Cardano update delays linked to ‘boring’ academic approach – CEO

Cardano has come under fire from critics for delays in the planned release of features and network improvements. This slow pace, however, appears to be a badge of honor for Frederic Gregard, CEO of the Cardano Foundation, who says the network is “boring” given the platform's academic approach.

“Cardano is boring. We're boring because we rely on academically peer-reviewed papers; [and] We are sharing globally,” Gregard told Cointelegraph on the sidelines of the recent Cardano Summit in Dubai.

The executive pointed out that parts of the research that Cardano has “performed and implemented over the years” are being used by some of the fastest-moving blockchain platforms, which he is “incredibly proud of”.

“If you take some of the core principles that we've researched and developed, this is good for the Earth… [and] Humanity in general because this makes blockchains more resilient and more adaptable around the world.

Gregard added that the trend is important at a time when the industry is increasingly adopting artificial intelligence (AI), which requires quantifiable data. He added:

“Sorry, I mean we're boring. But we are one of the earliest projects. We're pretty big… we're the one with the most changes on GitHub, and we haven't slowed down in over 2000 days… sometimes boredom is good.

Cardano's recent significant updates, including the launch of Layer-2 scalability solution Hydra in May and the stake-based multi-signature protocol Mithril in July, have led to network improvements. Recently, in the third quarter of 2023, while Cardano's decentralized finance (DeFi) activity remained flat, its total value locked (TVL) increased by 198% year-on-year, according to data from blockchain analytics firm Messari. The network's TVL, which was ranked 34th at the beginning of the year, is now ranked 15th among the networks reviewed.

While Cardano's roadmap, which focuses on decentralization, prepares for the final phase of the Voltaire ecosystem, Gregard said the ecosystem's level of ambition for on-chain governance is “higher than other projects” but they try to take lessons from it. Other networks including MakerDAO. he said:

“It's about capturing the essence of the vision and the mission and the culture of Cardano. I think the conversation about how far you can push on-chain and on-chain is probably more important.”

The executive added that Cardano will continue to hold workshops next year and the community will be able to “verify, confirm and contribute to the constitutional document”.

The details of the workshop, as shown above, are aligned with Cardano Update Proposal 1694 (CIP-1694).

Tribalism in crypto

The Cardano ecosystem is known for having a strong community in the space. However, similar to other projects in the decentralized realm, it has not been spared the controversy surrounding crypto-tribalism – a phenomenon that has torn the industry apart.

Gregard sees it as a strength, as a public, permissionless blockchain requires a large community across all infrastructure, including the value capture layer. They continue to add to this community, claiming to have recorded over 200,000 new unregulated wallets in bear markets.

The executive also points out that the “best work” in the space has happened in the second and third generation of blockchains founded by celebrities, people follow the projects because of the “legacy” behind them.

For example, Ethereum founders Charles Hoskinson and Gavin Wood abandoned second-generation blockchains and started their own platforms, Cardano and Polkadot.

“Some of it is almost emotional and political, but we're not for-profit, so that's what's good about having someone like the Cardano Foundation. We are not led by any founders,” Gregard explained.

“What most people don't realize is that this tribalism is watering down a little bit, as each of us expands and sees more and more the impact and, more importantly, the importance that blockchain can bring to the world order. And including society.

What lies ahead?

According to Gregard, Cardano will continue to follow its current path to becoming a stable network, which includes a series of hard forks and the implementation of CIP-1694.

We will not change the main management principles or management performance unless it is confirmed in the vision. I think you'll see multi-party calculations, ZK-rollups and more.

The executive added that he expects Cardano to be used not only in financial markets, but also in the international trade industry and voting, among other things. It also maintains the maturity of the network's application landscape.

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