Cardano’s IOG Principal Technical Architect, Duncan Coutts, shares his excitement about incoming projects and upgrades for Cardano. He stated in a recent interview, “We have many new technical developments in the pipeline. Some of them are happening sooner than others, but all of them will have big impacts on our community.”

Fascinating insight into Cardano’s upcoming plans with IOG’s Chief Technical Architect…@IOHK_Charles @IOHKMedia @CityAM_Crypto @CityAM #Cardano #ADA #Vasil #Vasilhardfork #Crypto https://t.co/wH1MF5XsSD

— Darren Parkin (@EditorParkin) July 5, 2022

There have been a ton of recent upgrades to the Cardano blockchain and a lot going on with the recent announcements of the Lace light wallet and EVM sidechains and the ongoing Vasil hard fork. However, Coutts touched on three specific areas: Input endorsers, peer-to-peer networking and Vasil hard fork.

Input endorsers

Input endorsers aim to improve block propagation times and refer to one of the 11 ways in which Cardano wants to achieve scaling in 2022. Input endorsers allow for higher transaction rates by allowing transactions to be separated into pre-constructed blocks.

Improvements to Ouroboros, the proof-of-stake consensus protocol for Cardano, might be necessary for the success of input endorsers. The IOG Principal Technical Architect mentions that work is ongoing to release a new version of Ouroboros, which can scale to utilize all the available resources on Cardano’s servers. Also, IOG is developing a new stage of Ouroboros called Leios.

Peer-to-peer networking

Peer-to-peer networking is an additional step toward giving the community control over the network. Cardano is powered by distributed nodes, which are managed by stake pool operators. Up until recently, IOG has been running nodes to aid in establishing node-to-node connectivity, supported by a topology developed by the community. This IOG connectivity structure will be eliminated by peer-to-peer networking, which will instead foster direct communication between peers.

Vasil hard fork

The Basho era of the Cardano roadmap is all about optimizing and scaling Cardano to better serve Defi apps and promote growth and adoption, and the Vasil upgrades are a crucial component.

Yao Qian, a key developer in China’s central bank digital currency (CBDC)  project, called on the Chinese government to increase the development of web3 technology. In an academic article, Qian said strengthening web3 research was important to China’s future internet infrastructure.

Qian had led the People’s Bank of China’s digital currency initiative. He then served as the Director General of the Science and Technology Regulatory Bureau of China’ securities regulator.

In a paper published in the China Journal of Finance, Qian outlined the benefits of web3, calling it a user-centric system that gives online users more autonomy over their identity and data. Qian also laid out five steps through which the government could foster web3 innovation.

After 30 years of development, the Internet is now at an important point in the evolution of Web 2.0 to Web 3.0. Strengthening Web 3.0 forward-looking research and strategic prediction is undoubtedly of great significance to the construction of China’s future internet infrastructure.

-Qian

Qian’s plan for web3 development

Qian said that building high-quality web infrastructure with clear ownership, responsibilities and security is paramount to improving development. He cited limitations in the web2 model with regards to development tools and technical standards.

Good governance, according to Qian, will also promote technological innovation, by providing a safe space for developers and curbing channels for illegal activities- a major concern in China, and a key driver behind its banning of cryptocurrencies last year.

Establishing common standards, and promoting interoperability between networks will open collaboration over the internet, Qian says. He also called on the government to establish clear and fair digital tax rules, along with a legal framework for decentralized autonomous organizations (DAOs).

China’s web3 plans do not involve cryptocurrencies

China, once the crypto capital of the world with regards to mining and startups, had unexpectedly cracked down on the industry in 2021, outright banning most forms of crypto. But the country has not left behind blockchain technology.

It is the first developed economy to launch a CBDC, with its unveiling of the digital yuan earlier this year. The country has designated zones to trial blockchain applications, and is looking at use cases in data sharing and reducing operation costs.

NFTs are also still technically legal in the country, and have attracted investment from tech giants Alibaba and Tencent.

About Author

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
You can reach him at [email protected]