On Christmas Eve, Cardano (ADA) founder Charles Hoskinson posted a 30-minute Youtube video in which he reviewed some of Cardano’s greatest achievements for 2021. He also shared some of the biggest plans for next year.
Charles Hoskinson reveals Cardano’s plans for 2022
Charles Hoskinson has revealed Cardano’s plans for 2022. In a 30-minute Christmas Eve chat on YouTube, Cardano founder Charles Hoskinson reflected on the current state of the industry and the Cardano network. Some plans for the project for next year were also made. Hoskinson said the following:
“There was a tweet from 2020 where I said, ‘I predict we’ll have thousands of dApps and hundreds of Assests on Cardano by next year.’ I’m wrong both ways.”
According to him, instead of hundreds, more than two million assets have now been issued on the Cardano network. The majority are reportedly NFTs. As for the expansion of decentralized applications (dApps) on the network, however, Hoskinson said, “we have yet to see significant traction there.” He claimed that this was due to the delayed release of the Goguen update. The release introduced smart contracts to the network.
Problem on the network
Cardano introduced smart contract functionality to the mainnet with the Alonzo hard fork on September 12. Minswap, however, immediately faced scaling problems due to a so-called concurrency problem. Minswap is the first decentralized exchange launched on the network.
In simple terms, concurrency refers to the ability for multiple different agents to interact with the same smart contract at the same time. Cardano’s EUTXO-based design has made it difficult for developers to build scalable decentralized applications on the protocol due to this problem.
While Hoskinson has claimed on Twitter that there is reportedly no concurrency issue and that the issue is completely made up, the network has yet to see any meaningful DeFi activity. Several projects have delayed its launch on the mainnet due to the aforementioned concurrency. Despite this, Hoskinson argued that 2021 had been a great year for Cardano in terms of adoption. “We’re looking at two million people” and “thousands of developers” using and building on Cardano, he claimed.
Expand in Africa
Some of Cardano’s plans for next year involve building the institutions that sustain the network and expanding adoption in Africa. The founder of Cardano said:
“What’s going to happen next year is that a formal open-source structure is going to be formed. Kind of like Hyperledger for Linux. We will see that many institutions are connected.”
As for its expansion in Africa, the goal for Cardano is to build all the necessary tools for accessible and compliant peer-to-peer lending on-chain. One of the consequences of this would be a complete bypass of the banking system in Africa, which Hoskinson says is sometimes “hugely predatory and allows some of the worst people alive to stay in power.”
Hoskinson also had some negative things to say about some of the trends and competing projects in the space. On the current state of the industry, he said:
“Decentralization, that’s what we were promised. What did we get? Photos of bricks selling for millions of dollars, buzzword buzzword buzzword, networks that claim to be decentralized. But when they stop working, someone kicks them up and starts them up again.”
Though he didn’t name names, his comment was probably addressed to Solana. This is a smart contract blockchain that has seen multiple network outages in the past year. In September, for example, there was an incident where the network went offline for 18 hours and validators had to reassemble and “reboot” the network to get it up and running again.
According to Hoskinson, this and the billions of dollars lost to hacks, bugs and theft in DeFi were due to a prevailing industry mindset “that it’s better to be first than the best.” Cardano markets itself as the first blockchain protocol based on rigorous peer-reviewed academic research. As a result of this approach, Cardano has often been criticized by industry experts. Cardano would be too slow to release new features.