Charles Hoskinson, founder of Cardano, spoke out on April 7 addressing criticism of his network and its native token, ADA. He compared challenges in the crypto industry to those in the AI sector, emphasizing the importance of long-term growth and sustainability over short-term narratives. Hoskinson highlighted Cardano’s reliability, strength, and upcoming upgrades that aim to bolster the blockchain system and ensure the network’s sustainability for generations. He believes that Cardano is well-prepared for scalability, governance, and innovation amidst increasing competition in the industry.
Hoskinson’s comparison of the competition in the crypto industry to that in the AI sector aligns with the rise of new blockchains and tokens, with over 2.4 million active projects contributing to the increased competition. Cardano faces competition in the market, such as Solana dominating the Memecoin sector with popular tokens like Bonk and Dogwifhat. Despite this, Hoskinson remains confident in Cardano’s ability to thrive in the ecosystem, pointing to its engagement and impact in unlocking millions of users, as well as its track record of 2300+ days of uptime without failure.
In response to criticism from crypto influencer Ben Armstrong, who compared Cardano’s metrics with other blockchains like Solana and Toncoin, Hoskinson defended Cardano by highlighting its Ouroboros Leios upgrade as a solution to the blockchain trilemma of security, scalability, and decentralization. He praised Ouroboros Leios as a significant step forward in addressing these challenges and emphasized the network’s commitment to research and innovation, with 209 papers published and ongoing research translation efforts.
Hoskinson also discussed the upcoming Chang hard fork scheduled for Q2 2024 in the network’s Voltaire era. This hard fork is designed to introduce community governance, allowing ADA holders to participate in decision-making processes and further decentralizing the Cardano network. Hoskinson sees this as a crucial step towards full decentralization and empowering the community to shape the future of the network.
Overall, Hoskinson’s defense of Cardano emphasizes the network’s strength, reliability, and potential for scalability and innovation in the face of increasing competition in the crypto industry. By highlighting key upgrades like Ouroboros Leios and the upcoming Chang hard fork, as well as the network’s track record of uptime and commitment to research, Hoskinson aims to showcase Cardano’s capabilities and readiness to address challenges and drive sustainable growth in the ecosystem. He remains optimistic about Cardano’s future and its ability to navigate the evolving landscape of blockchain technology.
