Charles Hoskinson, the founder of Cardano and IOG revealed some plans for its network’s growth in 2022 during a 30-minute Christmas Eve talk on YouTube from his home in Boulder.
It was revealed that an oversight board will be introduced to oversee the production of decentralized products on Cardano's network.
Cardano is a blockchain that was founded in 2015 and launched as an alternative to Ethereum. It relies on network validators for transactions, maintaining the Cardano Network's security while also providing users with faster speeds thanks to their own specialised hardware called slots - these can process up to 2 million+ operations per second! This gives them some serious competition when considering what kind of processing power this needs from stakeholders within our society today.
In 2020, IOG published a paper explaining how they would decentralize block production. This means that since April 2021 Cardano has been operating with near-perfect decentralized functionality!
Recently, the community took control of their network and operated it in a decentralized manner with smart contracts. In September 2018 they launched Cardano’s first ever application-side blockchain called ‘PlutusCore', which enables users to interact directly through Truffle studies within DeFi applications like Tito's Pony Express or SpringRole!
The development of DeFi protocols is one way that blockchain technology can be used more generally - without relying on third parties to provide financial services like lending, borrowing and trading. These smart contracts allow for $260 billion worth over various blockchains as per data from analytics service "DeFi Llama."
Cardano is the first blockchain to be used in an African identity system. “All of that work we’ve done with IOHK will now actually start coming out and having real-world applications,” says Research founder Michael Samson who also believes this could lead us into a future where cryptocurrency isn't just for cybercriminals but rather becomes mainstream due its many benefits including low transaction fees which would make financial systems more efficient than ever before!
Cardano has ambitious plans for the future, and with it comes an array of new features. Cardano Improvement Proposals aim to make their network more user-friendly by adding human readable information about assets issued on this blockchain as well as developing a native web wallet that can interact directly between itself and other decentralized finance protocols such fintechs like Airbnb’s Relay or Uber's Project Ubinos.
The developers behind these proposals hope they will someday be able not just store but also trade value using smart contracts powered by ADA tokens right from within your browser without ever having to download any additional software.
Hoskinson said they are testing out peer-to-peer on the testnet and there’s been some interesting developments.
The idea behind this new framework is to make the network more decentralized, with 11 operators initially serving as test subjects on a semi-public testing phase. A testnet runs alongside "mainnets" allowing developers access before their features go live in real life!
The development team expects that once testing is complete, network validators will be able to communicate directly with each other and process block data instead of relying partly on nodes set up by IOG - a possible aid in creating more decentralized blockchain networks.
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