Charles Hoskinson, the founder of Cardano, recently gave an update on the platform’s future, focusing on governance issues and plans for 2025.
Governance Troubles
Hoskinson discussed the ongoing conflict with the Cardano Foundation, highlighting its problematic governance structure. He explained that the Foundation’s original structure, designed in 2014, wasn’t suitable for a decentralized cryptocurrency. Attempts to restructure it to be more community-driven were thwarted by internal disagreements and regulatory intervention from the Swiss government. He believes the Swiss government now effectively controls the Foundation’s board, which lacks community accountability. His main concern isn’t with specific individuals but with the flawed governance system. He stressed the need for a system where the Foundation’s board is accountable to the Cardano community.
Cardano’s 2025 Roadmap
Hoskinson outlined two key steps for improving Cardano’s governance: ratifying a community-approved constitution and establishing an annual on-chain budget. This would allow for better resource allocation to developers, who are currently underfunded. He expressed concern that the Cardano Foundation might hinder this progress by voting against the budget, potentially impacting the ecosystem’s growth. However, he reassured that IOG’s (Input Output Global) own projects would continue regardless.
Exciting Developments on the Horizon
Despite the governance challenges, Hoskinson remains optimistic about Cardano’s future. He highlighted several significant developments planned for 2025:
- Bitcoin Integration: Cardano will integrate with Bitcoin.
- Lace Wallet Enhancements: Improvements to the Lace wallet are coming.
- Midnight Sidechain Launch: The launch of the Midnight sidechain, focusing on privacy, is expected to be a massive event, potentially reaching over 100 million people.
IOG’s Commitment
IOG plans to further improve Cardano’s core functionality, tools, and integrations with other platforms. They will fund these improvements themselves, without requesting treasury funds.
Current ADA Price
At the time of writing, ADA was trading at $0.79.
