In a recent YouTube AMA, Charles Hoskinson announced that Cardano, the blockchain network, remains fully dedicated to decentralization.
Ordinals does better on Cardano
During the AMA, the tech entrepreneur also suggested that Bitcoin Ordinals is a better fit for Cardano since the blockchain has a better ecosystem, he claims.
(embed) https://www.youtube.com/watch?v=_iMYApsyt2U (/embed)
The ordinal system includes a technology that allows each satoshi to be “noted” with a distinctive tag and additional details. Accordingly, each pattern is unique and traceable in Bitcoin or any other network in which they are registered.
Specifically, ordinal values allow users to store various types of data, including text, graphics, and encrypted language, directly on the Bitcoin network.
These tokens can be minted as unique assets, similar to non-fungible tokens (NFTs), without the use of smart contracts. Because they are unique, each pattern can be traded and stored in a regular wallet.
Each pattern must adhere to a certain size limit on the Bitcoin blockchain. This means that the data is interconnected and can fit to an allotted size.
Decentralization and regulations
In a recent report, the CEO emphasized that the Cardano Improvement Proposal (CIP-1694) will significantly influence the decentralization discussion by providing an on-chain governance framework to support the Voltaire phase of the network.
CIP-1694 is a proposal that outlines a new on-chain governance system for Cardano where any user can submit a proposal. The idea was proposed in March 2023, but it is being developed and discussed. However, this proposal could be incorporated in July 2024.
Hoskinson believes that their gradual move towards decentralization will help the blockchain comply with crypto regulations set by the authorities.
The Cardano founder believes that decentralization initiatives are essential to setting regulatory standards. In his assessment, the authorities may eventually view cryptocurrency initiatives as protocols or commodities.
At present, Cardano is scaling the platform on-chain in the Basho stage. In the previous stage, the developers activated the smart contract ability during the Goguen stage.
