Charles Hoskinson is the Founder of Input Output Global (IOG) and the Cardano (ADA) blockchain platform.
The Founder gave the community an update about how the network will make the move to becoming fully decentralized. It will advance towards a different governance structure as it enters the Voltaire era.
Summary
- Charles Hoskinson announced updates surrounding the future of Cardano
- Cardano will go full-blown decentralized
- The Midnight sidechain will play a major role in this development
Hoskinson’s Commentary on Cardano’s Next Moves Are Centered Around Decentralization
As a part of Cardano’s advances into a new era, it will introduce a new decentralization process. Charles Hoskinson announced that this was IOG’s decision, which will result in moving all of the repositories to a community-run project dubbed “intersect.”
According to the Founder, the move will establish partnerchains. These will represent specialized blockchains that will operate alongside the main Cardano network. There’s also Midnight, a privacy-focused sidechain. Midnight will become a major component in the network.
Each of these partnerchains, or service-chains, will have its own tokenomics and consensus logic. This is similar to the functionality seen on competing networks such as Avalanche (AVAX) and its subnet structure.
The Groundbreaking Shift for This Layer-1 Blockchain Ecosystem
Based on the comments on X, formerly Twitter by Conrad, a pool operator on top of the Cardano network, the community and pool operators will inherit the Cardano network. This can lead to higher decentralization, as the inheritance will include the potential to earn from all of the partnerchains by staking the Cardano (ADA) cryptocurrency.
The announcement reached over 192,000 views on X, and Conrad’s commentary reached over 84,100 views, making this one of the most major announcements for the network of 2023 so far.
Conrad highlighted the potential for a bullish outcome out of these updates. There are also risks of pioneering this expansive technology. It’s important to note that these risks are recognized, and that they are essential for groundbreaking success.
Cardano enthusiasts see this move as a major step towards establishing the network’s position within the industry. With the introduction of Midnight and the establishment of future partnerships, the network will become a far more user-centric, robust, and versatile option.
The Future of Cardano and the Role Midnight Will Fill
The Midnight sidechain will offer privacy for smart contracts alongside transactions. As a result, this feature will set it apart from the central Cardano public ledger and even allow users to establish operations confidentially.
As the project evolves and introduces these decentralized features, the community’s engagement and overall contributions will play a far heavier role. Enthusiasts have begun to closely analyze the Cardano future trajectory, as it can potentially redefine how they perceive blockchain governance and functionality and come out on top.
