Cardano (ADA) is Substantially More Decentralized Than All Cryptocurrencies

Cardano founder Charles Hoskinson believes that decentralizing the project would act as a “wake-up” call for the industry.

In a recent community update, Hoskinson said that ADA is “substantially more decentralized” than all cryptocurrencies on the market.

  • the executive stressed that the Cardano Improvement Proposal (CIP-1694), which is a mechanism for on-chain governance that will underpin the Voltaire phase of the network, will prove to be a game changer in the decentralization debate.
  • The proposal will allow Cardano users to present a governance action that will be ratified by three groups: a Constitutional Committee, a group of delegation representatives (DReps) and interest group operators (SPOs), thus ensuring that the community has the last word in the functioning of the Cardano ecosystem.
  • CIP-1594 is still under discussion and is likely to be published in July of this year.
  • Meanwhile, Hoskinson claimed that the increasingly decentralized Cardano could help the project become part of crypto regulatory frameworks.
  • He said that decentralization metrics could become a crucial part of regulatory standards, adding that regulatory agencies may eventually end up treating a more decentralized crypto project as a protocol or a commodity.
  • Separately, the Cardano network suffered a brief outage due to a “transient anomaly” in January of this year that was fixed within minutes.
  • Most recently, Input Output Global (IOG), the organization behind blockchain development, released a Valentine’s Day update to its Standards for Efficient Cryptography Primitives (SECP) to allow developers to use a broader range of native designs. of multiple signatures to develop security. and profitable DApps.

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