Bitcoin Ordinals ‘could look better’ on Cardano
In a recent YouTube AMA session, Charles Hoskinson declared that Cardano, a blockchain network, remains fully dedicated to decentralization.
Ordinals functions better on Cardano
During the AMA, the tech entrepreneur also suggested that Bitcoin Ordinals is best suited for Cardano since the blockchain, he claims, has a better ecosystem.
Ordinals involves a technology that allows “inscribing” each satoshi with a distinct label and extra details. Accordingly, each inscription is unique and can be traced in Bitcoin or any other network they have been inscribed in.
Specifically, Ordinals allow users to store various data types, including text, graphics, and coded language, directly on the Bitcoin network.
These inscriptions can be minted as unique assets, similar to non-fungible tokens (NFTs), without using smart contracts. Because they are unique, each inscription can be traded and stored in an ordinary wallet.
Each inscription must adhere to a specific size limit on the Bitcoin blockchain. This implies that data is interconnected and can fit within the assigned size.
Decentralization and regulations
In a recent report, the executive emphasized that the Cardano Improvement Proposal (CIP-1694) would significantly impact the decentralization debate by providing a framework for on-chain governance to support the network’s Voltaire phase.
CIP-1694 is a proposal that outlines a new on-chain governance system in Cardano where any user can submit a proposal. The idea was laid out in March 2023 but is being developed and discussed. However, this proposal could be integrated in July 2024.
Hoskinson believes their gradual move towards decentralization will help the blockchain comply with crypto regulations established by authorities.
The founder of Cardano believes decentralization initiatives are crucial to establishing regulatory standards. In his assessment, authorities may eventually view cryptocurrency initiatives as protocols or commodities.
Presently, Cardano is working on scaling the platform on-chain in the Basho stage. In the previous phase, developers activated smart contract capability during the Goguen stage.
Credit: Source link
