• Cardano will surpass Ethereum in 2020 and become the best multi-asset platform, as Charles Hoskinson claims.
  • According to the CEO of IOHK, Cardano will implement a multi-asset standard, a voting system and smart contracts in 2020, as well as achieve interoperability and decentralisation.

In a new video update, Charles Hoskinson, the inventor of Cardano, spoke about the project’s 2020 goals. As the CEO of IOHK noted, in 2015, when Cardano was founded, it was not clear which ideas could be implemented. With the launch of Shelley and the completion of the research efforts, IOHK will now begin to deliver on all promises made in 2015 to publish a scalable Proof of Stake Blockchain that goes beyond Ethereum in functionality:

The original commitment also envisioned that we would create a full node and wallet. […] The Cardano node, the Daedalus wallet and the backend fulfill our commitment to the community across all platforms. Byron Reboot will take us 80% to our final version, and the remaining 20% will be introduced by the end of the year.

Hoskinson also added that implementing Block Explorer was much more complicated than a proof of work blockchain. The voting system, staking pools and transactions had to be integrated. This means that Cardano must be able to check contracts during their term and record the history of staking pools.

Another focus was on interoperability with other cryptocurrencies. At this point, Cardano developed a concept that allows to verify proof of work cryptocurrencies without downloading the entire blockchain. According to Hoskinson, there are currently two network standards to which Cardano will adapt. The first is the Bolt specification and the second is the Inter Ledger standard. By supporting both standards, Cardano will be able to communicate with the „three major cryptocurrencies“.

As Hoskinson stated, a multi-asset standard has also been developed with the extended UTXO model, which should make Cardano the „best-in-class multi-asset platform“:

We believe that it will be easier to offer, maintain and track an asset on Cardano than on Ethereum, as all tokens will be treated in the same way as ADA. At Ethereum, new assets are not treated like Ether, but as a separate class.

Another feature that will set Cardano apart from the competition is the integration of an identity standard by 2020, where Cardano will use an existing standard to „avoid the need for coordination around a single platform“. Cardano will ship Prisma together with Cardano and make the standard available to dApp developers.

Decentralised development of Cardano

Hoskinson also indicated that IOHK is thinking about how to make governance and development more decentralised. IOHK will be responsible for development until the implementation of Voltaire and the governance layer in 2020, which will include a voting system, a discussion platform, and an opportunity to make proposals. The community will then decide.

However, Hoskinson also emphasized via Twitter that he and IOHK will only leave the project if the community wants to:

Voltaire is all about giving the community responsibility for the future direction, which is economically critical, what the roadmap will be and who is allowed to build it. Isn’t that the whole point of the cryptocurrencies? Aren’t we supposed to decentralize and have no one in charge?

We will be offering another 3-5 years at the end of the year with a large scale proposal. We will stay if the community wants us to stay. We will leave when they no longer want us there and decide to go in another direction. That is the whole point of decentralization.