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Cardano Creator Offers Algorand Sidechain Role, Community Reaction Epic

Thu, 07/13/2023 - 10:00
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Gamza Khanzadaev
Algorand offered as Cardano sidechain by Charles Hoskinson, community hits back
Cardano Creator Offers Algorand Sidechain Role, Community Reaction Epic
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In a surprising move, Charles Hoskinson, the founder of Cardano, has proposed Algorand as a potential sidechain. This announcement has sparked a whirlwind of reactions from supporters and critics of both blockchain projects.

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Notably, this is not the first time Hoskinson has made such a proposal. Previously, he suggested a similar arrangement with Solana. However, his attention has now turned toward Algorand, leading to a wave of speculation about the potential benefits and implications of this proposal.

It came as a reply to a speech delivered by John Woods, the chief technology officer of Algorand. During his address, Woods detailed the future plans of Algorand, specifically focusing on developments related to the ALGO native token staking. The crux of his proposal involves shifting the purpose of token staking from governance to incentivizing network participants.

In response to Woods' speech, Hoskinson expressed his thoughts on the matter, stating that it might be prudent for Algorand to consider becoming a sidechain of Cardano and that he is "always here to help." These words have generated a significant division of opinion within the crypto community.

Opinions divided

Supporters of Cardano have eagerly embraced Hoskinson's proposal, emphasizing the potential benefits that a merger of the two chains could offer. They argue that such a collaboration could create a stronger and more interconnected blockchain ecosystem. However, there are others who perceive a dismissive tone in Hoskinson's statement, finding it offensive and controversial.

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Currently, Cardano and Algorand boast locked volume values of $167.2 million and $39.2 million, respectively. According to DefiLlama, Cardano holds 16th place among all blockchains, while Algorand ranks 34th.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.