Cardano’s co-founder Charles Hoskinson has projected 2024 as the biggest year for massive growth in the network’s ecosystem.
In a recent broadcast released for the community, Hoskinson noted that it will be a year for growth while highlighting development roadmaps, integrations and strategies to be implemented in 2024.
Growth, Strategy, and Electric Capital https://t.co/gB2LfkPtP5
— Charles Hoskinson (@IOHK_Charles) January 20, 2024
According to him, the roadmap is hinged on the implementation of Voltaire. The update will bring an era of self-sustainability to the Cardano (ADA) ecosystem by introducing a treasury system allowing users to stake and earn voting rights for the network’s future.
The three pillars in the age of Voltaire revolved around the democratic concern of allowing users to change things through an on-chain governance system.
The second notion focused on the network’s institutions like the Cardano Foundation, which Hoskinson stated will be fully enabled and validated through democratic consent.
Institutions can back Cardano’s growth as they add simplicity by creating budgets, roadmaps, and strategic priorities.
Finally, the third pillar of the Voltaire update, as explained by Hoskinson, is constitutional representation to secure the fundamental rights of the wider community.
Decentralization To Attract a Wider Community
Charles Hoskinson suggests a system where fundamental principles like deflationary measures, determinism, and inclusive accountability will be enshrined, preserved, and protected, ensuring they are difficult to change unless a majority decides otherwise.
He says combining these three principles will see the ecosystem swing upwards in line with recent developments gained during the bear market.
This year, Cardano seeks to connect the network to the broader ecosystem through API and developer calls.
However, because of the discrepancy between decentralization and value to the venture capitalist class, it might rank lower when compared to other metrics despite the value to the network. Per Cardano’s updated roadmap:
“When both a voting and treasury system are in place, Cardano will be truly decentralized and no longer under IOHK’s management. Instead, Cardano’s future will be in the hands of the community, who will have everything they need to grow and evolve Cardano from the secure, decentralized basis established by IOHK.”
Cardano Plans to Build on a 150% Rise
The community dubbed Eth-killer recorded price growth of 150% in 2023 as the entire ecosystem marked inflows and increased decentralized finance (DeFi) activities.
Aside from institutional inflows into the market on the back of an anticipated spot Bitcoin (BTC) approval, Cardano’s energy-efficient Proof-of-Stake (POS) consensus algorithm, sustainability, and compliance can be seen as growth factors.
While the community looks to push forward with gains made in 2023, the market correction seen in the past week has wiped out gains across several assets.
ADA trades at $0.469 at press time, down 9% in the past seven days and 23.58% across 30 days.