In the financial center of Dubai, the Cardano Summit 2023 will bring together some of the most prominent projects in the crypto space. During the three-day event, speakers, founders and the community will share their views on the growing sector and the future of networking and blockchain technology as Cardano enters a crucial phase in its development.
Cardano Summit 2023 provides hints about what’s next for the ecosystem
The second day of the Cardano Summit 2023 focused on a debate on governance, community, financing and bridging the Cardano ecosystem with new technologies such as artificial intelligence. Governance and empowering the community have been key issues for IOG, Cardano’s leading developer.
Day 2 at the #CardanoTop2023 was characterized by fascinating discussions about governance and the future of #Cardano.
The IOG team was happy to connect with so many #CardanoCommunity members, who share insights that will determine the path ahead. Your passion fuels the Cardano ecosystem!
pic.twitter.com/g3YTNJyCgO
— Input Output (@InputOutputHK) November 4, 2023
Two years ago, the Cardano ecosystem celebrated its full decentralization when stakepool operators took over block production. Now the ecosystem continues to move in that direction by implementing capabilities that will help the community maintain that power.
Sebastian Zilliacus from Emurgo, a Cardano-based entity that operates as their communications and education arm, presented their vision to migrate social media platforms from centralized to decentralized environments.
That way, users could finally break free from third-party control and truly “own their identity.” In addition, the teams presented tokenization solutions that would allow anyone to own a piece of precious metal and other “real assets,” and ways to support displaced people by providing them with financial support using stake pools.
Mainstage update!
Got you caught @szilliacus Manager of @emurgo_io Media Share Vision of Decentralized Social Media: The Future of Empowerment and Connections?
“In the Web3 space we celebrate the diversity of identity – we own our identity and… pic.twitter.com/1iQwOkdgT5
— Cardano Foundation (@Cardano_CF) November 4, 2023
To explain these and other topics, including the combination of blockchain and AI, financing and sentiment at the event, our team reached out to Sheraz Ahmed, Managing Partner at STORM, to get his unique insight.
Ahmed was master of ceremonies at the Innovation Stage. He has attended the last three Cardano Summits while assisting with various efforts with the ecosystem, including Emurgo and its marketing and educational efforts. This is what he told us about AI and Blockchain:
(…) blockchain as a data management system can benefit from integrating AI into it. I think that’s a very important part. I think it also has a bit of the ability of blockchain and that we can use blockchain as a basis for AI. So I think the two go together very well as a well-attended panel.
A new way to finance projects on Cardano
On the other hand, the community was looking forward to the debate on financing and financial support. As Ahmed explained, funding in the Cardano ecosystem is largely through Project Catalyst, which has suffered some delays during the bear market.
In this sense, the debate focused on encouraging venture capitalist companies and external financing to come on board the Cardano ecosystem. Ahmed said:
(…) stopping financing can take the oxygen out of startups. And so they look at other ways of financing. Charles Hodkinson gave an interesting analogy to this, thinking that the Foundation’s treasury, the CARDENA as a whole, is like a large water reservoir.
That catalyst is just the pipe. It’s the only pipe right now that’s capable of releasing all these kinds of treasure chests that they need to support the community. And that through SIP 1694, the Air Voltaire, which will be the new governance mechanism to make things function a little more autonomously, will allow the community to distribute the treasury in a much easier way. And so I think a lot of communities are excited about that because it means that the floodgates are open or will be open and it allows projects, community and other things to be financed in a better way.
Once again, the Cardano ecosystem appears to be preparing for the next cycle from several angles by supporting developers today, encouraging more developers to work on their blockchain, and maintaining a strong community.
These elements could hold true for the Cardano ecosystem during the next Bull Cycle, giving it an advantage over Polkadot, Solana, and other networks. Ahmed concluded:
We’ll just have to wait and see. And it depends on the wisdom of the community and where they decide to spend their resources (…). If they have a better distribution of resources and a long-term mentality, where they don’t just spend the entire treasury in a year or two years, but have a ten to twenty year mentality, I think things can really happen. So that’s super exciting.
Cover image from Unsplash, chart from Tradingview