Cardano is one of the fast growing projects in the cryptocurrency space. Because of its great potential, it has gotten a lot of attention. This article will analyze what’s next with the Cardano project.
The Cardano roadmap is divided into five stages. In contrast to other blockchains, the methodology used here is more modular. Furthermore, each of the five stages is divided into “eras.” Moreover, Cardano has staff working on each era at the same time. They can seem like a development track rather than a fixed deadline this way. The eras are as follows:
- Era of Byron
The team developed Cardano’s basic architecture during this time period. It also includes the implementation of the Cardano protocol’s functionality.
- Era of Shelley
During this era, Cardano achieved more decentralization. There was also the launch and implementation of incentives and delegation systems.
- The Goguen Era
Cardano got smart contracts as a result of this era, enabling it to build decentralized apps on its network. This is made possible through Plutus, a language for smart contract development. Furthermore, Cardano saw the implementation of a multicurrency ledger.
In this fourth era, there is a strong focus on growing the network and integrating technologies that help to make it more performant and stable. Nonetheless, it will help in the introduction of Cardano’s sidechains.
This is the final era that will see the network’s decentralization and transferring Cardano’s responsibilities to the community.
We are now in Basho era. Let’s see what is Basho about.
About the Basho Era
Cardano Basho concentrates on improving the Cardano network’s scalability. The developers named this era after Matsuo Bash, an Edo-period Japanese poet famous for his haiku development.
According to Cardano’s roadmap:
“Cardano’s Basho era is a period of optimization, with the network’s scalability and interoperability getting improved.”
Cardano is gradually becoming what the team intended it to be: a one-stop, third-generation blockchain protocol with the best L1.
To achieve scaling, Basho will add sidechains to the Cardano blockchain, allowing these new chains to relieve pressure on the main chain. This is similar to the forthcoming sharding improvement in Ethereum 2.0. Users will also be able to use an account model for transactions, according to Basho. Cardano now only employs UTXO. However, users will be able to switch between models in the Basho era.
What Are the Great Things About Cardano?
Cardano’s scalable and low-cost L1 features:
- novel eUTXO ledger
- fresh new dApps with Plutus
- predictable fees
- the best security both in dApps and in the protocol itself
1. In the next 6-12 months, people will slowly understand Cardano's true and original vision, as well as its power. Our current L1 alone, is not the complete #Cardano Protocol, here is why and where it is headed, a massive thread on everything Cardano: @IOHK_Charles @IOHKMedia pic.twitter.com/asI1XtOpCh
— $nadjritzcalod (@nadjritzcalod) March 11, 2022
More great things that Cardano has accomplished:
- TPS is a meaningless metric in an eUTXO ledger. However, Cardano’s L1 is now easily scaling to 500-1000 TPS, including smart contract interactions and normal txs. Costs are low and predictable, and there are no fees for failed transactions.
- Catalyst is one thing that separates Cardano from other protocols. Catalyst is a decentralized and open funding system/treasury that is used to fund the development of dApps.
- With regulation coming and hacks/scams widespread in crypto, Cardano is also ahead of the game. For every dApp on Cardano, the Catalyst funding method has a built-in DAO. The dApp certification program will provide considerably improved security for all Cardano dApps.
- In terms of additional L2 scaling, the platform is exploring ZKRollups. The foundation layer is extremely user-friendly, with no slashing and a lock-up for staking. Atala Prism is available for on-chain identity.
What Great Things Will Come?
Cardano plans to accomplish the following things in the future:
- Mamba will offer EVM and other features to sidechains. Such as use-case specialized sidechains like Catalyst or other on-chain voting systems. It will ensure transparency and security while being fast and low cost. EVM on sidechains will be similar to Ethereum but faster, cheaper, and more secure.
- ERC-20 Converter is also on the way, allowing consumers to transfer their ERC assets to Cardano. Minotaur will also add proof-of-work and other things in the future. Also, it will establish the platform as a decentralized and distributed ledger with secure consensus mechanisms.
- Microtransactions will also be much more applicable in the real world with isomorphic state channels (Hydra). There are also many independent light wallets that are not backed by venture capital, providing decentralization for all users.
- After development of Voltaire finishes, the community can decide about fee levels, network settings, and a variety of other issues. The platform is unique in his own right, but Voltaire is something else different. Until now, Cardano has used unique concepts to solve well-known problems.
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