In a recent interview with InsideW3B host Marco Monty Montemagno, Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”), promises that Cardano ($ADA) will have the same type of performance” as Solana by the end of this year.
Top Priorities Of The Cardano Project
When asked about three top priorities, Hoskinson says that the Cardano project team is working on commercial comparability, sustainability, and self-determination.
For commercial comparability, it is striving to ensure “correctness and scientific excellence” from the project onset by developing all of the phenomenal protocols…
In 2022, the updates will significantly improve the system’s expressiveness and scalability, and users will witness “the same type of performance” as in systems like Solana.
In terms of sustainability, Hoskinson says that as the network operates, it will be more efficient, scalable, grow at an organic pace and have the same cost centre and standard of performance that users need as in Mithril.
Mithril is a new blockchain that can work with the main Cardano chain, a powerful and lightweight protocol with “a stake-based threshold signature scheme” used to deal with chain sync, trust issues, and state bootstrapping in blockchain applications.
The IOG Co-Founder also boasts that self-determination is unique to Cardano and some others like Tezos (XTZ)… Cardano prides itself on “self-funding, self-bootstrapping” as it has an excellent governance layer where users can vote, hold data and govern the system. In addition, Cardano has a treasury system that can print money like any government to fund its development.
Phases Of The Cardano Project So Far
Cardano Roadmap. Source: Cardano.org
Cardano’s first project, called “Byron,” allows users to purchase and sell ADA on the first proof-of-stake network.
Moving from a federated network to one run by the community, the second phase, called “Shelley,” is about growing and developing the network.
The third phase, “Goguen,” involves the smart contract integrations, which, along with the decentralisation achieved in the Shelley phase, led to the development of decentralised applications.
In addition, a significant achievement in the Goguen phase is Plutus, a platform for smart contracts coded in Haskell, a purely functional programming language.
Cardano’s TVL Will Reach New Heights
Hoskinson is optimistic that several new features will be rolled out in June and October, such as Plutus improvements, pipelining and side chains.
Also, in June, it is expected that dApp developers who want to use pipelining in their apps will be able to use the Vasil Hard Fork. Hoskinson promises Cardano’s total value locked (TVL) will reach new heights after the June hard fork.
