Cardano’s Delays and Slow Pace Makes it “Boring”, Says Foundation CEO with Pride
In a recent interview, Frederik Gregaard, the CEO of the Cardano Foundation, said the chain was boring, and that it was no bad thing.
- Cardano is well-known for its peer-review approach to blockchain.
- However, its relatively slow pace has sometimes brought criticism.
- The CEO of the Cardano Foundation doesn’t think it’s a bad thing.
Cardano has built a reputation in the blockchain space for its methodical, academic approach to development. This stands in contrast to many projects emphasizing rapid releases and new features.
At the recent Cardano Summit in Dubai, Cardano Foundation CEO, Frederik Gregaard, embraced this “boring” pace as a point of pride.
Cardano: Not Obsessed With Being First
Gregaard explained in a recent interview with Cointelegraph that Cardano‘s emphasis on peer-reviewed research papers sets it apart. “Cardano is boring. We are boring because we are based on academic peer-reviewed papers, [and] we are sharing that across the globe,” he stated. This provides accountability and error checking before changes go live.
According to Gregaard, some faster-moving blockchains have already adopted core innovations first pioneered by Cardano. However, rather than feel bitter, he feels “incredibly proud” that the network’s thoroughly researched concepts are benefiting the broader ecosystem.
Sharing peer-reviewed blockchain research ultimately helps “humanity at large” by enabling more resilient and adaptable platforms globally.
The Foundation CEO pointed out that Cardano’s approach is especially important as artificial intelligence reliance grows. Computable on-chain data will be critical for advanced AI utilization. While peer review takes time, it establishes a computing foundation for these emerging technologies.
The Upcoming Voltaire Upgrade
Recent major Cardano upgrades like layer-2 scaling solution Hydra and Mithril for multi-signature transactions have boosted network activity after launching.
Cardano is currently gearing up for Voltaire , its fifth and final planned development phase focused on decentralized governance. Once implemented, Voltaire will introduce a voting and treasury system, allowing participants to use their stake and voting rights to influence the network’s development. Following the upgrade, Cardano will no longer be under IOHK’s (Input Output Hong Kong) management.
Voltaire might also bring a degree of regulatory relief. If Cardano becomes a hyper-decentralized blockchain, it will make it much harder for regulators to define ADA as a security. (Securities require a “common enterprise” as per the Howey Test.)
Gregaard noted the community’s aspirations around on-chain governance exceed most other blockchains. Workshops in 2023 will let users “verify, validate, and contribute” to a Cardano constitutional document.
Cardano Will Retain Its Core Identity
While praising Cardano’s strong community, Gregaard acknowledged the network is not immune from tribalism plaguing crypto—where individuals treat their favorite coins and blockchains much like they do their favorite sports teams.
However, in the interview, he emphasized that an engaged user base is essential infrastructure for supporting the blockchain’s continued maturation.
Gregaard believes crypto tribalism will naturally dissipate over time as blockchain’s benefits become more apparent. “What a lot of people don’t realize is that this tribalism is sort of watering out a little bit, as we more and more see the scope and the impact and, more importantly, the importance of what blockchain can bring to the world order and society at large,” he said.
He expects many Nations will utilize Cardano for functions beyond finance including trade and voting. The network’s nonprofit foundation can help ensure Cardano acts in the global public interest as adoption accelerates, he added. Meanwhile, Gregaard is adamant that Cardano will retain its core identity.
