The latest Cardano ($ADA) network statistics are fascinating. Input Output Global (IOG), which develops Cardano, released its weekly development report for the week ending Friday, April 14, 2023. This release included core technology, wallets, services, smart contracts, Basho scaling, and governance.
Core technology teams improved node, consensus, and networking. They benchmarked, profiled the new tracing system, and included a Plutus script library into their toolchain.
On April 11, 2023, IOG debuted Lace 1.0 on the mainnet. Lace desktop, DApp store, and other features are coming. The Lace team is developing an application update announcement feature and evaluating DApp embedded browser features.
Adrestia released Lace on the mainnet after optimizing the Lace BE (cardano-js-sdk). Multi-signature features, transaction balancing libraries, and DBLayer restructuring are also in development. The Plutus tools team is improving Marconi indexer correctness testing and standalone emulator logging. Sums-of-products will increase Plutus script size and native data type compatibility.
Marlowe updated the Playground and published libraries to CHaP. Starter kit videos and examples renamed marlowe to marlowe-runtime-cli. The Hydra team discussed Hydra Voting query API queries in their March report. They are merging the Hydra Head protocol definition into the repository and fixing rollbacks temporarily.
Mithril is migrating aggregator stores to a relational design, building the new certifier service, and designing the generic actor interface. CIP-1694, a Cardano Improvement Proposal named after Voltaire’s birth year, is a major part of Cardano’s next-generation governance. This conversation covers community-driven governance enhancements, the future roles of Delegate Representatives (dReps), the Constitutional Committee, and stake pool operators, and Cardano’s development tooling and governance processes.
An infographic in the development report included Cardano numbers including 124 projects launched, 8.11 million native tokens created, 7738 Plutus scripts, 1225 projects building on Cardano, and 64.6 million network transactions. Cardano Spot, a community-driven social media network for Cardano, tweeted about CIP-1694 earlier this month.
CIP-1694 transitions authority and bootstraps governance, according to Cardano Spot. Under this idea, the community will decide protocol development and can adjust parameters, ledger rules, and consensus rules.
For a proposal to proceed, Stake Pool Operators (SPOs) must accept Genesis entities’ protocol development and amendments, according to Cardano Spot. CIP-1694 creates DReps and the Constitutional Committee. DReps are active representatives to whom $ADA holders can assign voting power, providing community representation. Delegate to numerous DReps or abstain.
1 Lovelace = 1 vote, according to Cardano Spot. DReps can vote yes, nay, or abstain on proposals and vote no-confidence to replace the Constitutional Committee. Cardano Spot adds that the Constitutional Committee, selected by off-chain consensus, would monitor the new power dynamics and help transition to rule-based mature governance. Committee members can be replaced. Finally, Cardano is one of the few blockchain projects developing a robust governance architecture. Before finalizing, the CIP will be discussed and altered.
