$ADA: Charles Hoskinson Explains What 2023 Looks Like for Cardano

On Friday (September 2), Charles Hoskinson, who is Co-Founder and CEO of IOG, the blockchain technology company behind Cardano’s R&D, talked about what lies ahead for Cardano after the Vasil upgrade takes place on the mainnet.

On 10 December 2021, IOG Co-Founder and CEO Charles Hoskinson explained that he was going to honour his Bulgarian friend and Cardano ambassador Vasil Stoyanov Davov — who sadly passed away in his apartment in Plovdiv, Bulgaria on 3 December 2021 after a lengthy battle with pulmonary embolism” — by naming the next hard fork after him. Vasil was an artist, entrepreneur, blockchain consultant, Haskell practioneer, and ginkgologist. Furthermore, it would not be an exaggeration to say that he was a highly beloved and respected member of the Cardano community.

On August 2, IOG tweeted about the upcoming Vasil upgrade, and started by saying that “Vasil is the most significant Cardano upgrade to date, bringing increased network capacity and lower cost transactions,” and that “the upgrade will also bring enhancements to Plutus to enable devs to create more powerful and efficient #blockchain-based applications.”

It went on to say that all all three criteria for confirming ecosystem readiness — i.e. “75% mainnet blocks being created by the final Vasil node candidate (1.35.3)”; “approx. 25 exchanges upgraded (c. 80% of ada liquidity)”; and “Top 10 DApps by TVL confirming readiness” — should be met by September 22.

In a YouTube released on the same day, according to a report by The Daily Hodl, Hoskinson first talked about the upcoming Vasil upgrade:

“This is one of the long ones, probably the hardest update we’ve ever had to do as an ecosystem. If we’ve all done our jobs right, we’re going to wake up on September 22nd, and it will be just another day. That’s the magic and power of the Cardano ecosystem.”

He then explained how Cardano will evolve after the Vasil upgrade and in particular what to expect to see next year:

“Moving forward, there’s going to be a big retrospective on how do we do things better. There’s also going to be a deep conversation about the overall architecture of Cardano as it is, and how we take it to the next level to make it more useful, portable, scalable and better for everybody. 

“A lot of CIPs (Cardano Improvement Proposals) are coming. Some CIPs are related to Voltaire and governance. Some CIPs [are] related to Basho and scalability, and there’s a lot of cleanup that needs to be done as we hand it over from one steward role to a members-based organization, and then participate with you guys in that capacity. So that’s what 2023 is really about.“

According to data by TradingView, on Coinbase, currently (as of 12:30 p.m. UTC on August 4) $ADA is trading around $0.5030, up 7.14% in the past 24-hour period.