Cardano is one of my favorite coin. I love the way, that IOHK team approach. IOHK build everything from scratch by researcher, scientist around the world. But there are a lot of risk to make this project fail, so that why I closely monitor Charles Hoskinson and IOHK team. Here is an latest update from Charles’s VDO update since May 29, 2018. That’s good idea to update about overall project and Cardano 1.2. Because a lot of EOS mainnet news feed in to my twitter. This news may help Cardano appear in headline news. This is mind map summary from Charles’s VDO.
First of all, Charles update about Cardano 1.2. Development process already turned over to Release Manager, QA Director and external firms to test( smoke tests, feature tests, regression tests). This process to make sure the quality of product, so he expect to publish soon. What is in the Cardano 1.2
- Application Program Interface (API) Version 1.0
- Paper wallet
- Security Enhancement
- Bug fixing from 8,000 support tickets
Too many people wait paper wallet for long time. I will explain to you later about how to create your own paper wallet. The Github activities not much as last year. I’m not sure because this phase already move to test phase or not. Please closely monitor.
Cardano CL Testnet
Cardano just announced KEVM testnet. KEVM has been designed for backwards compatibility with Ethereum Virtual Machine(EVM). IOHK team make sure the KEVM will fully compatible with Ethereum Virtual Machine(EVM) by partnered with Runtime Verification Inc., who wrote the formal semantics of Ethereum Virtual Machine(EVM). The next testnet is IELE, which expect to be released in July. IELE is native Cardano Virtual Machine. IOHK team hope IELE language easy enough for programmer that ever use Solidity. Programer should flexible enough to write in Solidity program and can deploy to KEVM(Solidity-to IELE compiler). This is clever solution to encourage Solidity programmer to migrate to IELE. The activities in Github from Runtime Verification Inc. seem to be released as they expected in July. I think it’s already moved to test state.
Incentives and Delegation
This part IOHK divided to 2 papers, one for incentive scheme which plan to be released on July and other one for how delegation works including cold staking and exchanges get your stake etc. Monetary policy will be explain via blog post and VDO. Next 2 months is scheduled to be released content about amount of stake pools and incentives running stake pools. That I’m looking forward to hear from them about criteria and incentive of staking pool. Because I’m the one that submit to be a staking pool. Let’s see next 2 months
Too many people interest to participate beta test by register stake pool application form. Over 2,000 people around the world interested to be stake pool (including me). But only the qualify person that IOHK will be elected allow to participate beta test. They want to make sure the network should be completely decentralized. But the criteria not clear yet. I think IOHK should be announced the criteria before select qualify stake pool.
They trend to finalize the side chain scheme to be able to send asset from Cardano SL to Cardano CL, which is I need to research more about side chain. I still don’t understand what the side chain purpose.
Plutus is native smart contract language that IOHK proudly present this is the one component of Blockchain 3.0. Plutus based on the UTXO model follow Bitcoin instead of accounts based model same as Ethereum. I still have a question in my head why they choose UTXO model. How Plutus work VDO will be released later this year to create set of answer to write a good code. Plutus will be interoperable with IELE with user friendly enough for people who not have technical but are domain expert which is understand business requirement in an intent behind a contractual relationship between parties.
Marlow is financial DSL(domain-specific language), which is the technology behind Plutus to translate business requirement to actual code without technical knowledge. The Github activities for Marlow already started since last year.
Governance & Scalability Research
This is very important part in my opinion for long term investment. Governance and sustainability IOHK just recently published the treasury paper to eprint. There are additional 4 papers to fulfill the treasury system expectation. Which they will be pursuing those over the next year. After research the implement of the treasury system into Cardano should begin. The graph shows Github activities look quite healthy.
Ouroboros Hydra project is scalability research project that focus on true sharding and true scalability in the system. This part very difficult in term of design and adoption. HODLER need closely monitor this part.
The Network and Rina
This is a truly hard agenda for IOHK team. They estimate around 600 man months of engineering time to fulfillment the ideas that they designed. It’s take a lot of resource to produce it, so they put it as the last pieces anticipated for Cardano. They claims the way that they’d like to construct equivalent to basically building a second internet in terms of complexity of engineering. But throughout the summer and fall, the RINA plans will be special announcements.
Voting and Forking
The voting system for forking, that similar to voting system in treasury. Therefore whenever the treasury (voting) gets implemented into the system, a forking protocol can also be implemented. This is the most none-technical difficult problems to make sure the stake holder can control the distribute system to correct way.
Alternative Daedalus Clients
IOHK are working on alternative client and start exploring a browser based client for Cardano, mobile wallet and lighter version of Daedalus. Personally, I think fastest way to maintain user feeling. The lighter version of Daedalus may good enough for user right now. Doesn’t take too much effort but can balance user feeling. Full node chain size too large. It’s take too long to load full node chain. The activities in Github quite healthy.
For my opinion, Cardano project still healthly.