Cardano (ADA) Implying Change on Protocol Transiting from 2020 through 2025July 19, 2020
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On Protocol Changes, Sydney Ifergan, the crypto expert tweeted: “Whether with Cardano (ADA) or any other Network or Protocol change is inevitable. Technological rules cannot be etched on Rock.”
Implying Change on Cardano Protocol from 2020 through 2025
Charles Hoskinson recently published a White Board video on Governance. The Governance Video covered their efforts with Voltaire throughout 2020 and about how the system will evolve to deal with the problems, which the cryptocurrencies suffer from.
Charles expressed that protocols live within a broader environment. And, that environment has all kinds of use and utility. It has all kinds of businesses, standards, and all kinds of stuff floating around. And, as a consequence of that broader environment that the protocols live within, there is a question of who is going to pay to maintain that environment, and how do you evolve that environment.
Imagine when in 1960, somebody stated how does the world financial system going to look like. Let us talk about payments, let us talk about identity, all kinds of different ways in which we can move value. What is the 1960 notion of value? Somebody will have a good definition about Gold, network effects, and You Tube influencers. He made a mention to how things change dramatically over time.
When things change, suddenly the protocols, visions, concepts, definitions have to change with them. They have to evolve and there is a natural question of who gets to decide as these things evolve and who is going to pay to facilitate the evolution.
For example, all of the banking system that we have in the legacy systems that we have and a lot of them are based on COBOL, old JAVA code or C code that is stuff from the 1980s and 1990s and some of them are from the 2000, and it is very brittle to use and expensive to make changes. That is a big problem.
He stated that the cryptocurrency industry is not any different than this as an industry. When we think of a protocol like the Cardano protocol and well that is not and well that is not just Cardano Protocol. You have all kinds of concepts that has been there. You have things like the Network Protocol, the ledger rules, consensus rules and all of these are snapshots of our best estimates of how Cardano should work to service the needs of 2020, but what happens when we look at the needs of 2025.