Cardano Co-founder Hoskinson Stays Optimistic Amid Criticism, Anticipates Major Upgrades
Summary:
Despite facing criticism, Cardano's co-founder Charles Hoskinson remains optimistic about the platform's future, citing upcoming major upgrades like the Chang hard fork and Ouroboros Leios. The Chang update, slated for later this year, will introduce community-run governance. Meanwhile, the Ouroboros Leios aims to improve throughput, scalability, and transaction speed while maintaining current decentralization levels. Hoskinson's comments come in response to recent skepticism, including claims that the platform is not performing as well as other cryptocurrencies. However, he criticizes the crypto industry's focus on short-term narratives. ADA's price has been lackluster this year, with a 10% drop in the past week.
Charles Hoskinson, the co-founder of Cardano, remains optimistic about future developments in the Cardano network, despite current criticism towards its ecosystem and native token. Hoskinson, in a post on April 7, rebutted recent skepticism, highlighting the potent strengths of Cardano, including its scalability, governance, and innovation capabilities, along with its strong community support.
This optimism largely comes in anticipation of the forthcoming Chang hard fork, projected to take place in the second quarter of this year, which is viewed as one of the most substantial network updates since the Vasil upgrade in 2022. Chang, marking the commencement of the Voltaire era in Cardano's development roadmap, is designed to enable community-led governance on the blockchain, by facilitating community consensus and letting ADA holders use their tokens to vote on proposed changes, thus resulting in significant decentralization.
The Chang implementation, which will be measured through advances on SanchoNet, will also lead to the establishment of Delegate Representatives (DReps), a Cardano Constitution Convention event, and a community vote for the first draft of the Cardano Constitution within the year.
Moreover, Hoskinson mentions the Ouroboros Leios, a new version of the proof-of-stake consensus model, which aims to enhance Cardano's throughput, scalability, and transaction speed while sustaining its present degree of decentralization.
Hoskinson's remarks were in reaction to a video by Ben Armstrong, also known as "BitBoy," who questioned Cardano's viability compared to cryptocurrencies like Solana (SOL), Sui (SUI), and Toncoin (TON). However, Hoskinson stressed the defective focus of the crypto industry on short-term narratives, comparing the situation to similar challenges in the AI industry.
Crypto Capital Venture founder and Cardano supporter Dan Gambardello theorized that the FUD (Fear, Uncertainty, and Doubt) surrounding Cardano might be due to the ADA price not rising above $1.
As of now, ADA's performance this year has been dismal, with the coin valued at $0.584, a 10% drop over the past week, and a significant 81% slip from its all-time high of $3.09 in September 2021.
Published At
4/8/2024 7:23:51 AM
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