Cardano Summit 2024: Day 2 recap

Discovering the critical interplay of blockchain education, infrastructure, and governance

Following day 1’s discussions on adoption and impact, day 2 of the Cardano Summit 2024 offered a diverse mix of panels and masterclasses exploring the exciting world of blockchain infrastructure, education, and decentralized governance. Attendees gained insights from over 115 speakers, who contributed to more than 35 sessions leading up to the Gala Awards Dinner that concluded the event.

Giorgio Zinetti, Cardano Foundation CTO, opened the day with an invigorating keynote that outlined Cardano’s robust development roadmap and the network’s commitment to ongoing innovation.

Decentralized governance and identity

First up on the Main Stage, “From Concept to Reality: Charting the Course for Decentralised IDs,” panelists delved into the burgeoning field of digital identity, examining the challenges and opportunities for adoption. Lance Byrd, Co-founder and Software Developer at Verifiable Legal Entity Identifier, delivered thought-provoking insights on the need for decentralized identifiers in digital identity systems.

Byrd further advocated for the KERI protocol, which offers the portability and security needed to start identity solutions off-chain. This functionality makes it easier for enterprises to adopt digital identity, given the ability to integrate and adapt to existing tech stacks or ways of working.

Further exploring decentralized infrastructure, an expert panel debated the implications of decentralized funding mechanisms such as DAO-issued grants and protocol treasuries. With Cardano now in the Voltaire era, participants considered how decentralized governance holds the potential for democratization or the risk of capital mismanagement. Amandeep, Growth Lead at DAOstar, expressly referred to his research findings, which noted a lack of formal KPIs often leads to ambiguous outcomes following the disbursement of grants.

An evolving regulatory landscape

During a discussion on the future of blockchain sustainability, participants engaged in valuable conversations about the European Union’s Markets in Crypto-Assets (MiCA) regulation. The session examined the requirements of this recently established framework and its positive impact on the broader ecosystem.

On this topic, Lena Klaaßen, COO and Co-founder of the Crypto Carbon Ratings Institute (CCRI), noted the general lack of standard guidelines and assessment procedures within the blockchain industry, suggesting that harmonization attempts, while challenging, benefit the ecosystem. She further discussed how blockchain’s transparency helps conduct forensic analysis, making it ideal for analyzing sustainability metrics.

In “Navigating Regulatory Shifts: Adapting to Technological Risks and Operational Models for Digital Assets,” panelists examined how effective regulation of the Web 3.0 space requires a nuanced understanding of the underlying technology and its activities, a proactive approach to risk management and a balance between consumer protection and fostering innovation. Speaking on existing and emerging regulations, Magdalena Bosik, Head of RegTech & Crypto Compliance Services at Sygnum Bank, noted a shift away from technology-neutral regulation, leading to a greater number of limitations on digital assets in comparison to traditional financial assets.

Participants further delved into the evolving landscape of blockchain regulations during the “Navigating Regulations: Legal Frameworks and Compliance,” examining global disparities and their implications. During the discussion, Chengyi Ong, Head of APAC Policy at Chainalysis, noted that despite common discussions on regulatory arbitrage, many companies actively pursue authorization in regions with high standards to demonstrate their commitment to compliance.

Robert Kopitsch, Co-founder of Blockchain for Europe, also cautioned against excessive consumer protection measures, advocating for regulations that enable technological advancement without establishing a surveillance state.

Building resilient, scalable infrastructure

During the “Cardano L2s: Scalability for Different Use Cases” Pitch Stage session, experts engaged in a captivating discussion on scalability solutions and their role in overcoming blockchain’s limitations. Philip DiSarro, CEO of Anastasia Labs, noted that Ethereum, with its account-based system, faces challenges in efficiently implementing zk-rollups. Conversely, Cardano utilizes an Unspent Transaction Output (UTXO) model, which proves more conducive to zk-rollups.

The recently launched Goodwall Global Impact Challenge further showcased the potential of blockchain infrastructure for charitable causes. Omar Bawa, Co-founder and COO of Goodwall, delivered an inspiring presentation on Art Beyond Borders, an initiative that provides a platform for artists in emerging economies. A collaboration between Project Catalyst, Goodwall, Cardano Foundation, and NMKR, the initiative will make contributions to an Evergreen Art Fund while generating income for artists and Switzerland UNHCR.

Recognizing the Cardano community

In his empowering closing remarks, Frederik Gregaard, Cardano Foundation CEO, spotlighted the overwhelmingly positive response to this year's Summit, celebrating the attendance of over 1,100 builders, investors, and blockchain enthusiasts. He further noted the importance of expanding Cardano’s reach and accessibility, emphasizing the expansion of blockchain into diverse fields to generate innovative products and solutions. After thanking ecosystem supporters, event coordinators, employees, and countless stakeholders, Gregaard set the stage for a bright future in which blockchain elevates the human experience.

Closing out a day of in-depth masterclasses and panels, attendees gathered at Fort Island in Dubai to celebrate another successful event and recognize winners for the second Battle of the Builders (BoB) competition and the third Summit Awards. After presenting their final pitches on day 1, judges' scores determined BoB winners:

• •First: Landano International
• •Second: Delta DeFi
• •Third: Alethea AI
• •Fourth: Socious

This year, the Summit Awards spanned 11 categories, with community votes collected over two months using Cardano Ballot. This year’s winners included:

• •Ambassador: Ha Nguyen
• •Blockchain for Good: Empowa
• •Innovation & Standards: Anastasia Labs
• •DEX: Minswap
• •Developer & Tooling: Aiken
• •NFT & Digital Collectibles: HOSKY
• •Infrastructure Platform: NMKR
• •DAO Tooling & Governance: Minswap
• •DeFi Platform: FluidToken
• •SSPO: Vietnam Cardano Community

With another inspiring Cardano Summit now complete, we hope all speakers and attendees enjoyed their time in Dubai and left feeling welcomed and motivated to keep building, participating, and helping each other achieve more. Sessions will be available on demand, and we look forward to seeing everyone again!