Charles Hoskinson, the CEO of Input Output Global (IOG), has shared the vision for the future of Cardano (ADA), the top proof of stake (PoS) blockchain platform, claiming that it could soon overtake other top cryptocurrencies.
In a recent video, Hoskinson discussed Cardano Summer, claiming that the digital token ADA has the capability to surpass Bitcoin (BTC), Ethereum (ETH), and other top cryptocurrencies, thanks to a series of updates and proposals ready to be released in the coming weeks.
One of the most notable updates is the CIP-1694 proposal, which aims to revolutionize Cardano’s on-chain governance infrastructure and make the network truly decentralized.
The proposal is set to be integrated into the upcoming Voltaire update and will allow any user to submit a governance action.
Hoskinson also talked about Cardano’s ongoing effort to measure and quantify decentralization using metrics such as the Genie and Nakamoto coefficients.
These metrics would provide valuable insights into Cardano’s level of decentralization and could be adopted by major regulatory bodies worldwide.
By using these indicators to assess decentralization, policy-makers could formulate informed regulations and differentiate between cryptocurrencies as either commodities or protocols based on their decentralization.
The Cardano creator also addressed the ongoing regulatory disorder and shared how the development team is tackling the issue.
Hoskinson stressed the need for a more appealing regulatory framework, which could be fostered through the adoption of decentralization metrics like the Genie and Nakamoto coefficients.