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04/08/2024

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Cardano (ADA) About to Explode: Charles Hoskinson Reveals 2 Big Upgrades - Crypto Economy

TL;DR Cardano’s Chang Hard Fork: Slated for Q2, this upgrade aims to enhance decentralization and community governance in the ADA ecosystem, introducing Delegate Representatives and a community ballot for a...

Cardano (ADA) About to Explode: Charles Hoskinson Reveals 2 Big Upgrades - Crypto Economy

TL;DR

  • Cardano’s Chang Hard Fork: Slated for Q2, this upgrade aims to enhance decentralization and community governance in the ADA ecosystem, introducing Delegate Representatives and a community ballot for a Cardano Constitution.
  • Ouroboros Leios: This protocol upgrade is expected to greatly increase transaction throughput and efficiency by optimizing transaction verification and block generation processes.
  • Research-Driven Progress: Hoskinson emphasizes Cardano’s commitment to research and development, with a focus on solving the blockchain trilemma and supporting long-term growth, as ADA’s price sees a recent uptick.

Charles Hoskinson, co-founder of Cardano, announced two significant upgrades that are expected to bolster the Cardano blockchain ecosystem profoundly. Amidst a backdrop of critique, Hoskinson expressed a blend of amusement and conviction, asserting, “We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.”

Cardano (ADA) About to Explode: Charles Hoskinson Reveals 2 Big Upgrades

The first major upgrade, known as the Chang hard fork, is anticipated to take place in the second quarter. This upgrade marks a significant stride toward decentralization and community-driven governance within the ADA ecosystem. Chang’s objective is to establish an on-chain framework for community consensus, thereby paving the way for a more democratic and participatory governance model.

This encompasses the introduction of Delegate Representatives (DReps), the establishment of a Cardano Constitution Convention, and a crucial community ballot on the Cardano Constitution. The second upgrade, Ouroboros Leios, is set to amplify the network’s transaction throughput and processing capacity significantly. 

This protocol upgrade presents a groundbreaking framework for transaction verification and block generation. Ouroboros Leios is poised to significantly improve the network’s scalability and performance by assigning these tasks to specific types of nodes.

Cardano’s Research-Backed Growth: Papers, Protocols, and Progress

Cardano (ADA) About to Explode: Charles Hoskinson Reveals 2 Big Upgrades

Hoskinson underscores the transformative potential of Ouroboros Leios, remarking, “Ouroboros Leios is the biggest step forward towards solving the blockchain trilemma ever.” He further highlighted the growing research efforts within Cardano, marked by the publication of papers and a heightened emphasis on the rapid deployment of new advancements.

The expectation of these enhancements coincides with a period when Cardano is being compared to numerous emerging blockchain initiatives. Nonetheless, Hoskinson remains unyielding, making comparisons with the wider tech industry’s evolutionary hurdles and emphasizing the fundamental strength and community unity that form the basis of Cardano’s philosophy. At the time of writing, Cardano’s ADA token is trading at $0.6086, up nearly 3% in the last 24 hours.

In essence, Charles Hoskinson’s recent remarks serve as a rallying cry, reminding both critics and supporters that Cardano is committed to long-term, research-backed growth. He questions the industry’s inclination towards being swept up in immediate stories and excitement, underlining the significance of consistent progress and community backing for lasting achievement.

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