• Cardano founder Charles Hoskinson claims that ADA is more decentralized than any other cryptocurrency.
• The Cardano Improvement Proposal (CIP-1694) will provide a framework for on-chain governance.
• CIP-1594 is anticipated to be released in July, and could help the project meet crypto regulatory requirements.
Cardano Founder Claims ADA More Decentralized Than Other Crypto
Charles Hoskinson, the founder of Cardano, thinks the decentralization of the project will serve as a “wake-up call” for the sector. He recently shared an update with the community, claiming that ADA is “substantially more decentralized” than any other cryptocurrency.
The Cardano Improvement Proposal
The Cardano Improvement Proposal (CIP-1694) would provide a framework for on-chain governance that will underlie the Voltaire phase of the network. It would allow users to submit a governance action that must be approved by a Constitutional Committee, which consists of delegation representatives (DReps) and stake pool operators (SPOs). The final release of CIP-1594 is anticipated for July this year.
Decentralization and Regulatory Requirements
Hoskinson believes that Cardano’s gradual move towards decentralization may help it meet crypto regulatory requirements. He speculated that measures of decentralization will one day play a central role in setting regulatory norms and authorities might see projects with more decentralization as protocols or commodities instead of just currencies.
Efficient Cryptography Primitives
Recently, Input Output Global (IOG), released an update to its Standards for Efficient Cryptography (SECP) primitives which enabled developers to employ native multi-signature designs in creating secure, low-cost DApps on the blockchain network.
In January 2021 there was a short outage due to a “transient anomaly” which was quickly resolved.