Hoskinson has reiterated IOG’s staunch commitment to onboarding millions of users into the Cardano ecosystem, while simultaneously addressing the concerns expressed by the community regarding centralization.

Read Also: Charles Hoskinson Shares Major Updates on Cardano (ADA) Innovations and Progress

IOG’s Recent Initiatives

Over the past few months, IOG has introduced a series of groundbreaking initiatives. One such initiative is the unveiling of plans to construct a privacy-focused Cardano sidechain named Midnight.

Additionally, IOG has acquired the community wallet, Nami, and has announced its intention to adopt CIP 1694. This proposal aims to distribute more governance power among the project’s community.

While these initiatives have sparked a mixed reception within the Cardano community, Hoskinson wasted no time in fervently defending them on Twitter. He emphasized that IOG is “a builder” and is determined to “bring millions into the ecosystem.”

I seem to notice a lot of this lately. Nami, Midnight, etc etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren't different from any DApp company in Cardano.

We have products and services… https://t.co/4hWArOD0bw

— Charles Hoskinson (@IOHK_Charles) November 1, 2023

Hoskinson Addresses Community Concerns

Responding to the concerns raised by the Cardano community, Hoskinson specifically addressed the apprehensions surrounding the acquisition of the Nami wallet. Some users fear that this move may contribute to an IOG monopoly. Hoskinson clarified that the acquisition was solely intended to “accelerate a great simple user experience.”

Furthermore, Hoskinson tackled the concerns surrounding the Midnight sidechain, which some believe could lead to centralization. He reassured the community that Midnight’s primary objective is to establish Cardano as a trailblazer in data confidentiality, rather than centralize the ecosystem.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Charles Hoskinson: Our Challenge Is For Cardano (ADA) to Become Biggest Crypto

Urging Unity within the Cardano Community

As he concluded his tweet, Hoskinson called upon the Cardano community to unite, emphasizing the need to “stop being drama queens” and instead focus on “building, partnering, and welcoming new positive developments.”

Hoskinson’s staunch defense of IOG and its recent initiatives serves as a clear indication of the project’s long-term approach to building a sustainable and scalable blockchain ecosystem. The acquisition of the Nami wallet and the development of the Midnight sidechain are strategic moves that could potentially attract a substantial influx of users and developers to Cardano.

Furthermore, Hoskinson’s call for unity within the Cardano community carries immense significance. The Cardano community is renowned for its passionate and vocal nature, which, at times, has resulted in internal conflicts. However, if the community can rally behind a common goal, it has the potential to become a formidable force within the blockchain industry.

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A blockchain firm, Coti, in collaboration with Cardano’s core developer Input Output Global (IOG) developed the newly launched stablecoin.

Djed aims to be used on decentralized finance (DeFi) protocols in the Cardano ecosystem as a stable alternative to volatile digital currencies.

Read Also: Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details

Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.

Djed is expected to be integrated into 40 applications within the Cardano ecosystem. It already received support from decentralized exchanges, including MinSwap, Wingriders, and MuesliSwap.

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This partnership with Stanford University represents a logical next step in the work started by IOG, per the announcement.

“We’ve been dedicated to vigorous research since the inception of the business and our work forms the foundations on which Cardano has been built. Working with leading academic institutions like Stanford to set up these blockchain research hubs is key to our vision, Charles Hoskinson noted. 

With the Research Hub, blockchain development can grow even faster, based on the new learnings that will emerge, and the hub will add a new layer of validity to our sector that we haven’t always been afforded,” the CEO of IOG and Cardano (ADA) founder added. 

We’ve partnered with the prestigious @Stanford University to create the ‘Blockchain Research Hub’.

Here’s a thread on what you need to know.

1/n

— Input Output (@InputOutputHK) September 2, 2022

Read Also: Charles Hoskinson Shares New Timeline for the Upcoming Cardano Vasil Upgrade

IOG Supporting Blockchain-Related Research 

The Charles Hoskinson-led IOG team strives to encourage the building of blockchain solutions on the foundation of research. This could aid in preventing the recent bad incidents such as bridge hacks, project collapses, and network outages among others. 

IOG, which was founded by Charles Hoskinson and Jeremy Wood in 2015, is a top blockchain infrastructure research and engineering company that prioritizes peer-reviewed and academic research. Over the years, data showed that over 130 research papers have been published by the IOG team. 

Read Also: 75% of Cardano Nodes Are Upgraded. Remains Two More Indicators before Vasil

The IOG intends to finance the Blockchain Research Hub at Stanford to the tune of $4.5 million till 2025. It is said that the research hub will be led by a steering committee consisting of Stanford and IOG top researchers. 

Per the update, “the hub seeks to tackle fundamental/ foundational questions in the blockchain space, extensively increase the blockchain industry’s collation of scientific knowledge, and promote the importance of research in this nascent space.”

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In a brief video update on the 2nd of September, Hoskinson revealed that the Vasil hardfork combinator event will play out on the 22nd of September 2022. This new update is coming after a number of postponements in the last three months.

Vasil is Coming September 22nd, 2022 https://t.co/SKHf84nFwU

— Charles Hoskinson (@IOHK_Charles) September 2, 2022

In corroboration with Cardano (ADA) founder, IOG also confirmed the date in a series of tweet today.

“VASIL UPGRADE: DATE CONFIRMED. Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the Vasil upgrade on the Cardano mainnet.”

VASIL UPGRADE: DATE CONFIRMED
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. $ADA
1/9

— Input Output (@InputOutputHK) September 2, 2022

IOG continued:

“Vasil is the most significant Cardano upgrade to date, bringing increased network capacity and lower cost transactions. The upgrade will also bring enhancements to Plutus to enable devs to create more powerful and efficient blockchain-based applications.

“We’ve been tracking well against all three metrics we & Cardano Foundationset for launch: 75% mainnet blocks being created by the final Vasil node candidate (1.35.3). Approx. 25 exchanges upgraded (c. 80% of ada liquidity). Top 10 DApps by TVL confirming readiness

“This is a significant undertaking for the whole technical Cardano community. So in the past 24 hours, we’ve polled members of the SPO and Dapp communities and they have given us full confidence they will be #ReadyForVasil on the 22nd.

“The majority of leading exchanges have now started their update process. Based on current trajectory & previous experience, Cardano Foundation has every confidence in them completing their updates & meeting the 80% liquidity metric set.

“Thanks to Cardano’s unique hard fork combinator, we anticipate a seamless technical transition, with no disruption for its users or a break in block production. Users need take no action.

“The Vasil upgrade is a testament not just to the hard work of the core development team, but to the many technical contributions of the wider Cardano Community. Many of the Vasil improvements stem from community-driven Cardano Improvement Proposals (CIPs).

“As some of you may already know this upgrade is named in honor of @VStDabov, a Cardano ambassador & community member who passed away, leaving a remarkable legacy with over 10,000 trees planted in his lifetime.

“Thanks to all members of the Cardano technical community who continue to share this journey. We’ll keep you posted with ongoing updates via our social channels, but in the meantime, follow exchange readiness on this dedicated Vasil page.”

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Cardano Testnet Successfully Hardforked

The Input Output Global (IOG) developers team, the body concerned with the growth and development of the Cardano blockchain, has confirmed the successful Vasil upgrade on the Cardano testnet. The testnet Vasil hard fork was carried out on June 3 as revealed by the IOG team.

Developers building on the Cardano blockchain, crypto exchanges, and Stake Pool Operators (SPOs) are enjoined by the Input Output team to initiate their final testing and integration processes.

According to the IOG team, “Vasil is a complex program of work.” This intricate nature of the Vasil upgrade program implies that projects on Cardano will need sufficient time to check backward compatibility. Similarly, SPOs will need to make some scripting adjustments without having to rush.

Putting all these into consideration, an estimated four weeks has been set out for Stake Pool Operators, developers, and exchanges to initiate the final testing and integration processes before the Vasil hard fork is activated on Cardano Mainnet.

While the testing by exchanges, developers, and SPOs take place, the announcement noted that “the teams at Cardano Foundation and IOG will be working closely with exchanges and DApp/tool developers throughout the process.”

Accordingly, the IOG team will submit a proposal to implement the Vasil upgrade on the Cardano mainnet. This will happen only when there is confirmation that ecosystem partners are comfortable and ready.

Related: Cardano Rolls Out Final Node In Preparation For Mainnet Vasil Upgrade

Why the Vasil Hard fork?

Recall that this upgrade on the Cardano blockchain is named after a longstanding community member, Vasil St Dabov.

The Vasil upgrade, which is said to be the most ambitious program of work undertaken by the IOG team, is aimed at enhancing the performance and capability of Cardano.

Equally, the IOG team said, “Vasil improvements include higher throughput through diffusion pipelining to a better developer experience via much-improved script performance & efficiency (plus lower costs).”

In addition, it is also said that the Vasil upgrade will include Cardano cryptographic primitive improvements such as a tuned Plutus interpreter and a new cost model. In turn, this will enable greater interoperability options for other blockchains, the IOG team revealed.

On the whole, Vasil upgrade on the Cardano mainnet is around the corner although no specific date has been determined. To note, this successful testnet hard fork comes a few days after the IOG team launched Cardano node 1.35.0. This node was said to be the final candidate for the much-awaited Cardano mainnet Vasil hard fork to be implemented.

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The upgrade is aimed at boosting the scalability of the Cardano network and improving its overall user experience.

According to IOG, the firm behind the development of Cardano (ADA), the crypto project will commence the process of upgrading from testnet to the mainnet on the 3rd of July. The report says that the upgrade will take at least four weeks to complete.

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IOG’s announcement read as follows:

“We’re delighted to report that in the last few minutes we have submitted an update proposal to hard fork the Cardano Testnet, and commence the countdown for the Vasil mainnet upgrade.

“With over 75% of testnet blocks being created by the new Vasil node (1.35.0) we now have a good chain density to proceed safely.

Read Also: Cardano Community Predicts “Sunshine and Rainbow” after Vasil Hard Fork Combinator Event

“Thanks to all the Cardano SPOs who continue to support the testnet, and their coordinated effort to ready the network for the Vasil HFC event.

“Once the changes have taken effect after the start of epoch 215 at 20:20 UTC on 3 July, the Cardano testnet will start to enjoy the new Vasil enhancements and capabilities that we’ll soon see on mainnet.

“The Vasil upgrade – named in honor of long standing community member, the late Vasil St Dabov – brings significant performance and capability upgrades to Cardano.

“Vasil improvements include higher throughput through diffusion pipelining to a better developer experience via much improved script performance & efficiency (plus lower costs). It is Cardano’s biggest and best upgrade to date.

“It is also the most complex program of work we’ve undertaken. And the whole community is involved. As shared previously, our prime concern is ensuring we manage this upgrade in a way that is safe and secure.

“The community has requested a minimum period of 4 weeks to allow SPOs, devs & exchanges the time they need to test and upgrade before hard forking the Cardano mainnet. Once everyone is comfortable & ready, we’ll go through the same process to upgrade the mainnet to Vasil.”

Read Also: Charles Hoskinson: Upcoming Vasil Hard Fork Will Bring a Massive Performance Improvement to Cardano

It should be noted that the hard fork was named Vasil to honor Vasil St. Dabov, a Cardano community member and blockchain advocate who died in December 2021. He was paid a tribute by Cardano creator Charles Hoskinson at the time.

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In a tweet posted a couple of hours ago, IOG pointed out that the progress of the upgrade has been positive but with minor bugs, which prevented the testnet from launching as planned.

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The team decided to postpone the upgrade to give room for more testing before starting to countdown to the mainnet, the reported added.

IOG tweeted, “VASIL UPDATE: Progress continues positively with only minor bugs remaining. Today, however, we have agreed to ensure the core dev team and Cardano ecosystem collaborators have more time for testing before commencing the mainnet countdown.”

#VASIL UPDATE: Progress continues positively with only minor bugs remaining. Today, however, we have agreed to ensure the core dev team and #Cardano ecosystem collaborators have more time for testing before commencing the mainnet countdown.

More here: https://t.co/1p5YW4wloe

— Input Output (@InputOutputHK) June 20, 2022

Read Also: Cardano Creator Invited To Discuss Crypto and Blockchain In Front of US Congress Committee on Agriculture

Bugs Found Not Severe

According to the blog post captioned in the update, the IOG engineering team is extremely closer to finalizing the core work, with just seven bugs still outstanding to make the work complete.

It should be noted that none of the outstanding bugs are ranked as severe. So, there is nothing to worry about. The team only needs time to conduct more tests before the Vasil upgrade is released on the testnet.

The blog post reads in part:

“After some consideration, we have agreed NOT to send the hard fork update proposal to the testnet today to allow more time for testing…

“The work on Vasil has been the most complex program of development and integration to date, from several angles. It’s a challenging process that requires not only significant work from core teams, but also close coordination across the ecosystem.”

It’s stated in the report that the final decision to hard-fork the Cardano testnet will be made based on the following three criteria:

• No critical issues outstanding on node (including ledger, CLI, consensus, etc.) or our internal audit function,
• Benchmarking and performance-cost analysis is acceptable, and
• Community (including exchanges and DApp projects) has been properly informed and has had sufficient time to prepare for the hard fork combinator event.

Read Also: Cardano Welcomes Native Content Delivery Network (CDN) for NFTs

New Possible Date for the Cardano Vasil Upgrade

According to the report, IOG and Cardano Foundation expect the testnet launch to occur at the end of June. Afterward, exchanges and SPOs will be given four weeks to carry out any required integration and test.

So, Vasil hard fork on the Cardano mainnet is projected to play out during the last week of July.

The team said, “We recognize that this news will be disappointing to some. However, we are taking an abundance of caution to ensure that we do this deployment correctly.”

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The new development was announced a couple of hours ago via IOG’s official Twitter handle.

Read Also: Cardano Creator: Terra (LUNA) Collapse Has Prompted a Change in Cardano’s Vasil Upgrade

IOG tweeted, “We’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.) Build your Solidity-based applications on Cardano – a decentralized, permissionless, sustainable blockchain. The future is interoperable.”

We’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.)

Build your Solidity-based applications on #Cardano – a decentralized, permissionless, sustainable blockchain.

The future is interoperable. pic.twitter.com/sCK9XIuFll

— Input Output (@InputOutputHK) June 12, 2022

It can be recalled that IOG published a blog post on the 28th of April 2022, titled, “Interoperability is key to blockchain growth”, in which about five Cardano sidechains were discussed.

The blog post, which describes the newly released alpha version of permissionless Ethereum Virtual Machine (EVM) sidechain, reads in part as follows:

“IOG is planning to release a new permissionless EVM sidechain this year. This sidechain will allow developers to write Solidity smart contracts on Cardano, create EVM compatible DApps, and ERC20-compatible tokens (and in time, their own sidechains) while gaining many of the benefits of Cardano. That means users will benefit from far lower fees and faster settlement times on a more environmentally sustainable blockchain.

“The key features of the EVM sidechain will be full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, the use of the proof-of-stake Ouroboros Byzantine Fault Tolerance consensus protocol, and, of course, its ability to inherit security from the Cardano main chain.”

Read Also: Hoskinson to Critics: Cardano Developers Write Code Carefully To Protect Investments worth Billions of Dollars

Also on the 11th of June, IOG shared a tweet and captioned the video that explained how Solidity developers could “apply for access to the EVM sidechain alpha release.”

Captioning the video, IOG wrote, “We believe in an interoperable future built on multiple blockchains. That’s why we’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! We welcome the Ethereum community of users & devs to freely engage with the best of what Cardano has to offer.”

We believe in an interoperable future built on multiple blockchains.

That’s why we’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha!

We welcome the #Ethereum community of users & devs to freely engage with the best of what #Cardano has to offer. pic.twitter.com/L56ArPZ4bA

— Input Output (@InputOutputHK) June 11, 2022

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In a tweet a few hours ago, IOG informed the Cardano community members that 8KB will be added to the current 80KB to make the mainnet block size 88KB after the implementation slated to play out today 25th April at 20:20:00 UTC.

Read Also: Cloud Computing Platform iagon Officially Announces Migration to Cardano from Ethereum Network

According to the report, the block size increment is targeted at boosting the speed of transactions and the performance of decentralized applications (DApps) on the Cardano network.

IOG tweeted, “Before the weekend, an update proposal was made to increase #Cardano mainnet block size by 8K. This change will take effect later today at the boundary of epoch 335, Monday 25th April @ UTC 20:20:00. The current block size is 80KB, and after this change, it will be 88KB.”

Before the weekend, an update proposal was made to increase #Cardano mainnet block size by 8K. This change will take effect later today at the boundary of epoch 335, Monday 25th April @ UTC 20:20:00. The current block size is 80KB, and after this change, it will be 88KB 1/5

— Input Output (@InputOutputHK) April 25, 2022

In the same thread of tweets, IOG wrote:

“This 10% increase represents a significant network enhancement which will help continue to increase throughput and DApp performance. It is the latest in a series of planned network optimizations we’re making to continue scaling Cardano throughout 2022.

Read Also: Charles Hoskinson: Upcoming Vasil Hard Fork Will Bring a Massive Performance Improvement to Cardano

“Once deployed, we shall monitor network performance and behaviour closely over at least one epoch (5 days) to determine the next increment. Cardano has seen phenomenal growth in recent months, with performance improvements to match.

“With a huge recent rise in transaction volume – and significant further growth expected – we’ll be continuing to very carefully monitor and steadily optimize the Cardano network as we grow.

“Cardano is one of the most decentralized blockchains in the world, built for correctness and security. As the ecosystem grows, we’re focused on delivering the scaling phase of our roadmap; improving speed and network capacity while maintaining security and decentralization.”

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In the latest weekly status update shared by Input Output Global (IOG), the details of the activities carried out by development teams over the week were highlighted.

Working on Cardano decentralization, the report says the Hydra team held a planning session and updated the Hydra development roadmap.

Read Also: IOG Stresses Necessity of Hydra in the Quest to Boost Cardano (ADA) Scalability

Addition of Token Burning Capability

The part of the status update for this week, which caught the most attention comes from the Cardano team for Adrestia. According to the report, the team has been working on a new transaction workflow, which will activate token minting and burning functionalities on the blockchain.

The status update reads as follows:

This week, the team continued working on finalizing a new transaction workflow to add token minting and burning capabilities. Work is ongoing in regards to cardano-js-sdk MVP, DB layer redesign, and a ‘light’ mode addition to cardano-wallet.

Likewise, the update says “the team inspected the options of token minting and burning within a Hydra Head along with scenarios of using tokens instead of datums.”

Every Friday, we publish our weekly #Cardano development update. So for the lowdown on what IOG's dev team has been working on last week, head on over and take a lookhttps://t.co/Ue2LF0t9y7 pic.twitter.com/7k4UmkGXex

— Input Output (@InputOutputHK) March 18, 2022

Read Also: Massive Inflows into Cardano Just Getting Started –Charles Hoskinson

Hydra Now Running on the Public Testnet

Charles Hoskinson, the creator of Cardano (ADA), who shared the news of the launch of Hydra on the Cardano public testnet, described the product as one of the fastest and best pieces of applied research in the Cardano ecosystem.

In the screenshot captioned by Hoskinson in a tweet, the Cardano development team announced the launch of Hydra public testnet.

Sebastian Nagel wrote:

“Today, almost one year after we read the Hydra whitepaper [for the] first time back-to-back, we opened the first Hydra Heads on the Public Cardano testnet. This should be the first, which saw the full init, commit, close, & fanout lifecycle. This is a great accomplishment and it’s a pleasure to work with you @Arnaud and @KtorZ.

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