Charles Hoskinson, the Chief Executive Officer of Cardano, published an educational video on Twitter. In the video, he highlighted that he has bigger plans for the blockchain-based Cryptocurrency platform in the current year.
After receiving the Alonzo upgrade, Cardano is all set to handle the capabilities of a smart contract. The platform received this upgrade in 2021, and it will reportedly look to strengthen it further in 2022.
The Road Ahead
The educational video was well-received after Charles Hoskinson highlighted that he plans to take Cardano to the next level. What he stated sounds small, but it might be the best thing for the platform.
Cardano can handle the functioning of a smart contract. It received the much-awaited Alonzo upgrade in the previous year. However, the Chief Executive Officer of the platform does not sound too happy about it.
Charles Hoskinson believes that the platform can do a lot better than what it is doing right now.
He highlighted that better performance was possible depending on just one factor. The extended presence of the UTXO model, short for Unspent Transaction Output, is crucial to achieving the goal.
UTXO is the amount that is left unspent after a user has executed his or her Crypto transaction. The UTXO model is known to distinguish the Crypto transaction from a traditional transaction in a healthy manner.
The model provides more transparency and efficiency to the Crypto market to carry out the transactions. These are some of the few factors that the traditional system is yet to improve.
By implementing the extended UTXO model, also known as the eUTXO model, Cardano intends to eliminate the unnecessary features that have been in place for DeFi and decentralized applications.
He emphasized that the model would be implemented by October. He mentioned two more months that will witness the achievement of respective phases. These are February and June.
Cardano has deployed 100 engineers to look after the scientific part of the project. Once it is done, the coding portion will be handled by 15 external companies.
The plan, or the roadmap, laid out by Charles Hoskinson in his educational video falls in line with the work that his team has done till now. All the major work is in a coding language called Haskell.
Haskell is a coding language that is one of its kind. It enables developers to verify their code mathematically. The coding language is also resistant to human errors and ambiguity. It was specifically chosen by Input-Output Global because of these benefits.
The blockchain-based platform further plans to expand into the markets of South Africa. Cardano aims to be a settlement trail for every person living in the country with a blockchain-based identity.
Cardano currently houses around 3 million users. With such a strong base, the platform may achieve its goal of entering the South African market.
You can know how all this affects Cardano’s market by clicking here.