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Cardano Charles Hoskinson

Cardano Founder Announces Key Updates At Rare Evo 2024

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

During a keynote at Rare Evo 2024, Cardano founder Charles Hoskinson revealed a series of significant updates for the Cardano blockchain. Speaking to a diverse audience that included developers, stakeholders, and enthusiasts, Hoskinson outlined Cardano’s next steps in technology development, governance, and global outreach.

Cardano Roadmap For The Coming Months

The centerpiece of Hoskinson’s presentation was the introduction of Plutus V3, the latest iteration of Cardano’s smart contract platform, which is poised to bring enhanced functionality and improved security features. “Plutus V3 is coming in just a matter of weeks. We got Ouroboros Leios, the paper came out years and years and years of chasing how do we beat the blockchain trilemma. Well not only we Beat it, we kicked its ass and we’re working on it. We’re working on it together with Intersect with all of you prototyping in public with the people here. That’s the difference of Cardano,” Hoskinson said.

Related Reading: Cardano Founder Says It’s ‘End Of The Line’, Reveals Next Steps For 2024

Further emphasizing technological strides, Hoskinson delved into Hydra, Cardano’s layer-2 scaling solution designed to increase the network’s transaction throughput exponentially. He provided a detailed explanation of Hydra’s mechanics, particularly its use of the extended UTXO model, which ensures that transactions are processed efficiently and securely. “Hydra is amazing technology. We’re so excited about Hydra, we designed extended UTXO specifically for Hydra. […] This ability to move on and off the chain seamlessly. […] It just works, it’s secure it’s fast,” he noted.

A substantial portion of the keynote was dedicated to the evolution of governance within the Cardano ecosystem. Hoskinson announced the imminent formation of what he described as “the largest DAO in the history of cryptocurrency,” which will manage one of the largest digital treasuries. He detailed the structure of this DAO, which incorporates a tri party system of governance combining a constitutional committee, stake pool operators (SPOs), and elements of liquid democracy.

“This new governance model is a revolutionary step towards fully decentralized and democratic management of a blockchain ecosystem,” Hoskinson said. He emphasized the potential of this system to empower the community and foster a more inclusive decision-making process.

Related Reading: Cardano Founder Surprises With RFK Jr-Donald Trump Endorsement

Highlighting Cardano’s international outreach, Hoskinson recounted recent engagements with governmental and academic institutions in Argentina, which underscored the global interest in blockchain’s potential. “It was so cool we met with the government. We met with the mayor of Buenos Aires, we met with so many other amazing people and they’re incredibly excited to receive us down at the University of Buenos Aires school of law for the Constitutional Convention. We’re going to have delegates from more than 50 countries all around to come and talk about what Cardano should be for the next 10 years,” he shared.

Looking ahead, Hoskinson excited the audience with previews of the upcoming Cardano Summit in October. He announced a unique challenge that would highlight Hydra’s capabilities to manage one million transactions per second (TPS): a live, multiplayer Doom game session running on Hydra, where each frame of the game represents a transaction on the blockchain.

“I got something for you. You get 30,000 concurrent players, 35 frames per second, 35 transactions per second, that’s about a million TPS. […] We’re going to have a death match where people fight each other in Doom. We’ll find a win to make it happen whoever wins gets $100,000 in USDM […] That’s how we get to that 30,000 players. Why? Because we want to showcase the power of this,” Hoskinson revealed.

Hoskinson concluded his keynote by reinforcing his dedication to advancing blockchain technology through rigorous research and community-driven innovation. He highlighted the resilience and growing capabilities of the Cardano ecosystem, emphasizing, “Every single day, people in this room, people outside of this room, are united and asking the question, how do we make it simpler, faster, cheaper, easier, better? Why? Because we want crypto to take over the world.”

At press time, ADA traded at $0.3734.

Cardano price
Cardano rejected at the 0.236 Fib, 1-day chart | Source: ADAUSDT on TradingView.com
Featured image created from YouTube, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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