In his most recent Cardano (ADA) update, the blockchain company’s founder Charles Hoskinson has informed the public about the network’s progress so far and touted the efforts of its team toward decentralization as a future standard to be used in cryptocurrency sector regulation.
Indeed, Hoskinson stressed the platform’s advancement in the face of criticism, as well as detailing the plans for this year, such as global workshops on Cardano Improvement Proposal CIP-1694, writing “a ton of really great code,” with a special emphasis on decentralization efforts, as he explained in a video shared on May 25.
“My belief is that we’ll actually be substantially more decentralized than all cryptocurrencies on the market, which is one of the primary goals of these types of protocols.”
On Cardano decentralization
Specifically, he argued that “criticism is always going to be there, but in the long run, I think we’re going to win because we are winning together as opposed to a particular company, a particular agenda, or particular person.” In his view:
“There’s no greater example for that than when we have our moment where we get to measure Cardano’s decentralization against the rest of the cryptocurrency space, and I think it’s going to be a wake-up call for all of them.”
In Hoskinson’s words, while Bitcoin (BTC) maximalists and others might dismiss it at first as “academic waste,” the decentralization metrics will probably make their way into regulatory standards, and “when people start saying things like ‘sufficiently decentralized’ and (…) what regulations should apply” to cryptos based on their decentralization level, it will have a significant impact:
“Those who are more decentralized will be treated like commodities and like protocols like TCP, and those who are more centralized are going to be treated unfavorably from that perspective.”
Finally, the Cardano co-founder highlighted the importance of self-sovereignty, as well as “pushing power to the edges and putting you in control of everything (…) as opposed to some of us” as the entire point of the crypto sphere, which has also been the main driver for progress behind the Cardano project.
Meanwhile, the price of Cardano at press time stood at $0.36, recording a slight decline of 0.07% on the day and dropping 3.30% across the previous week, adding up to the 13.78% losses on its monthly chart, as per data retrieved by Finbold on May 26.
Watch the entire video below: