Cardano‘s Charles Hoskinson Laid Out The 2022 Plans For ADA

Cardano’s Charles Hoskinson laid out the plans for 2022 for the project and said the creation of a formal open-source project is in the cards among plenty of other developments so let’s read more in today’s Cardano ADA news.

Cardano’s Charles Hoskinson the founder of IOG and Cardano revealed the plans for the network growth in 2022 in a 30minute Christmas Eve talk on YouTube and noted:

“My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano.”

The Cardano founder said that the structure that oversees the creation of decentralized products on the network will be introduced:

“A formal open-source project structure is going to be formed, kind of like Hyperledger to Linux.”

Cardano was founded in 2015 and launched in 2017 as an alternative to Ethereum and it is a proof of stake blockchain which relies on the network validators to process the ADA transactions but also to maintain the network. It is the sixth biggest crypto with a market cap of $51.18 billion at the time of writing. People complained in the past that Cardano hasn’t met its goal of being totally decentralized and IOG in 2020 published a paper that explained how it will decentralize block production which is a goal that was reached back in April 2021.

The network turned community-governed and in September we saw the public launch of the smart contracts on Cardano that opened up the network’s capability to support DeFi applications. Defi protocols rely on smart contracts rather than third parties to provide financial services like borrowing, trading, and lending. These protocols locked over $260 billion in different blockchains according to the data on Defi LLama. The DeFi applications are absent on Cardano during December but this didn’t deter Hoskinson from visualizing the activity on the network in 2022:

 “A real person in Kenya or somewhere with a blockchain-based identity and credit score, stablecoin on the other side, Cardano is the settlement rail.”

The developers are working on Cardano’s improvement Proposals which is a set of community-governed network enhances which are going to go live in 2022. some of these include human-readable information for the assets issued on Cardano and Hoskinson also said that the testnet rollout will improve the network. The peer-to-peer framework will make the network more decentralized with operators initially serving as test subjects on the semi-public testnet that runs on the same software as the mainnet and allows developers to test out features and apps before they go live.