Cardano Summit 2023: Charles Hoskinson Takes The Stage, A Conversation With SingulariyNET
03 November 2023 - 3:17PM
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In the financial center of Dubai, the Cardano Summit 2023 will
gather some of the most prominent projects in the crypto space.
During the three-day event, speakers, founders, and the community
will voice views on the growing sector and the future of the
network and blockchain technology as Cardano enters a critical
stage in its development. 🎉 Kicking off the Networking Soirée in
Dubai! #CardanoSummit2023 pic.twitter.com/6KwkVHSlZo — Cardano
Foundation (@Cardano_CF) November 2, 2023 What’s Missing In
The Cardano Ecosystem? The Cardano Summit 2023 began with a
networking soirée leading to the ‘Battle of the Builders’
competition. The event, sponsored by industry leaders like CV Labs
and Genius X, featured ten projects in a pitch contest showcasing
the versatility of the Cardano ecosystem. Frederik Gregaard, CEO of
the Cardano Foundation, highlighted the robust number of Cardano
GitHub repositories as evidence of the platform’s readiness for
innovation. The number of developers working and shipping products
on this blockchain has increased following its implementation of
smart contract capabilities. After intense deliberation by a panel
of seasoned judges, including Gregaard and representatives from
EMURGO and STORM Partners, Maestro claimed the top spot, with NEWM
and zkFold rounding out the winner’s circle. The summit continues
with more workshops and sessions. Speaking with our team, Sheraz
Ahmed, Managing Partner at STORM Partners, gave his perspective on
the event, the obstacles of the building during a bear market, the
topics dominating the Summit, the key component missing in the
ecosystem, and the distinct quality of the Cardano community:
passion. STORM has been a long-time partner of Cardano and its
ecosystem, aiding them in projects like Ergo Media, marketing, and
educational efforts. Ahmed told us: So there are three main topics
of the conference. Operational, resilience, education and adoption.
Those are the three ones that things are centered towards today’s
on the innovation stage. The last discussions are around
stablecoins and the importance of stablecoins within the Carano
ecosystem. I think a lot of the Cardano community and projects are
feeling the pressure of not having a Cardano interoperable
(stablecoin). And you can really see that it’s impeding the ability
to create DeFi products and applications. Ahmed was one of the
judges during the startup competition and saw how the community and
the Cardano Foundation leadership leaned towards those projects
building stablecoin solutions. In 2024, Ahmed expects Cardano to
launch its native stablecoin, which could have major implications
for this ecosystem, similar to the “Alonzo” Hard Fork Combinator
(HFC) event: So that thing is something (a native stablecoin)
that’s just a missing piece of the puzzle that just needs to be
filled in the Cardano ecosystem, and that it will be within the
next, I’d say by mid next year, it should be the case from what I
saw about some of the announcements, some of the discussions,
etcetera. So that was the first one. Then education was a big topic
this morning because there’s quite a wide community in Cardano.
Cardano has quite a widespread community on a variety of different
things. I think one topic that wasn’t approached today that was
kind of on the tongues of a lot of people in the audience was like,
well, “all these things are good, but if we don’t have the funding
or the money to do so, how is that going to work out?” And you
probably know that the funding of Cardano happens through Catalyst,
which is their funding mechanism. And they’ve done 10 funding
rounds so far and so the mood at the conference was not bad in
terms of the funding round 10, which was I think $5 million just
closed a few weeks ago or a month ago. So people are kind of happy
or in good sentiment because those that got the approval have money
to start building, doing things, etcetera. Because it’d been a year
since they hadn’t had a funding round, and that was quite a long
time. Normally, the cycles have been at maximum of four to six
months. Ultimately, Ahmed believes the Summit marks a major
milestone for the Cardano ecosystem as it moves into the Middle
East and North Africa (MENA) region. Cardano Summit 2023: Founder
Hoskinson Speaks Today, the founder of Cardano and CEO at Input
Output Global (IOG), Charles Hoskinson, took the main stage to
speak about the blockchain’s “Past, Present, and Future.” Using his
famous whiteboards, Hoskinson presented the “strategic pillars”
underpinning Cardano’s evolution: Scaling, Governance, and
Interoperability. Whiteboard session with @IOHK_Charles about
#Cardano: Past, Present and Future 🖖#CardanoSummit2023
pic.twitter.com/VXLOaLbc7i — Romain Pellerin (@rom1_pellerin)
November 3, 2023 In addition, Hoskinson outlined upcoming
enhancements like Hydra for scaling and governance tools like 1694
and Intersect, emphasizing the network’s direction towards
self-amendment capabilities. For interoperability, the Cardano
founder cited advances with sidechains and the implementation of
Non-Interactive Proofs of Proof-of-Work (NiPoPoWs). Hoskinson
introduced the Cardano Settlement Layer (CASL) as a mainnet
foundation for service layers, alongside PartnerChains for service
layer collaboration, leveraging Minotaur’s consensus algorithm for
cross-consensus interoperability. The framework will utilize Parity
Substrate with Babel fees, enabling native asset transactions.
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