- After achieving D=0, IOG is focusing on decentralizing Cardano’s infrastructure which is slated for Q3.
- The introduction of peer-to-peer will give Cardano an advantage over Bitcoin and Ethereum, according to Charles Hoskinson.
Charles Hoskinson, the inventor of Cardano and CEO of IOG, celebrated Cardano’s entry into a new era of decentralization in a new video on his YouTube channel. With D=0, the Shelley hybrid era is finally passé, as stake pool operators are now responsible for the production of 100% of all blocks.
Hoskinson explained that this accomplishment was achieved through the community and its pioneers, incentivized test participants, merchants and ADA holders. However, he also stated that there is still work to be done in terms of infrastructure to complete the full decentralization of Cardano.
But by all means this was the big one. This means no more training wheels, no more fallbacks. There is no group of people watching, that is. The whole network is completely in the hands of the stake pool operators. And they have proven that they can do a better job than the BFT nodes.
Cardano more decentralized than Ethereum and Bitcoin?
Highlighting again that this is a date of celebration, Hoskinson said that the next big milestone will be the peer-to-peer integration. Therefore, Cardano’s developer has increased resources, simulations, and testing for this component. The target is to finish it in the next quarter of the year.
At that point, the whole infrastructure is decentralized. So there’s no custodial paper, nobody floating. We’re better than Bitcoin in every measurable sense. But there’s still a question and it’s a question about social dynamics.
At this point, Hoskinson noted how “Project Catalyst” town halls have grown from fewer than 50 participants to 20,000 on a regular basis. The town hall for Fund 4 had 233 proposals; Fund 5 is expected to have at least twice as many proposals with millions of dollars at stake. On a previous occasion, IGO’s CEO emphasized that this is the best venture capital fund in the industry. Elaborating on that idea, he stated:
This is more than a Treasury, this is building an expert class. It is building a mechanism for discussion and debate. (…). The end result will be that the CIP process, the Hard Fork Combinator, and the updated protocols will become a matter of public discussion. In a matter that goes beyond a federation of core developers as it is in the Bitcoin world and in the Ethereum world. To a truly decentralized government.
After the “great decentralization of infrastructure” will come the decentralization of governance. In Hoskinson’s view, the Cardano community is best positioned to achieve this accomplishment that “other cryptocurrencies have failed to achieve.” Hoskinson said:
This protocol has become a family (…). I firmly believe that we will continue to grow and that this movement will become the financial operating system of the world. That will allow countries, it will allow the rich and poor to work together to actually create a world that is just.