Cardano's Ambitious Plans for 2024

Introduction

As we look ahead to the final quarter of 2023 and into 2024, Cardano brings a series of significant technical and governance developments. With recent achievements like Input Endorsers, Hydra, and the integration of Mythril for faster wallet synchronization, Cardano is ready to make its mark on the Blockchain Industry. Additionally, Cardano's governance model is set to undergo a major transformation, with the establishment of Intersect, an organization dedicated to ensuring a decentralized governance structure for the network. Let's delve into the exciting features for Cardano in the coming year. Note that these features are major changes to the protocol lead by Input Output, one of Cardano's leading development companies, there are lots of other developments coming from other companies & members of the community, which will also cause a huge impact on Cardano in the following year.

Upcoming features & tools

Hydra

Hydra, a revolutionary development within the Cardano blockchain, represents a layer-two scaling solution designed to significantly amplify the network's transaction processing capacity. By permitting the establishment of multiple heads or channels for off-chain transactions between participants, Hydra unlocks a realm of possibilities. These transactions, occurring off-chain, can be settled securely and efficiently on the main blockchain, thus ensuring data integrity. Hydra plays a pivotal role in enhancing the network's scalability, enabling it to accommodate growing user numbers and transaction volumes while preserving top-tier security and decentralization.

Hydra's operational principle is grounded in the concept of payment channels. Participants can open channels to engage in numerous off-chain transactions without the need for on-chain transaction fees or confirmations. Once a channel is closed, the final balances are registered on the main blockchain.This multi-headed scaling strategy significantly bolsters the network's overall transaction processing capabilities, providing scalability in a dynamic environment. Users can flexibly open and close channels as required, with the assurance of secure and private transactions. With Hydra being an open source project and already live on Mainet, developers on Cardano are already starting to build on top of Hydra, beginning to roll out regular updates, extending its capabilities and eventually making it a standard for projects on Cardano.

Mythrill

Cardano's wallet synchronization will see significant improvements through the integration of Mythrill. This enhancement aims to make user experiences smoother and more efficient. Mythril simplifies how signatures from multiple stakeholders are combined, improving scalability and speed. It leverages participants' stakes to create efficient consensus without compromising security. Significantly improving syncing time for full nodes wallets, eventually making lite wallets safer.

Input Endorsers

Bringing a faster layer 1 to Cardano. This will make a more efficient consensus mechanism, significantly enhancing the network's throughput. In essence, Input Endorsers redefine how consensus is achieved within the Cardano ecosystem. By splitting each block into two distinct blocks, with one serving as the consensus block and the other dedicated to transaction data, Input Endorsers enable the continuous streaming of transactions. This approach ensures that consensus does not create a bottleneck, and transactions can flow seamlessly, offering the potential for consensus every 20 seconds. While the specific rollout date remains undisclosed, this development promises not only to increase Cardano's speed but also to pave the way for more efficient and scalable blockchain networks, contributing to the industry's ongoing evolution.

Midnight

Recently announced by IOHK and currently in its DevNet phase, serves as a privacy sidechain for Cardano, offering developers the tools to build privacy-focused decentralized apps using various programming languages. Its core strength lies in zero-knowledge cryptography, ensuring secure transactions while preserving data privacy. Midnight will launch with its native token, Dust, fueling transactions and network fees. As Midnight enters the DevNet phase, it will set new benchmarks for blockchain confidentiality.

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An On-Chain Decentralized Government for Cardano

Cardano's governance will see a significant change at the protocol level, with the implementation of Cardano CIP (Cardano Improvement Proposal) 1694. This proposal introduces the concept of liquid democracy to the Cardano blockchain, allowing community members to have a more direct say in the platform's development. In simple terms, there will be 3 groups participating in the governance of the chain. Stake Pool operators (Nodes), DREPS (Delegated representatives) and a Constitutional Committee. All these 3 combined, will upvote or downvote different governance actions, on chain. Governance actions include actions like, Treasury withdrawals, HardForks, parameter changes, between the most important. With the implementation of CIP 1694, Cardano will add a governance layer on top of its consensus protocol. Implementing a successful on chain decentralized government.

Intersect

A pivotal development for Cardano's governance is the establishment of Intersect. This is a member-based organization tasked with ensuring Cardano's continuity and future development in a decentralized manner. Intersect brings together community members behind a shared vision, putting them at the forefront of Cardano's evolution.

All three core Cardano institutions, including the Cardano Foundation, Input Output, and Emurgo, have created an endorsed Intersect. As the governance roadmap continues to evolve in 2023 and 2024, these institutions will gradually delegate more operational tasks to the community through Intersect's working groups and committees, paving the way for a more decentralized governance model. Creating a thriving community of Cardano experts, builders, and professionals. This community will play a pivotal role in the future of Cardano.

As Intersect matures, it will facilitate the creation of various working groups tailored to address Cardano's specific needs, like marketing, legals, NFTs, and more. This approach will build a community of communities, all working towards Cardano's growth and vision.

Roadmap for Intersect

Intersect has revealed its roadmap for 2023/2024, promising a series of pivotal governance events:

CIP 1694 Ratification

Scheduled for December 2023, this is a crucial step in the implementation of liquid democracy on the Cardano blockchain. Making the Cardano governance model live ON CHAIN!

Constitutional Workshops

Cardano enthusiasts will be able to participate in a series of Constitution Workshops held all around the world, contributing to the development and writing of the first Cardano Constitution, which will estate Cardano´s values and principles for the future.

Constitutional Convention

In Q4 2024, a Constitutional Convention will be hosted in Buenos Aires, Argentina, bringing representatives from workshops worldwide to discuss and finalize the Cardano Constitution. Finally, 2024 will culminate in a historic vote on the constitution using CIP 1694! Forever marking the history of Decentralized Governance.

In Conclusion

Cardano's future in the following years looks incredibly promising. With technical innovations like Input Endorsers, Hydra, Midnight and Mythrill integration, the platform is set to offer an enhanced user experience. Simultaneously, the establishment of Intersect and the implementation of CIP 1694 are ushering in a new era of decentralized governance. As Cardano evolves, it's clear that the community is taking the wheel in shaping the platform's destiny. Exciting times lie ahead for Cardano, and it's an excellent opportunity for individuals and projects to get involved in this blockchain's promising journey.

Hope to see you get involved!