$ADA: Cardano Foundation CEO on Network's Growth and Stability
Cardano has been subject to criticism for its perceived slow pace in rolling out new features and updates. Frederick Gregaard, the CEO of the Cardano Foundation, recently addressed these concerns, framing the network’s meticulous progress as a virtue during an interview with Cointelegraph at the recent Cardano Summit in Dubai.
According to a report by Hermi de Ramos for Cointelegraph, Gregaard highlighted Cardano’s foundational principle of relying on academic peer-reviewed research, which he believes contributes to the platform’s robustness and reliability. He expressed pride in the fact that other fast-moving blockchain platforms are adopting principles that Cardano has researched and developed. Gregaard sees this as a positive contribution to the blockchain ecosystem, enhancing resilience and adaptability globally, especially as the industry begins to integrate artificial intelligence (AI) which demands computable data.
The CEO remarked on Cardano’s operational consistency, noting that it has not experienced downtime in over 2000 days, a testament to the network’s stability. Recent updates like Hydra and Mithril have led to upticks in network activity. Despite a flat decentralized finance (DeFi) activity profile in Q3 2023, Cardano’s total value locked (TVL) surged by 198% year-to-date, climbing from 34th to 15th in rankings among blockchain networks, as per data from Messari.
Looking ahead, Cardano is preparing for the Voltaire phase of its development, which will focus on decentralized governance. Gregaard emphasized the network’s high aspirations for on-chain governance, drawing insights from other projects like MakerDAO. The foundation plans to conduct workshops to involve the community in the creation of a constitutional document, in line with Cardano Improvement Proposal 1694 (CIP-1694).
Addressing the issue of tribalism within the crypto space, Gregaard acknowledged its presence but also its potential as a strength. He noted the growth of Cardano’s community, with over 200,000 new noncustodial wallets created even during a bear market. He also touched upon the influence of legacy and the emotional and political aspects that drive people towards certain projects, citing the example of Ethereum co-founders who went on to establish Cardano and Polkadot.
Gregaard concluded with insights into Cardano’s future, which includes a series of hard forks and the implementation of CIP-1694 to refine governance principles. He envisions a broad application of Cardano by nation-states in various sectors, including finance, international trade, and voting, and anticipates a maturation in the network’s application landscape.
Back in May 2023, Gregaard articulated the foundation’s vision and the tangible impact of Cardano’s blockchain technology in an interview with The Fintech Times. Gregaard, who has a robust background in the fintech industry, has been instrumental in driving the Foundation’s initiatives, leveraging his experience to democratize access to financial services and promote the advancement of blockchain technology.
Under his leadership, the Foundation has been proactive, hosting significant events like the 2022 Cardano Summit and launching impactful initiatives such as the Second Annual Global Impact Challenge. Gregaard underscored the Cardano community’s enthusiasm, which stands as one of the most active and passionate in the blockchain space.
A key focus for the Foundation is the integration of Environmental, Social, and Governance (ESG) principles. Gregaard highlighted Cardano’s energy-efficient proof-of-stake protocol, Ouroboros, and the Foundation’s collaboration with Veritree, which led to the planting of a million trees, each linked to a digital token. This initiative underscores the Foundation’s commitment to environmental sustainability.
Cardano’s blockchain has been applied in diverse real-world scenarios, including the authentication of Georgian wine’s quality, showcasing the technology’s versatility and scalability. The Foundation’s partnership with UNHCR to launch a charity stake pool is another example of its innovative approach to social impact.
Gregaard addressed the inherent challenges in scaling cryptocurrencies, noting the delicate balance between maintaining decentralization and achieving scalability. The Cardano Foundation’s Annual Report details these endeavors and outlines the Foundation’s strategy for furthering the development of Cardano’s infrastructure.
Concluding the interview, Gregaard expressed his pride in leading an organization that not only strengthens financial and social systems but also empowers individuals to utilize the Cardano protocol for addressing global challenges. His optimism and commitment to the Cardano community highlight a future of continuous innovation and improvement in blockchain technology.
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