- The Chang hard fork, part of Cardano’s move towards full decentralization, is highlighted as a significant upcoming upgrade.
- Ouroboros Leios aims to improve Cardano’s transaction speed and scalability while maintaining decentralization, addressing the blockchain trilemma.
Charles Hoskinson, founder of Cardano, recently responded to the criticisms facing the Cardano blockchain, emphasizing the strengths of its ecosystem. He pointed out that Cardano is well-equipped in terms of scalability, governance, and innovation, and praised its supportive community.
The Cardano network is looking forward to two significant updates, with particular attention on the Chang hard fork expected later this year. This update, a major development since the Vasil upgrade in 2022, is part of Cardano’s roadmap into the Voltaire phase, which aims to introduce a community-driven governance model.Â
Read more: New Update for Cardano Light Wallet Lace, NuggetRush Crosses $3.75 Million in Presale
This model will allow ADA token holders to participate in decision-making through on-chain voting, pushing the network towards complete decentralization.
Another anticipated development is the implementation of Ouroboros Leios, an advanced version of the proof-of-stake consensus mechanism. This update aims to improve the network’s transaction speed and scalability while maintaining decentralization.
Seeing all the dunking on Cardano makes me smile a bit. We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.
Chang is coming soon as measured by progress on SanchoNet. Ouroboros Leios is… pic.twitter.com/11RTXaDrZU
— Charles Hoskinson (@IOHK_Charles) April 7, 2024
Hoskinson views this step as advancement in addressing the blockchain trilemma, which involves balancing scalability, security, and decentralization.
The conversation around Cardano and its future is often overshadowed by short-term narratives. Hoskinson critiqued the crypto and AI industries’ focus on immediate stories, arguing for the importance of solid foundations and community support for lasting success.Â
Related: Cardano Dominates Developer Activity: Tops Ethereum, Avalanche, Litecoin, and Tron in GitHub Commits
Discussions comparing Cardano to newer blockchains like Solana, Sui, and Toncoin have highlighted concerns about Cardano’s current activity levels and market performance.
Despite these comparisons, proponents of Cardano, like Daniel Friedman of zenGate Global, base their support on strategic and architectural reasons rather than fleeting market dynamics.
Cardano’s market performance has seen a decline since the beginning of 2024, with ADA’s price falling by 10% over the last week and 81% from its peak in September 2021.Â
This downturn reflects the broader market’s volatility and the challenges facing blockchain projects in maintaining value amidst fluctuating market conditions.
The anticipation for Cardano’s upcoming upgrades and the continued support from its community highlight a forward-looking optimism for its potential to overcome current challenges.
Cardano (ADA-USD) presents a mixed perspective with its recent performance and future outlook. As of today, Cardano is trading around $0.606 USD, marking a 2.89% increase.
Over the past six months, ADA has shown a remarkable growth of 143.37%, despite a month-over-month decline of 16.18%.
The year-to-date performance is modest at 2.02%, while the one-year and five-year returns stand at 56.99% and 626.00%, respectively.
