Cardano (ADA) is Substantially More Decentralized Than All Cryptocurrencies

Car­dano founder Charles Hoskin­son believes the project’s decen­tral­iza­tion would act as a “wake-up” call for the industry.

In a recent update to the com­mu­ni­ty, Hoskin­son said ADA is “sub­stan­tial­ly more decen­tral­ized” than all cryp­tocur­ren­cies in the market.

• The exec stressed that the Car­dano Improve­ment Pro­pos­al (CIP-1694) – which is a mech­a­nism for on-chain gov­er­nance that will under­pin the Voltaire phase of the net­work – will prove to be a game-chang­er in the decen­tral­iza­tion debate.
• The pro­pos­al will enable Car­dano users to sub­mit a gov­er­nance action that will be rat­i­fied by three groups – a Con­sti­tu­tion­al Com­mit­tee, a group of del­e­ga­tion rep­re­sen­ta­tives (DReps), and stake pool oper­a­tors (SPOs) – there­by ensur­ing that the com­mu­ni­ty has a final say in the func­tion­ing of the Car­dano ecosystem.
• CIP-1594 is still up for dis­cus­sion and is like­ly to be released in July this year.
• Mean­while, Hoskin­son assert­ed that Car­dano inch­ing clos­er to more and more decen­tral­ized could poten­tial­ly help the project become part of cryp­to reg­u­la­to­ry frameworks.
• He said that decen­tral­iza­tion met­rics might become a cru­cial part of reg­u­la­to­ry stan­dards while adding that reg­u­la­to­ry agen­cies may even­tu­al­ly end up treat­ing a cryp­to project with more decen­tral­iza­tion as a pro­to­col or a commodity.
• Sep­a­rate­ly, the Car­dano net­work suf­fered a brief out­age due to a “tran­sient anom­aly” in Jan­u­ary this year that was fixed with­in minutes.
• More recent­ly, Input Out­put Glob­al (IOG) – the orga­ni­za­tion behind the devel­op­ment of the blockchain – launched a valen­tine upgrade for its Stan­dards for Effi­cient Cryp­tog­ra­phy (SECP) prim­i­tives to allow devs to use a broad­er range of native mul­ti-sig­na­ture designs to devel­op secure and cost-effec­tive DApps.