Crypto Mastermind summary:
With its third development phase Goguen, IOHK, the development studio of Cardano, intends to incorporate three essential components into its ecosystem. These include token issuance on the blockchain and the foundations for smart contracts and related pools.
Oracles are to be introduced before the Goguen update. The first of them have already been developed. A separate reward system depending on data quality is also being targeted.
In September, IOHK plans to launch a comprehensive marketing offensive for Cardano. A new marketing manager will lead the campaigns.
The progress in the development of Cardano is continuing. The CEO of Input Output Hong Kong (IOHK), Cardano’s developer company, Charles Hoskinson recently announced the plan for September. An important area will be to improve the performance of Cardano’s infrastructure. Further progress will be made in the development of the third development phase „Goguen“ and staking opportunities. In addition, IOHK intends to integrate Oracles before development stage three and thus enter into direct competition with crypto-providers like Chainlink.
New Cardano features due to upcoming ‚Goguen‘ update
With the already released Node 1.19 and Daedalus 2.2, significant performance improvements have already been achieved. The main focus in September is on the Daedalus Wallet. New functions will be implemented. Furthermore the integration of the QR-code center Yubikeys and shielded paper wallets is planned.
One of the most important areas is the third development phase „Goguen“. This is intended to add three important components to the Cardano ecosystem. Firstly, a separate native asset standard is to be used, which will enable the output of tokens on the Cardano blockchain. Second, Goguen will lay the foundation for the Plutus smart contract platform and implement an extended UTXO model. This will enable the processing of smart contracts on the Cardano blockchain. As a third component Hoskinson mentions the Plutus Application Framework, an ecosystem for the smart contracts:
„And that means that Smart Contracts can now be executed, that go beyond simple things and are actually fully programmable. But this is something like the low-level stuff. So you can write Smart Contracts, but many of the included libraries are not included in this foundation, mainly because it is a whole ecosystem. And this ecosystem game is called Plutus Application Framework.“
Competitive oracles on the Cardano blockchain
Even before the Goguen update IOHK wants to introduce oracles. Oracles enable real-world data to be made capable of blockchain processing and internal blockchain data to be transferred to the outside world. The first oracles will be developed by the companies EMURGO and Ergo, which are subordinated to the Cardano-network. They integrate exchange rate data for various currency pairs of the companies. For a later point in time the installation of smart contracts is planned.
A special feature is the introduction of own oracle-pools. These are supposed to distribute rewards for the support of the ecosystem and „punish“ less profitable participation in the system. According to Ergo developer Alexander Chepurnoy, the large DeFi projects will financially support the oracle-pools that they find particularly useful.
Staking is also made possible by the new model. Whoever provides higher data quality should receive higher stakes, while stakes from providers with lower quality will be reduced. In contrast to Chainlink, Cardano also does not want to limit itself to a single cryptocurrency of its own.
Before the use of Oracles with the Goguen-update by the smart contracts gains priority, there is still enough time for testing.
Cardano is going into the offensive
Hoskinson sees Cardano as extremely competitive due to the Goguen update, especially in the DeFi sector:
„Once you have these three things, we are extremely competitive for DeFi. There will be a lot of cool things that will make Cardano the desired platform for a nice DeFi portfolio.“
IOHK is already negotiating with partners to develop useful applications such as stablecoins, oracles and decentralized exchanges. A strategy for the realization of the Goguen components is also already being worked on.
The special focus for Cardano in September lies on marketing. A new marketing manager has been hired to manage the campaigns from September on. According to Hoskinson, September will be the first month with a full marketing initiative:
„Marketing comes and it comes with full force. September will be the first month, that we start to scale up, and we’ll really see the impact in October, November and beyond.“
Based on the results, you would probably make adjustments in October and November. Cardano intends to go on the offensive and actively implement and promote the next step of its long-term plan.