The Cardano blockchain was severely criticized before and after its smart contract launch due to the lengthy delivery and slow start, but the network is now gathering momentum.
Cardano co-founder Charles Hoskinson guaranteed Solana-like performance by the end of 2022 in a recent interview with InsideW3B host Marco Monty Montemagno.
“This year all these updates are coming that are massively improving the scalability and expressiveness of the system so that you’ll get the same type of performance you’re seeing from systems like Solana and so forth. Or at least in the same orders of magnitude,” he said, referring to the Cardano project’s Basho scaling phase, which was first outlined in the Cardano roadmap presented in early 2022.
Sustainability will be one of Cardano’s top focuses in 2022, with the network becoming more efficient, scalable, and growing at an organic rate.
“That means you need things like Mithril,” Hoskinson said. Mithril is a new blockchain that is interoperable with Cardano’s main chain, a strong and lightweight protocol that “will provide a stake-based threshold signature scheme that can be implemented as the protocol to solve chain synchronization, state bootstrapping, and trust issues in blockchain applications.”
Cardano’s self-determination, according to Hoskinson, is based on a full governance layer and an embedded treasury system. Cardano, like any government, may issue money to fund its development, he claims.
Hoskinson is also looking forward to the forthcoming hard forks in June and October, which will bring a slew of new features, including Plutus (smart contract platform) enhancements, side chains, and pipelining.
Some dApp developers will be able to add pipelining into their applications thanks to the June hard fork, called the Vasil Hard Fork. Following the June hard fork, Hoskinson predicts that the overall value locked in Cardano apps will grow.
Cardano may have taken a beating in the market, but with the efforts being made to develop the blockchain and make it more efficient in transaction processing, the future can only be bright.