July 21, 2024
Emurgo to Invest and Fill 21 Areas 'Missing' from Cardano: Emurgo CEO
Altcoins News

Emurgo to Invest and Fill 21 Areas ‘Missing’ from Cardano: Emurgo CEO

According to its CEO and founder, Ken Kodama, the Emurgo team is attempting to close some of the “gaps” in Cardano, such as decentralized identities and layer-2 solutions. Emurgo is one of the three organizations in charge of Cardano.

To address the 21 categories in which they feel Cardano is “missing out” when compared to other top blockchains, Kodama discussed changing their existing strategy into a venture studio model.

Kodama asserts that there are two main ways to close the disparities. These are either investing in or developing the solutions themselves.

“For those 21 categories, either we build them ourselves or we invest. We do hackathons or give grants to incentivize Cardano builders to build and fill the gaps. So, that’s what we need to focus on: shifting from where we are today into a venture studio model.”

Emurgo CEO and founder, Ken Kodama

Although Kodama did not list all 21 areas that needed filling, the CEO did highlight a few of them. Decentralized identity (DID) for enterprise adoption and layer-2 sidechains are included in this.

Decentralized identification is a crucial component that has to be integrated into blockchain protocols, according to the CEO of Emurgo. There aren’t many DID applications that we can envision being developed on Cardano. Therefore, that is the first or main gap that needs to be filled, he stated.

Along with DIDs, Kodama added that while Cardano already has a scaling solution named Hydra, they are also working towards incorporating layer-2 solutions. The CEO claimed that rival blockchains are “building vibrant layer-2 ecosystems” that they “don’t see in Cardano.” Kodama mentioned that they will be working on this as one of the things to improve the environment.

The executive also noted that they are researching optimistic rollups and zero-knowledge rollups in addition to decentralized IDs and layer-2 solutions. Kodama claims that they have held a hackathon with these themes and have plans to invest in these technologies.

The executive emphasized that of the 21 areas they discovered, the developers’ experience is one “pressing issue” that prevents adoption. The CEO realized that developers needed to have a working knowledge of Plutus and Haskell to create in Cardano.

According to Kodama, the number of programmers who are conversant in these languages is “quite low,” which is why they are backing Aiken, a toolset and new programming language for creating smart contracts on the Cardano blockchain.

“Aiken and other programming language applicability are quite important to broaden the amount of builders able to build on top of Cardano. We have been educating builders to code in Haskell and Plutus. We had more than 2,000 graduates. However, that’s not really enough.”

Ken Kodama

The CEO stated that they have great hopes for Aiken and any additional programming languages that may be included in Cardano so that developers could create smart contracts on the platform using a variety of languages.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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