Charles Hoskinson, the founder of the burgeoning Cardano network, recently reflected on the platform’s substantial growth, comparing its organic trajectory to that of Bitcoin. Despite some concerns about network congestion, Hoskinson confidently reassured that Cardano is fully equipped to handle intensive loads, with a clear path laid out for scaling capabilities in the future.
As Cardano continues to peel away from its erstwhile label of a “ghost chain” — a term once used to criticize its low activity and perceived lack of utility — the platform is bustling with increased demand. Hoskinson, visibly delighted, remarked on the ironic shift from underutilization to concern over blocks reaching capacity. Just a short time ago, the network was questioned for its value proposition; now it’s experiencing a spike in activity indicative of its evolving utility and significance.
Cardano’s design prioritizes sustainable growth and systematic progress, with an ambition to rival Ethereum as the go-to platform for smart contracts. Its evolution has been methodical, underpinned by peer-reviewed research, distinguishing it from many other projects in the space.
A closer look at the Cardano block explorer data reveals average block saturation reaching 56.98% as of December 18, surpassing the monthly average of 44.5%. Over the past two years, there’s been a notable uptick in block size usage. In early 2021, the average was 64kb; it has since ascended to 88kb. This growth indicates a rising tide of adoption among application developers, with the current ceiling far from being reached. Cardano’s capacity, it’s important to emphasize, is not static but can be adjusted in response to transaction demands.
The Cardano journey has most recently brought it into the Basho phase — a period dedicated to optimization for performance and increased scalability, following the Goguen era’s implementation of smart contracts. With the onset of more decentralized applications on the platform, scalability’s crucial role in transaction speed and fee stabilization becomes increasingly apparent.
Hoskinson takes pride in the organic nature of Cardano’s growth, paying homage to the committed community driving its success. He points out that unlike other projects, the platform does not rely on venture capital investments or crypto influencers for its evolution — a nod to Bitcoin’s grassroots expansion.
Cardano’s future trajectory, while promising, is yet to fully unfold. Whether it will parallel Bitcoin’s long-term ascent remains an open question. However, what is certain is that the foundation forged by its community and the gradual, research-oriented approach to development set a solid stage for Cardano’s continued progress.
