Cardano founder Charles Hoskinson Shares Plans for 2022
On 24th December Christmas eve, the founder of Cardano, Charles Hoskinson, announced the future plans and most significant achievements for 2021 for the digital asset on a 30 min youtube post.
Later in the video, he admitted that he was wrong when he said that there would be thousands of decentralized applications on Cardano by the end of this year. He said, "There was a tweet from 2020 where I said, 'I predict by next year we'll have thousands of dApps and hundreds of assets on Cardano,' and I got it wrong in both directions."
According to Hoskinson, instead of thousands, more than two million assets were issued on the Cardano network; most are NFTs. He claimed that this was due to the delayed release of the Goguen update, which introduced smart contracts to the network. However, Hoskinson also said that with the growing development of decentralized applications (dApps) on the network, "we have yet to see significant traction there."
Cardano (ADA) is trading at $1.51 and down 4.84% in the last 24 hours at the time of writing. Cardano is a proof-of-stake blockchain platform that attempts to enable innovators to bring about positive global change. On Sep. 12, Cardano introduced smart contract functionality on the mainnet with the Alonzo hard fork. Nevertheless, Minswap, the first decentralized exchange to launch on the network, faced immediate scaling troubles due to a so-called concurrency issue. In short words, concurrency refers to multiple different agents' ability to interact with the same smart contract simultaneously. Due to this issue, Cardano's EUTXO-based design has made it difficult for developers to build scalable decentralized applications on the protocol.
Charles previously claimed on Twitter that "there is no concurrency issue" and that the problem is "completely made up," the network is yet to see any meaningful DeFi activity. Multiple projects have deferred their launch on the mainnet due to concurrency. Charles reasoned that 2021 had been an excellent year for Cardano in terms of adoption despite this. "We're looking at two million people" and "thousands of developers" using and building on Cardano, he claimed.
Hoskinson spoke about many negative things involving some trends and the competing projects in the space. Speaking about the current state of the industry, he said: "Decentralization, that's what we were promised, and what did we get? Pictures of rocks that sell for million dollars, buzzword buzzword buzzword, networks that purport to be decentralized but when they stop working, somebody kicks them to restart them." Hoskinson accuses hacking, bugs, and theft in DeFi of the loss of billions of dollars due to a prevailing industry mentality.
Next year's plans for Cardano involve building up the institutions that hold up the network and expanding its adoption across Africa. Hoskinson said, "Next year, what's going to happen is that a formal open-source structure is going to be formed, kind of like Hyperledger to Linux, and we're going to see many institutions wired in." The goal is to build necessary tools for accessible and compliant peer-to-peer lending on-chain. which will completely circumvent the banking system in Africa, which Hoskinson argues at times "is tremendously predatory and enables some of the worst people alive to stay in power."