Charles Hoskinson says Cardano (ADA) will have the same performance as Solana (SOL)

Charles Hoskinson, the founder of the Cardano blockchain, has said that the network’s performance would be boosted significantly this year. Hoskinson noted that Cardano (ADA/USD) would have the same performance as Solana (SOL/USD) by the end of the year.

Cardano launched smart contracts in September 2021 through the Alonzo hardfork upgrade. However, the network’s performance has been largely criticized. The first decentralized exchange (DEX) on Cardano faces major congestions after going live on Cardano.

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Cardano’s to achieve Solana-like performance by the end of 2022

“This year, all these updates are coming that are massively improving the scalability and expressiveness of the system so that you’ll get the same type of performance you’re seeing from systems like Solana and so forth. Or at least in the same orders of magnitude,” Hoskinson said.

One of the eagerly awaited developments on the Cardano blockchain is the Basho scaling phase. This scaling phase was unveiled on Cardano through the blockchain’s roadmap outlined earlier this year.

Hoskinson noted that Cardano would focus on sustainability. This will allow the network to achieve efficiency, scalability, and growth at an organic speed while remaining operational.

Hoskinson further stated that Cardano was a self-reliant network. He noted that the network had a strong governance layer and a strong treasury system. Moreover, Cardano could print its own money, allowing it to fund its developments easily.

Hoskinson also mentioned the Mithril sidechain that will be interoperable with Cardano. He noted that it would “provide a stake-based threshold signature scheme that can be implemented as the protocol to solve chain synchronization, state bootstrapping, and trust issues in blockchain applications.”

Developments on Cardano

Significant developments are happening on the Cardano blockchain. One of these is the hard forks happening in June and October. These hard forks will bring several features to Cardano, including the Plutus upgrade.

In June, the Vasil hard fork will target DApp developers who want to bring pipelining into their applications. The Cardano founder believes that once these upgrades are implemented, they will increase the total value locked (TVL) on the Cardano blockchain.