As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of ups and downs in this dynamic market. The recent shift in sentiment surrounding Cardano (ADA) has been a bit disheartening, but not surprising given the implementation of the Voltaire governance phase. Charles Hoskinson’s reassurances have eased my concerns, as I too understand that long-standing issues are coming to the forefront with this transition to a more adaptive governance model.
Charles Hoskinson, one of the creators behind Cardano (ADA), recently discussed the current shift in opinions about Cardano in a post on X, dated October 10. According to Hoskinson, this negative chatter doesn’t signify failure but is instead a result of the introduction of the Voltaire governance phase. He explained that previously unresolved matters like delayed milestones, unfunded plans, and partnerships yet to be formed are now becoming more apparent as the ecosystem adjusts to the more flexible governance model provided by Voltaire.
Hoskinson admitted that, up until now, the ecosystem hadn’t been able to adapt quickly enough to meet the changing needs of the community. However, he was optimistic that Voltaire’s governance structure would be effective in addressing these issues. He also mentioned that he himself had a long list of outstanding problems that couldn’t be addressed before this change in governance.
Hoskinson pointed out that working with Cardano Native Assets, particularly for the Midnight project, has highlighted various challenges like liquidity and asset safekeeping to him. Despite this, he intends to keep participating in these aspects. However, he stressed that the upcoming on-chain governance system will also tackle these problems head-on. He suggested that stablecoin support is another domain where the governance framework will be instrumental in fostering growth and safety.
Hoskinson highlighted the unique approach of Cardano’s open governance compared to other cryptocurrency projects. He emphasized that unlike some other projects which might resort to secretive “behind-the-scenes negotiations,” Cardano prioritizes transparency and public decision-making, making it accessible globally across more than 100 countries. Hoskinson underscored that the governance of Cardano’s ecosystem focuses on long-term growth and ethics, rather than quick market manipulation or financial gains, setting it apart in the crypto space.
As a researcher, I’d like to echo Hoskinson’s sentiments that Cardano isn’t faltering but flourishing and expanding instead. He emphasized that our project stays committed to its core mission: creating a genuine cryptocurrency, as opposed to aligning with financial titans such as BlackRock or conforming to the whims of Wall Street. His criticism was aimed at their relentless pursuit of financial profit, which he deemed detrimental to the true spirit of our digital currency endeavor.
It seems that recently, the general feeling about Cardano on Twitter has become more critical. However, this shift doesn’t indicate any trouble with our project; instead, it’s a deliberate outcome orchestrated by Voltaire as part of a process that includes addressing long-standing concerns and unrealized aspects of our roadmap.
— Charles Hoskinson (@IOHK_Charles) October 10, 2024
On October 8th, Mauro Andreoli, an Ambassador for Cardano, used the social media platform X to share that he and Lucas Macchia had successfully created the first contract legally binding on the Cardano blockchain. This contract, adhering to Argentine law, represents a substantial advancement in the integration of blockchain technology within the legal system. Andreoli highlighted that this agreement is enforceable in court, enabling any breaches to be addressed legally, with responsibilities fulfilled using ADA, the native cryptocurrency of Cardano.
Andreoli and Macchia entered into a loan agreement worth 10,000 ADA. They agreed to repay over a period of four months with an interest rate of 10%. The deal was officially recorded using a unique transaction ID, as evidenced in the accompanying legal documents. While Andreoli is happy about this significant step, he emphasized that the specifics of the contract are confidential due to the inclusion of personal details like his identification number, home address, and wallet information.
Andreoli emphasized the significance of this occasion, describing it as a significant achievement for both the Cardano network and blockchain technology in Argentina. He posits that this legally binding smart contract lays the groundwork for increased use of blockchain in legal contracts, setting legal precedents and streamlining future transactions. This breakthrough could possibly foster the broad acceptance of blockchain-supported agreements across multiple sectors.
He additionally explored the adaptability of this system, implying it might be suitable for various contract types, including real estate leases, purchase agreements, and other business deals needing legal backing. The blend of Argentina’s current legal infrastructure with the versatility of blockchain contracts forms a robust base for future expansion and advancement in the sector.
Andreoli emphasized that this achievement isn’t just advantageous for individuals but could also create opportunities for businesses within the Cardano network. He highlighted firms like NMKR, EMURGO, Lago, and PALM Economy, who might leverage this progress to develop robust, legally sound business structures. This would boost trust and credibility in blockchain-based business ventures.
As a researcher in this field, I am excited about the potential of this structure, as it offers numerous benefits that will be accessible to all companies within the Cardano ecosystem, such as nmkr_io, Emurgo_io, IagonOfficial, and Palmeconomy. If these organizations decide to take advantage of this opportunity, they can utilize the legal framework provided for structuring their businesses in a way that best suits their needs, thus leveraging the results to further their own growth and success within our thriving ecosystem.
— Mauro Andreoli || Cardano Ambassador (@MauroAndreoliA) October 8, 2024
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2024-10-11 13:31