Today, we are here to bring you an update on some of the latest information on Cardano. Charles Hoskinson, one of Cardano’s founders, recently shared some his vision of where Cardano is headed. In this update, he talked about his trip to Africa and how it was great to get out to meet with some of the people.
He talked about some of the dramatic increases in transactions that we’ve seen. Overall, we’ve seen the traffic grow by over 20 times this year. This is an amazing growth that we see on the Cardano network. And we’re also really starting to see this growth starting to take off.
He then continued to talk about the next phase of the roadmap as part of a full five-year plan. Hoskinson being one of the original founders of Ethereum, we know they’re really working to take this thing to the next level. So we know this has really got a long future in it.
In contrast, Cardano’s track record speaks for itself. First of all, Cardano’s founder, Charles Hoskinson, considers Cardano to be a third-generation blockchain based on technology that uses proof of stake consensus algorithms, therefore making it the best and truly decentralized platform.
Breaking down the blockchain generations that we’ve come through over the years, we have Bitcoin as the first-generation blockchain. Bitcoin is the one that really brought to people’s mind that this might actually be something that could work. Being the first of its kind, it obviously came with a lot of opportunities, and then followed a lot more limitations.
Then, we saw the second-generation blockchain emerge, which was Ethereum. Based off Ethereum, we’ve seen a lot of second generation cryptocurrencies come around but one of its co-founders, Charles Hoskinson, was still frustrated with some of the things he saw on Ethereum.
So he decided to leave Ethereum, took the knowledge he gained, and started building a much more advanced technology, which is what we now know as Cardano. As he started to build Cardano, he really looked forward to the future of this with a third generation with a long roadmap.
Now, Cardano’s popularity stems from having multiple successful launches that subsequently introduce new functionalities with all of its upgrades. In September of 2021, we saw the completion of the Goguen phase with the release of Smart Contracts.
In early March, Cardano successfully implemented the Mary Hark Fork to enable users to be able to create new tokens and carry out multiple asset transactions directly on the Cardano blockchain. Like its native Ada coin, Cardano’s goal is to be the ultimate blockchain ecosystem that aims to provide the perfect evolving platform for decentralized applications worldwide, but offers stiff competition to other similar platforms like Polkadot.
Its remarkable features include the ERC-20 converter. It is an interoperability function that would enable Ethereum-based tokens to run on the Cardano network. This would allow Ethereum users to migrate their tokens to Cardano, and continue using them on Cardano-based decentralized applications.
Now, Ethereum is the biggest decentralized application ecosystem with over 4000 smart contracts depending on it. This weighs heavily on its proof of work system, leading to network congestion and out of control gas fees. So here’s what we talked about Cardano and why it’s better than Ethereum.
Cardano has seen a lot of interest of expanding into Africa. And Charles Hoskinson talked about this in his latest visit. He got to go out and mingle with a lot of these people and really see it in Ethiopia and Tanzania, and some of these other African places where we’re starting to see these third-world countries that had fallen on such hard times with such corrupt currencies and governments. So the ability to come to a decentralized application really could be the future of them as it looks to some of their currency.
So Hoskinson’s really looking towards the future. He said “the 2025 roadmap is more about what future market’s problems and concerns do we need to capture as an ecosystem as we grow from millions to billions.”
We’ll dive deeper into the roadmap in a day or two. But this was just to give you a quick update about some of the things we’ve seen so far. Thank you for sticking with me to the very end. We hope this has been valuable information to your journey to skyrocketing with Ada. You can keep track of our blog or YouTube channel to stay updated about Cardano every day. And as always, make sure to keep your kids protected with CleanRouter and CleanPhone. This lets you have the ultimate parental controls with how your kids use their phone 🙂
If you’d like to learn more about the updates, kindly check out the video below: