Charles Hoskinson Whiteboard Videos - Update on the rest of the year for Cardano
(Written by @Eric_Czuleger)
On July 18th 2020 Charles Hoskinson sat down to discuss the road ahead in the near future of Cardano.
We’d like to give some clarity into the future of the Cardano ecosystem in 2020. Now that we are in July we are going towards the hard fork on the 29th. This is looking quite good unless we see something unexpected. We are now getting Adrestia and Daedalus where they need to be.
As we move into August staking will begin, those who worked on the ITN and worked on the pioneer network who helped us to move over to Haskell code will be turning on their network infrastructure on the 29th of July. That means that between the end of July and August 18th rewards will begin flowing.
Between July and August
In this time frame between the 29th of July and 18th of August we will have the Atlas explorer starting. We will also have a great deal of liquidity entering the system. Meanwhile the d-parameter will be counting down and the k-parameter will be increasing. In addition the network team will be working on peer-to-peer experiments. They will be doing this by turning on the peer-to-peer governor and parameterizing it correctly. This means that the system will begin its systematic decentralization.
Meanwhile, we will have the Voltaire thread in operation. Voltaire is all about governance. At the tail end of July we will have this concept of ballots. These will be submitted from the community for the decentralized fund. A big part of this conversation will determine who should get money and for what. During this time period for August, there will be a lot of new items and discussion around the DC fund. Every 6-8 weeks a new fund will start, new ballots will come and more funds will pour in.
Voting with Voltaire
We will launch the first fund with a cellphone application then back pour this into Daedalus and hopefully Yoroi will support them for a rich cellphone experience. During this time we will upgrade Ledger and Trezor. We have had to do a firmware update to get hardware wallets online. We needed to do this to include things like Yubikey. We’re looking forward to having Yubikey in the stack for additional security and spending passwords.
August will also be the clean up period. Our engineers have been working overtime consistently. We are going to let the core engineering team rest and recover during August. So we will be working on documentation and tidying up other things. The Voltaire team will continue to work at the same velocity. We are also working with a security auditor called QuantStamp. Root9B did our first security audit and we are not in the process of remediating the report from Quantstamp.
Native assets and Plutus Foundations
Looking past August, Voltaire will have 6 to 8 week rapid updates. We will then be looking forward to native assets and Plutus Foundations. After we have taken time to recover the core teams and backfill the documentation deficits they will begin working on native asset integration. We have a candidate standard for native assets. We are now looking at it for security tokens and stable coins. We are also going to contract a firm to develop an ERC20 converter.
This converter will attempt to port popular ERC20 tokens over to the Cardano blockchain as a proof-of-concept. We have a lot of velocity coming into September and we believe that native assets will be able to be onboarded between September and October. During September we will be pushing forward on Plutus Foundations.
Plutus Foundations will allow people to write rich smart contracts and build off-chain. The commercial team and the cFund understands this well. We will be working alongside the commercial team to ensure that we have a set of decentralized applications ready to go. To do this we are using a system we term ACID. This stands for; Adoption, Collaboration, Incentives, and Deployment. This means that anyone who wants to write a dApp on Cardano will find seed funding, and support for building in the ecosystem.
On the Atlas side we will help with the deployment. This will work on the interface side. In the interface people should be able to find apps that have been built on Cardano. It is exciting to see this all coming together. We are deploying something remarkably complex. We went from Byron to Shelley. We will change the tires on a moving car with the hard fork combinator. We are building an expert class in terms of governance. Critics can have their opinions but we are confident in the work that we are putting out into the world.
There has been some question as to when IOHK will stick around. The contract is slated until 2020 but we do not plan on leaving until the work is done. Goguen needs to be done, Shelley needs to be done, Voltaire must be released in a way that allows it to pay. We are also evolving Hydra so that others can pursue it. Hydra is actually four protocols in one, a head protocol, a tail protocol, a head tail protocol and a routing protocol. We are currently working on the tail protocol. We are currently working on simulations and prototypes for it.
Fortunately, Hydra can be layered easily on top of the stake pool experience. We also have an entirely different team which is working on cross chain communication. We are using this to see if it is possible to use Hydra to send value to other networks like Litecoin and Bitcoin. We would like to be able to go from UTXO to extended UTXO to Ethereum style accounts. This means that we could use a bridge to move value around through Hydra emulation.
Building and experimenting
In Q1 of 2021 there will be a great deal of construction and fine tuning which will be done by IOHK and partner companies. We will also be conducting experiments like the ERC20 converter. There is cleanup work to do. We will have a dedicated video talking about the ACID strategy. There is a lot of room to grow there. We will also build an incredible DeFi portfolio.
After August there will be a high cadence of news and a lot of community activity. We should see a dramatic increase in the amount of community content being built. We will see people being paid by the dcFund to make new things for the community. Native assets will be a fun conversation for us to have because of certain USPs within our ecosystem which makes us more attractive.
The Cardano Foundation will take the lead on the native asset strategy but IOHK will help them along the way with the ACID strategy. There is a myth that it is hard to find developers. It is not. We need to find quality developers and incentivize them properly. As for the rest of these concepts like Hydra, and Ouroboros, there is still more work to be done. In terms of Ouroboros we have a paper coming out which deals with spikes of dishonest majorities.
We will also be working on adding additional functionality. This includes Yubikey support, updates for Ledger and Trezor. Multisig is also coming in this time. We will also include stake pool locking for voting. This will add additional use for many assets. We will also be doing improvements to the network protocol. We hope to do multisig with transaction routing so that multisig does not require a trusted server. We will start looking at this once we have built out peer-to-peer.
There will also be a great deal of product synergy which comes in like PRISM for example. PRISM and Atlas allows us to do DID registration. This lets DIDs be used for anything from friends lists to brands or even SPOs. There will be a great deal of interproduct working which will be happening in the near future. IOHK will be sticking around
We are looking forward to seeing Hydra get done so that we can accommodate billions of people. The five years between 2021 and 2025 will be about scaling our protocol to the global level. There is a great deal happening behind the scenes but we wanted to talk about this in order to put speculation to rest.
In conclusion we have a big release coming. August will be a clean up month. September will continue our march towards native assets and Plutus Foundations. We will also have another group working on the ACID strategy, the cFund, and the dcFund. We have a great deal of good science happening and some incredible things happening on the Ouroboros side. We will also be increasing security with the Yubikey and hardware wallets. We assume that hardware wallets will be onboarded around the August timeframe.
ETH2 has been delayed several times this year. This is because it is incredibly difficult to build a proof-of-stake system. Meanwhile it is becoming increasingly easy to build on Cardano. We are seeing an increase in transaction volume and media. On the IO global side we are bringing in a chief marketing officer. We are building the tools to have this beautiful platform go and change the world.
We look forward to next year where we have hundreds of thousands of people building in and around the Cardano ecosystem. We don’t have to change the world alone. We will have some incredible partners in this. Each one will make Cardano an even better development system. We have created the necessary resources to fund an ever-growing ecosystem.