Where Is the Cardano Network Headed in 2023?

The ‘Cardano Roadmap’ lays out fresh features and capabilities that will be added to the network over the following year, allowing Cardano to pursue its evolution. The roadmap is a synopsis of the network’s evolution, broken down into the following five sections: Byron, Shelley, Goguen, Basho, and Voltaire. 

But, where is the network headed more generally. And, lowhat can we expect from these upgrades? Crypto Lists explores more in this piece exploring the smart contract giants.

Introduction: a matter of names

Each era revolves around a group of capabilities that will be rolled out in stages via several code releases. Like its network and native coin, dubbed after Gerolamo Cardano and Ada Lovelace, the Cardano eras (and hard forks) are named after exceptionally brilliant intellectuals, mathematicians, and scientists. The following is a list of the final two stages that the Cardano ecosystem will implement in the following year to enhance the platform.

Basho

Matsuo Bash, a Japanese poet known for his haikus, was recognized with the naming of this stage in his honor. This is the fourth stage of the changes that have been made to the blockchain in order to increase scalability and interoperability. The creators are hoping that the fundamental blockchain efficiency will be improved during this age, making it possible for the system to support applications with a high volume of transactions.

Sidechains which are technically compatible with the Cardano network are an essential aspect of this technology. These will be appropriate for the testing environment and provide the capability to transfer loads from the public network.

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New account types will be developed during the Basho stage, but the UTXO model will continue to be used by the main network. It will be possible to shift across UTXO and other accounts, which will also have a favorable impact on interoperability. In addition to that, it will be beneficial to fresh use cases.

In the grand scheme, the Basho period will usher in Cardano’s emergence as one of the crypto industry’s best high-performance, robust, and versatile platforms. This will allow a network architecture with the flexibility to scale in a safe and sustainable manner and add new features without jeopardizing the dependability at the heart of the network.

Voltaire

The well-known French author and philosopher was the inspiration for the naming of this phase. The remaining components necessary for the Cardano system to evolve into an independent network will be made available during the Cardano era known as Voltaire. The network’s members will be able to exercise control over the direction the network will go in the future by utilizing their stakes and voting rights, which will become possible with the implementation of a voting and treasury structure.

For the Cardano ecosystem to become genuinely decentralized, it will not only need the distributed architecture that was initially implemented during the Shelley era, but it will also demand the capability be maintained and enhanced in a decentralized manner over the course of time. To achieve this goal, the Voltaire era will include the capability for network players to offer Cardano suggestions for improvement that stakeholders may approve on. This will be accomplished by leveraging the mechanism of staking and delegation that is already in place.

Voltaire will also see the inclusion of a treasury framework, which will allow for a portion of all transaction costs to be pooled to provide finances for advancement activities that are carried out following the voting process. This will allow the network’s continued improvements to be financially supported.

Input Output Hong Kong (IOHK) – a partner company that’s part of the wider Cardano ecosystem and responsible for building the network – will no longer manage Cardano once the voting system and a treasury mechanism has been implemented. At that point, Cardano will be fully decentralized. Instead, the future of Cardano will remain in the control of the community, which will have access to whatever they require to develop and advance Cardano from the safe and decentralized foundation laid by IOHK.

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A midnight feast?

In exciting news for believers in the original anonymity-focus of the crypto landscape, the Cardano Network‘s Charles Hoskinson has announced interesting news for the company. They’re set to release a new privacy-centric blockchain called Midnight and an accompanying token called Dust. Raising eyebrows, he stated that the aim is to strive to preserve privacy while giving access to regulators and auditors.

Midnight has evolved privacy-coin technology where everything was anonymous by default. This is a completely new way of writing and running private smart contracts and private computation. So you can have a private DEX (decentralized exchange) or go mine an anonymous data set or these types of things.

Is that possible? Only time will tell.