Emily Walker
In a recent livestream, Charles Hoskinson, the founder of Cardano (ADA) and CEO of Input Output Global (IOG), shared his insights on the future of Cardano’s governance, institutional setups, and key goals stretching into 2025. His extensive address covered the project’s historical governance initiatives, current challenges within institutions, and upcoming priorities, emphasizing the need for decentralization, inclusivity, and global participation.
Hoskinson started by discussing the recent Constitutional Convention, a lengthy initiative aimed at establishing a new governance model for Cardano. He noted, “As many of you saw from the output of the Constitutional Convention, that was the culmination of two years of effort around the world.” This global effort included “hundreds of workshops, thousands of participants from over 50 countries” and resulted in a constitution draft that received approval from 95% of the elected delegates and alternates.
He pointed out the diverse backgrounds of participants, stating, “These people hail from every continent—Africa, South America, Australia, New Zealand, Asia, Europe, and North America.” Hoskinson humorously mentioned the lack of representation from Antarctica due to time constraints. For him, witnessing this collaborative effort converge on a shared document, despite its imperfections, marked “one of the proudest moments of my professional career.”
Future Plans for Cardano by 2025
As he looked forward to 2025, Hoskinson identified persisting challenges. He emphasized that achieving genuinely decentralized governance is the next major goal for Cardano. “We face challenges that require us to fully decentralize Cardano’s governance,” he explained. Tensions exist between his vision of “member-driven institutions and on-chain governance” and calls for a slowed transition period with controlled institutions. He reiterated, “Others believe that a longer transition and stable institutions are necessary, free from the ecosystem’s whims.”
In contrast, Hoskinson supports a grassroots-built system. He stated, “I have always believed that creating member-based institutions and effective on-chain governance is key. We need to ensure that all significant roles are elected and bound by the rule of law—starting with algorithmic law and followed by constitutional law.”
Reflecting on Cardano’s beginnings, Hoskinson acknowledged his role in some governance flaws. “Any governance issues we face today can be traced back to me,” he confessed, admitting that initial governance designs—the tripartite model involving IOG, Emurgo, and the Cardano Foundation—failed to consider the complex nature of governance. “I was inexperienced and did not fully grasp how intricate governance could be.”
Nevertheless, he highlighted Cardano’s impressive technical accomplishments: “We assembled one of the largest groups of scientists and engineers in our industry, authored hundreds of papers, and produced millions of lines of code, all contributing to a timeless platform.” For over seven years, Cardano has maintained operation “amid continual technological and social challenges,” showcasing its resilience and stability.
Hoskinson outlined three main governance objectives for 2025. The first is to achieve on-chain ratification of the constitution. The community-ratified document must be integrated into Cardano’s governance system. “We need to have the Constitution ratified on-chain as a priority,” he stressed.
The second goal is to implement an annual budget process. With a substantial treasury of “nearly two billion dollars,” Cardano aims to shift from makeshift funding methods (like Project Catalyst) to a systematic annual budget approach. “We need to ensure no one is left behind,” Hoskinson noted, recognizing that many contributors currently work without pay, emphasizing the necessity for an annual budgeting process.
Lastly, there is the election of a new Constitutional Committee. The current interim committee will be replaced in 2025 with officials elected by the community. “I have already stated that IOG will not be running for any positions,” he reassured, affirming that no one entity should control the election process. The ultimate aim is to empower the community to take charge and exert influence.
Engagement Beyond Cardano
Hoskinson further stressed the importance of collaboration with global crypto industry players and regulators. “I need to engage with the broader industry,” he stated, mentioning potential outreach to figures like Brad Garlinghouse from Ripple. He expressed his openness to working with anyone, regardless of their past actions.
He acknowledged that geopolitical factors will shape cryptocurrency policy and noted that influential entities such as a16z, Coinbase, ConsenSys, and BlackRock “will significantly affect crypto regulation.” His perspective is clear: Cardano must be proactive to avoid being “excluded” and should strive for alliances wherever possible. “Being sidelined would pose significant challenges for our ecosystem,” he warned.
A unique feature of Cardano’s governance approach has been the direct involvement of its community through workshops. “We should host five workshop streams yearly worldwide and expand our reach from 50 to 100 countries,” he suggested. This global outreach—costing around “5 to 10 million annually”—would be feasible given Cardano’s financial standing. “With a nearly $2 billion treasury, it is plausible for our ecosystem to allocate resources for this,” he added.
Hoskinson candidly predicted that the upcoming year will be tumultuous. “2025 will be filled with drama, chaos, and challenges,” he stated. However, he remains optimistic that through open discussions, inclusiveness, and democratic methods, Cardano will achieve lasting decentralization and impact.
“We are very close to achieving something remarkable,” Hoskinson asserted. With the full implementation of CIP-1694, the introduction of delegation representatives (DReps), and substantial funds to drive innovation, he believes “Cardano will reach its aspirations.” He encouraged the community to assess progress based on actions, not just words, and reaffirmed his dedication: “Cardano means everything to me.”
As of the latest update, ADA was priced at $1.08.
