hoskinson emphasized Cardano’s commitment to self-sovereignty, decentralization, and the capacity to incorporate new technologies and philosophies via its sidechains. Despite any criticisms and hurdles, he expresses confidence in Cardano’s uniqueness and value, bolstered by its self-funding and treasury system, and its dedication to fairness and equality.
Technological Innovations and Community Development
Node 80 is presently under testing, with Node 81 being developed for an imminent release. The Sip 1694 initiative is the focus of both internal and external work, including 43 community workshops to collate valuable feedback. An upcoming workshop in July in Edinburgh will use this feedback to solidify the design principles and parameters of 1694.
A grant program aimed at building community tooling for 1694 is in the works. Strides are also being made on the Edinburgh Decentralization Index to measure Cardano’s decentralization progress.
Future Directions and Goals
With novel and innovative DAPs and DeFi, Cardano is forging its own path distinct from Ethereum. Work on identity-enabled applications via the Prism framework is ongoing. Sidechains based on the SLCL model allow Cardano to embrace diverse philosophies without affecting progress on the main chain.
The ultimate objective is to empower individuals to take control of their financial and personal affairs. There’s also awareness of the potential misuse of Central Bank Digital Currencies (CBDC), such as arbitrary power to decision-makers. Hence, Cardano aims to ensure a fair and balanced financial system.