The chief executive officer of the Cardano Foundation, Frederik Greggard, has revealed the benefits that await the Cardano ecosystem with the new Cardano Improvement Proposal (CIP).
According to Greggard, the new process will help the Cardano network attain its open-source drive and enhance the ecosystem. The CIP is another milestone in the Cardano networks’ effort to achieve its open-source goals. Greg Gard stated:
“The CIP is a medium for the Cardano community to initiate new features and gather members’ opinions on the way forward.” With the need for transparency, CIPs require all participants to simplify the processes for every project.
“With the introduction of CIP-9999, the aim is to assess and capture network issues with no known solutions.” As a result, this will make it easier for the community and the development team to classify and search for solutions.
“The new changes to the CIP process will further empower the Cardano community.” The foundation will work to make it possible for the members to make the changes they want for the Cardano network.”
The Cardano Foundation is the body that oversees and manages the expansion of the Cardano network. It is an independent non-profit organization based in Switzerland that holds the custody of the Cardano brand logo and other intellectual property (IP) rights.
Furthermore, the foundation works closely; with IOG and EMURGO to ensure that the network is adequately managed and developed. The Cardano Foundation also handles all network regulatory and policy aspects by liaising with regulatory agencies to shape blockchain guidelines.
In another development, during Halloween 2022, the foundation released the performance metric, which shows positive signs for the network.
Cardano Founder Speaks On Network’s Prospect
The founder of the Cardano blockchain and co-founder of Ethereum, Charles Hoskinson, is bullish about the network’s future growth. Hoskinson, also the CEO of IO Global, formerly IOHK, noted that in the long term, the protocol will evolve to become the “king of blockchains.”
Hoskinson stated in a video on October 25 that Cardano will not just be a blockchain but the “leading protocol” in the industry.
The developer stated that:
“Talking about sidechains, there will be dozens of them as the blockchain sector keeps evolving.” In the future, hundreds of sidechains will be tuned to a single protocol and run optimally. “All sidechains are potential blockchains and blockchain parts.”
Cardano has proven its ability to compete by initiating dozens of updates to keep tabs on the rapid changes in the blockchain sector. After much delay, the platform launched the Vasil Hard Fork upgrade in September.
Moreover, the upgrade’s release signals Cardano’s intent to improve its scalability and enhance the network’s smart contract features. The launch ended the long wait of the Cardano community and will usher in a new wave of developmental strides.
Cardano still has some projects that it intends to unveil in the coming years following the success of the Vasil Hard Fork.
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