Cardano founder Charles Hoskinson has shared an ultra-optimistic vision for the future of the proof-of-stake blockchain platform, claiming that it could soon climb to the top of the cryptocurrencies list.
in a recent videoThe crypto giant talks about a “Cardano summer”, claiming that the blockchain’s native token ADA could surpass bitcoin, ethereum and all other cryptocurrencies thanks to a series of updates and offers in the coming weeks.
One of the most important updates is the CIP-1694 proposal, which aims to revolutionize Cardano’s on-chain governance infrastructure and turn the network into a truly decentralized government.
The proposal is slated to be integrated into upcoming Voltaire updates and will allow any user to submit governance actions.
Hoskinson also talked about Cardano’s ongoing efforts to quantify and measure decentralization using metrics such as the Gini and Nakamoto coefficients.
These metrics will provide valuable insight into Cardano’s level of decentralization and can be adopted by major regulatory bodies around the world.
By using these indicators to measure decentralization, policy-makers can make informed regulations and differentiate between cryptocurrencies as commodities or protocols based on their degree of decentralization.
Hoskinson addresses regulatory uncertainty
The Cardano founder also addressed the ongoing regulatory turmoil, sharing how the development team is tackling the issue.
Hoskinson emphasized the need for a more nuanced and optimized regulatory framework, which could be fostered through the adoption of decentralization metrics such as the Gini and Nakamoto coefficients.
The statement comes as regulatory agencies in the US, most notably the Securities and Exchange Commission, have launched an aggressive crackdown on the crypto industry following the disastrous collapse of cryptocurrency exchange FTX last year.
The agency has taken action against crypto exchanges so far this year bittrex and Gemini, crypto lender Genesis, and several different actors were accused of manipulating crypto assets, including crypto entrepreneurs justin sun and Doo Kwon, founder of the infamous Terraform Labs.
Recently, the SEC also sent a “Wells Notice” to Coinbase, threatening the crypto exchange with legal action regarding some of its listed digital assets, its staking services Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
Furthermore, another issue the SEC is grappling with is whether or not certain cryptocurrencies are securities.
As informed ofDan Gambardello, Cardano advocate and founder of Crypto Capital Ventures, thinks it is unlikely that the SEC will treat ADA as a security.
He gave two reasons for this thesis. Firstly, the ICO for Cardano took place in Japan and was not accessible to US investors. Second, a recent court ruling found that the secondary sale of LBC tokens from LBRY was not considered a security, setting an important precedent for the ADA.