Charles Hoskinson Backs Major Proposal Aimed At Elevating Cardanos Performance
Charles Hoskinson, the founder of Cardano (ADA), has expressed strong support for a significant proposal to address long-standing challenges in Cardanos ecosystem.
The proposal, brought forward earlier this week by Cardano developer Andrew Westberg, aims to introduce a tool to enhance the blockchains performance, which could potentially revolutionize how Cardano handles transactions and smart contracts.
Weinbergs proposal tackles several issues related to Cardanos eUTxO (Extended Unspent Transaction Output) model. In a problem statement posted on Github, the pundit highlighted the proposals ability to offer composability and introduce the so-called Babel Fees, a feature enabling users to pay transaction fees using various tokens, not just ADA. Westberg further explained the proposal in more detail, emphasizing the need for Cardano to prioritize development in this area.
This should be a dev priority for Cardano. Its an elegant solution to lots of long-standing issues. It gives us both composability and Babel Fees. It allows the eUTxO model to shine and pack transactions with tons of useful work, Westberg stated.
At the heart of this proposal is the concept of intent. Westberg explained that in many blockchain systems, users often submit transactions without fully specifying all the details. For example, when placing a market order to buy an asset at the market price, the exact price isnt predetermined, leaving the system to finalize the trade. This flexibility, however, presents challenges, especially in Cardano, which is known for its strict rules and deterministic nature.
Its important to note that unlike Ethereum, where smart contracts can change a transactions outcome during validation, Cardanos system demands that all transaction details be clearly defined upfront. While this approach ensures predictability and security, the pundit emphasized that it limits flexibility, especially in cases where non-determinism (the ability to adapt transaction details in real time) is desirable.
To bridge this gap, Westberg suggested creating a system that allows users to express their intent (such as making a trade) and then having the network match and fulfill these intents efficiently, whether on-chain or off-chain. This would make the process more flexible and user-friendly without sacrificing the security that Cardano is known for.
Hoskinson himself praised the proposal, stating in a response tweet, Andrew is correct. Its a long overdue enhancement that will massively improve Cardano. His endorsement highlights the importance of the suggested changes for Cardanos continued development.
This proposal comes when Cardano is actively working on scaling solutions. Recent innovations, such as Ouroboros Peras and Hydra, aim to improve the blockchains performance by reducing transaction settlement times and enhancing throughput. These advancements, alongside Westbergs proposal, are expected to solidify Cardanos position as a leading blockchain platform.
Meanwhile, the proposed implementation has the potential to greatly enhance user experience by simplifying transactions and interactions with smart contracts. If integrated successfully, Cardano could experience a surge in adoption and usability across various applications, from decentralized finance (DeFi) to non-fungible tokens (NFTs).
Read more: https://zycrypto.com/charles-hoskinson-backs-major-proposal-aimed-at-elevating-cardanos-performance/
Text source: ZyCrypto
