Cardano at the Cusp of Change: Hoskinson Foresees a Bullish Horizon

• Cardano is on its way to becoming a fully decentralized blockchain network with Voltaire, its new governance model, says founder Charles Hoskinson. 
• Under Voltaire, ADA holders will directly determine the future of the ecosystem by engaging in governance decisions as the role of IOG and Hoskinson reduces.

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The era of a fully decentralized Cardano ecosystem is upon us, says Charles Hoskinson. The CEO of Input Output Global (IOG) and the brain behind two of the biggest blockchain networks globally took to Twitter to share his thoughts on the future of Cardano.

In his ‚Midnight Special‘ broadcast on X, he posed:

We want our infrastructure over time to be decentralized, so wouldn’t it be cool if we allowed people to build service layers inside the system?

Midnight Special https://t.co/5SHadKrMcq

— Charles Hoskinson (@IOHK_Charles) November 17, 2023

The service layers would have their own blockchain, tokenomics, transaction logic, network logic and consensus logic, he says. There will also be a bridge which will connect the layers.

The goal is to take as much off-chain and centralized data and „put Cardano at the centre of the decentralized application (dApp).“

Hoskinson underscored the need for interoperability which he touted as the key to success. „Ethereum isn’t going to go away. Bitcoin isn’t going to go away, so you need some sort of mechanism to bridge to other networks,“ he noted.

He further acknowledged that other networks, like Ethereum, are ahead of Cardano in developer numbers. However, those developers are potential Cardano customers, he believes.

By having a service layer that has a lot of hooks for interoperability, it allows you to have a dApp written in Solidity on Ethereum but then call a Midnight service or our decentralized network or decentralized hosting. You must have a strategy for how all these things are going to fit together.

The system will go beyond simple cryptocurrency usage. Hoskinson is targeting government applications, and with the service layers, the government would run a permissioned platform that it can control, but based on the decentralized Cardano infrastructure.

Cardano Decentralization Explodes—Will ADA Surge?

In another Twitter video, Hoskinson talked about the Cardano Ballot and CIP 1694, the proposal to have an on-chain decentralized governance mechanism for Voltaire.

Cardano Ballot and CIP 1694 https://t.co/zV6RGDKLSR

— Charles Hoskinson (@IOHK_Charles) November 16, 2023

„We’re trying to create [with Cardano Ballot]an open-source platform for temperature checks on questions about governance in general,“ he said.

If any committee member has an improvement proposal that they intend to forward, they can use the Cardano ballot to get the community’s feedback before submitting the proposal officially. This includes issues surrounding hard forks, treasury, budgets and „things that are of significance.“

While the developers are hard at work, the price has yet to respond to the updates. ADA trades at $0.3572 at press time, losing 6.6% in the past 24 hours. Despite the dip, the token is up by 44% in the past 30 days to hit its highest level since early May.

While the ADA price remains subdued in line with the wider market, Cardano fans have continued to express their faith in the future of the token.

#Cardano is the greatest blockchain.

Everyone has a voice. It doesn't matter if you're a developer, a pool operator, a community member. Everyone is heard.

When we don't like something, we are loud about. The louder we are, the stronger Cardano will grow.

Keep it up!

— $conrad (@conraddit) November 16, 2023

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