Now that Cardano has integrated smart contracts, the network is preparing to launch 20-30 new decentralized projects in the coming months.
Charles Hoskinson, former Ethereum developer and Cardano leader, briefed the community on the network’s growth and development plans blockchain for next year. During a YouTube broadcast, Hoskinson explained several of the developers’ primary goals to further expand the use and adoption of Cardano globally. Currently, this blockchain and cryptomoney ranks as the sixth largest in the industry, with a market capitalization above the $ 42.6 billion.
During the broadcast, Hoskinson spoke about the importance of ensuring the technological development of Cardano, revealing that one of the main goals for the network in 2022 will be the decentralization. The Cardano leader noted that this year, crypto industry hacks on DeFi resulted in losses of more than $ 10 billion. Hence the importance of optimizing the decentralization of the network.
Cardano began its development in 2015, as the first scientific blockchain in the industry. It is a third generation blockchain designed to cope with the accelerated growth and adoption of blockchain technology. Since its inception, the development of Cardano has been in the hands of the IOHK company, transferring part of the governance to the community in April of this year.
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Decentralized structure and P2P at Cardano
By 2022, Cardano developers will introduce several enhancements focused on decentralization. First, a formal open source project structure will be created, which will facilitate the construction and development of new decentralized projects, enhancing the attractiveness of the blockchain at the institutional level. Cardano will also expand its new peer-to-peer (P2P) testing framework with 11 node operators, to simplify communications and improve utility, efficiency and decentralization of the chain. Although this test framework was launched at the beginning of this month, currently only a small group of operators make use of it, in order to test its capacity and functionalities.
“Automating the peer selection process brings us closer to a fully decentralized network and simplifies the process of running a relay or a block production node”, informed the IOHK company when announcing the new peer-to-peer test network.
New CIPS in 2022
Hoskinson also spoke about the creation of new Cardano improvement proposals (CIPS), which will introduce functionalities to the network to increase the efficiency of transactions, as well as the security of its infrastructure and smart contracts, among others. These proposals include a native wallet for decentralized applications and a protocol that provides human-readable information.
Cardano’s improvement proposals are governed by the community itself; an important point that helps the chain move more quickly towards its complete decentralization.
Expansion in African communities
Another goal that Hoskinson revealed in the Cardano roadmap is expansion into African communities. Hoskinson explained that Africa has always been in Cardano’s future development and expansion plans, so in 2022 the communities of this continent will be a vital part of the development of the network. Cardano will build a financial operating system that facilitates access to decentralized services to the entire African community, providing new opportunities for value and growth. Through this new financial system, Cardano wants to promote balance and equality, empowering all communities equally.
Hoskinson has already done previous work in various communities in Africa, reaching agreements in Tanzania and Ethiopia to facilitate access to blockchain products, such as decentralized digital identity and DeFi.
Alonzo and smart contracts
Although the development of Cardano has been quite slow for some, in September of this year the developers of the network released the Alonzo update, which introduced the functionality of smart contracts to the blockchain. Alonzo’s arrival marked an important milestone for Cardano, which opened its doors to the potential of decentralized finance.
Decentralized projects like MinswapDEX, SundaeSwap, MLabs10, OptimFi, LiqwidFinance and more are already implemented or built on Cardano. Those responsible for these protocols and DeFi projects announced the creation of the Cardano DeFi Alliance (CDA), to encourage the development of DeFi on this network.
Basho and Voltaire, the next ages
The age Goguen, where smart contracts would be implemented in Cardano, ended with the successful activation of Alonzo. Now the developers will focus their efforts on the next eras of the network: Basho and Voltaire.
In BashoIn an era of scalability and optimization, Cardano will grow as a highly scalable and interoperable network with other chains. In the era Voltaire, the network will focus on governance, providing tools and functionalities so that network participants can use their participation and voting rights to influence the future development of the blockchain. Upon completion of these networks, Cardano will become an optimal space for the deployment of applications with a high volume of transactions and a self-sufficient ecosystem, managed in a decentralized way and entirely by its community.
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Decentralization, one of Cardano’s biggest goals for 2022