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Cardano Founder Wants to Fix DeFi Sector

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Mon, 27/12/2021 - 20:44
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Cardano Founder Wants to Fix DeFi Sector
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Charles Hoskinson, CEO of Cardano developer Input Output, spoke about the pitfalls of decentralized finance during a YouTube livestream from his home in the state of Colorado, claiming that many users are incredibly tired of the low production quality of applications within the DeFi ecosystem.



He adds that losses from scams and hacks, which took place mostly in the Ethereum space, surpassed $10.5 billion dollars in 2021.

The Input Output boss says that many projects in the crypto space rely on “a hope and a prayer” instead of rigorous engineering. Hence, he is convinced that many projects will not stand the test of time.     

It’s very hard to do this kind of engineering, and it’s very hard to do this kind of engineering right and with an eye in foresight for the future.       

Developing standards for DeFi

The crypto billionaire says that Cardano will be able to fix this by creating a specific set of standards for DeFi in order to weed out poor-quality applications.

The Ouroboros family of consensus protocols will make sure that Cardano will stick around for decades, according to Hoskinson.

The Cardano founder says that he’s tired of “tribalism” and “maximalism,” encouraging cooperation within the crypto space.

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Ensuring scalability  

Speeding up transactions on Cardano will be possible with the help of Hydra, a scaling solution named after a mythological monster, and sidechains. Hoskinson expects billions of users to become part of the ecosystem within the following decades.

Hoskinson says that a record number of developers are working on Cardano’s core infrastructure as well as its DeFi ecosystem.

Earlier this year, Cardano came under fire after a decentralized exchange failed to perform transactions due to the concurrency issue that Hoskinson claims is "completely" made-up. 

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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