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In a recent AMA session on YouTube, Charles Hoskinson stated that Cardano, a blockchain network, remains fully committed to decentralization.
Ordinals work better on Cardano
During the AMA, the tech entrepreneur also pointed out that Bitcoin Ordinals is best suited for Cardano as he believes the blockchain has a better ecosystem.
Ordinals is a technology that allows each satoshi to be “labeled” with a unique designation and additional details. Accordingly, each inscription is unique and can be traced back to Bitcoin or any other network it was inscribed on.
Specifically, ordinals allow users to store various types of data, including text, graphics, and coded language, directly on the Bitcoin network.
These inscriptions can be minted as unique assets, similar to non-fungible tokens (NFTs), without the use of smart contracts. Because they are unique, each inscription can be traded and kept in a common wallet.
Each inscription must conform to a specific size limit on the Bitcoin blockchain. This means that the data is connected and fits within the allocated size.
decentralization and regulation
In a recent report, the executive stressed that the Cardano Improvement Proposal (CIP-1694) would have a significant impact on the decentralization debate by providing a framework for on-chain governance in support of the Voltaire phase of the network.
CIP-1694 is a proposal describing a new on-chain governance system in Cardano where any user can submit a proposal. The idea was presented in March 2023 but is still under development and discussion. However, this proposal could be integrated in July 2024.
Hoskinson believes their gradual move toward decentralization will help blockchain comply with crypto regulations set by authorities.
The Cardano founder believes that decentralization initiatives are crucial for establishing regulatory standards. In his estimation, authorities could ultimately view cryptocurrency initiatives as protocols or commodities.
Cardano is currently working on scaling the platform in the basho phase on the chain. In the previous phase, developers enabled the smart contract feature during the Goguen phase.
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