Charles Hoskinson, the founder, and CEO of Cardano (a prominent decentralized blockchain platform), has recently shared his views on the platform’s upcoming advancement. The executive also added that the company could reach new heights in its development to secure a significant position among the top crypto project shortly.
Cardano Founder Highlights the Platform’s Vision for Further Development.
The executive expressed this in his recent video. In that video, the crypto veteran spoke on “Cardano Summer.” He asserted that ADA (the local token of the blockchain company) could even surpass the top crypto project like Ethereum, and Bitcoin, as well as the rest of the well-known cryptocurrencies because of a list of proposals and updates that are scheduled to take place in the next weeks.
A considerably important update is the proposal named CIP-1694. The respective proposal focuses on revolutionizing the infrastructure of Cardano about the on-chain governance. It additionally attempts to make the platform a truly decentralized protocol. As per the plans, the aforementioned proposal would be integrated into the next Voltaire update of the network.
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It will also let users submit governance actions. The CEO of Cardano additionally discussed the ongoing endeavors of the company to quantify and measure decentralization with the use of the metrics like Nakamoto and Genie coefficients. The respective metrics would offer comprehensive insights into the network’s decentralization level. Moreover, they could also be implemented by prominent regulatory organizations operating around the world.
With the use of the indicators mentioned above to evaluate decentralization, lawmakers could establish sophisticated regulations. Apart from that, they can also distinguish between crypto assets based on their decentralization. The CEO then talked about the current regulatory chaos. In this respect, he discussed how the platform’s development group is dealing with the respective issue.
He moved on to put stress on the requirement for an additionally optimized and nuanced regulatory agenda. The respective agenda could be substituted via the decentralized metrics’ adoption. The statement is witnessed at a time when the regulatory organizations operating in the United States, especially the Securities and Exchange Commission (SEC), have started a forceful crackdown targeting the crypto industry.
FTX Collapse Triggers Stringent Regulatory Scrutiny Around the World
This hostile approach is being seen after the enormous collapse of the once prominent crypto exchange FTX in the previous year. Up till now during this year, the securities regulator has aimed at several crypto exchange platforms like Gemini and Bitfinex along with the crypto lending platform Genesis.
In addition to this, it has also targeted many individuals who allegedly manipulated crypto assets. These persons include Justin Sun (a prominent crypto entrepreneur) and Do Kwon (the notorious founder of Terraform Labs). More recently, a “Wells Notice’ has also been issued by the SEC to the crypto exchange Coinbase.