Charles Hoskinson stated that the blockchain network Cardano is still entirely committed to decentralization in a recent YouTube AMA session.
The tech entrepreneur also said during the AMA that Bitcoin Ordinals is most suited for Cardano since, in his opinion, the blockchain has a far better Ecosystem.
Ordinals uses a system that enables “inscribing” each satoshi with a distinctive label and additional information. Since each inscription is distinct, it is possible to track them in Bitcoin or any other network where they have been inscribed.
Particularly, Ordinals let users directly store many data kinds on the Bitcoin network, such as text, pictures, and coded language.
Similar to non-fungible tokens (NFTs), these inscriptions can be minted as distinct assets without the need for smart contracts. Each inscription may be traded and kept in a regular wallet because they are all distinct.
On the Bitcoin blockchain, there is a predetermined maximum size for each inscription. This suggests that the data is related and that it can fit in the specified size.
Management emphasized in a recent report that the Cardano Improvement Proposal (CIP-1694) will have a significant influence on the decentralization discussion by offering a framework for on-chain governance to support the network’s Voltaire phase.
A new on-chain governance framework for Cardano is described in CIP-1694, and any user is free to propose proposals. The concept was introduced in March 2023, although it is still being developed and talked about. Nevertheless, this suggestion may be implemented in July 2024.
According to Hoskinson, the blockchain would be better able to adhere to government-instituted restrictions regarding cryptocurrencies as a result of their progressive trend towards decentralization.
Cardano’s creator thinks decentralization efforts are essential for creating regulatory norms. Authorities may someday consider cryptocurrency efforts as protocols or commodities, according to his judgment.