Futuristic, feature-rich cryptocurrencies like Cardano make the crypto adoption initiative smoother and more worthy. Still, the price of Cardano’s native token, ADA, doesn’t reflect much. At least compared to other “shitcoins”. Maybe the coin needs something like what a few trending altcoins have: mind and followers. Still, Cardano is trying or at least considering revolutionizing its blockchain into an interoperable blockchain. Even compete with its biggest rival – Ethereum.
Here are some aspects / ideas that the CEO of Cardano discussed during the last WADA session.
Surprise AMA 11/21/2021 https://t.co/YH1Dq7ATN8
– Charles Hoskinson (@IOHK_Charles) November 21, 2021
Charles Hoskinson, one of the world’s most recognized personalities, shared his story regarding some integration of Cardano and its ecosystem.
Cardano’s Layer 2 solution was designed alongside blockchain as a preventative solution for potential blockchain scalability issues. First of all, on the accumulations. These execute transactions outside of the Layer 1 blockchain. Like most Layer 2 solutions, stacks increase transaction yields and reduce gas costs. “They are improving year after year. Now I’m saying every system has an idea, ”he added.
“We will have free rollups with Mamba. Thus, when the EVM sidechain arrives, these roll up infrastructures can and will be renewed as a scalability solution for the EVM sidechain. “
The Ethereum Virtual Machine (EVM) side chain along with this development will help Cardano to worsen its DeFi space potential. However, the question remains. Does Cardano need main chain windings? Well, he certainly sees potential here. Moreover, he suspects that
“… Many DEXs will evolve in this particular direction. So it’s something out there, it’s a buy instead of a build because there are already a lot of great solutions out there that bring it to L2 (s). We’ll have them on the Ethereum side first, but it will definitely be fun to wear some of them on the UTXO model.
Cardano aiming for the sky
As stated earlier, the UTXO model brings the best of both worlds; Cardano and Ethereum. Hoskinson reiterated or rather compared the same thing in an old interview to compare its platform to its big rival, ETH.
Moving on, he also touched on the proofs of zero knowledge. These have become an important tool for solving privacy and scalability issues in cryptocurrencies and other applications. For example, Sonic. Likewise, “we’ve seen a lot of progress with plunk and there’s a lot of next gen ZK stuff coming to life,” he said.
StarkWare has made some interesting design choices, as recognized by the CEO of IOHK. “These designs were future-proof from a premonitory point of view, that they use hash-based crypto, so they are post-Quantum. However, not as effective as the classics, Hoskinson added. This is where Cardano’s Catalyst Fund comes in.
“This is a great company for someone who wants to do something on Cardano when the Catalyst funds become available. We will see a whole wave of ZK companies coming in, I think we are one of the best positions for companies in the crypto space to pursue this.
On top of that, Hydra will play a crucial role as well as the fact that Cardano will get immense traction soon. Hydra provides the network with greater efficiency by allowing most transactions to be processed off-chain, using the main-chain ledger as a secure settlement layer.
The Hydra Head protocol is still in the testing phase. Although he didn’t mention a release date – but he’s optimistic about the aforementioned developments. Nonetheless, history shows that some delays could be a possibility. Even for the November fork event, as it stands – it will be clubbed with the February schedule for a “bigger release”.
However, the HODLers community remains positive on this crypto.