Charles Hoskinson Outlines Future of Cardano Network

  • Charles Hoskinson addresses concerns about the expansion of the Cardano ecosystem. 
  • The founder of Cardano and IOG spoke about IOG’s involvement in developing the Midnight blockchain. 
  • Hoskinson said new developments would take Cardano to new heights.

Cardano founder Charles Hoskinson has addressed concerns about the Nami wallet and Midnight blockchain being part of the Cardano ecosystem. In his tweet, Hoskinson outlined how new projects would develop the network’s ecosystem and help push the adoption of the network. The tweet also urged the Cardano community to focus more on development to make the network a leader in the blockchain space. 

As the Cardano network is scaling up, it has faced opposition from its community members. The community had earlier voiced concerns about Input Output Global (IOG), headed by Hoskinson, acquiring Nami Wallet as a centralizing step. The blockchain software company’s introduction of the Midnight Blockchain was also seen as a move to phase away from the Cardano network. 

The popular Nami Wallet will be a part of the IOG product family from November 1, 2023. The Nami Wallet is a popular non-custodial wallet for Cardano-based cryptocurrencies. Meanwhile, the Midnight Blockchain is IOG’s solution to improving data protection in the Cardano network. The blockchain will help create secure smart contracts and dApps in the network. The network expects the addition of the new services will help bring millions into the ecosystem. 

Hoskinson also responded to criticism about the Cardano Improvement Protocol 1694 (CIP 1694). CIP-1694 came under criticism over alleged centralization in the network. The protocol was criticized over doubts that it would create a permanent oligarchy in the network. The protocol enables every Cardano holder to create a governance action in the network. CIP-1694 will give holders a stake in the network and will bring in decentralized decision-making in it. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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