Charles Hoskinson Addresses Major Problem Facing Cardano

During his recent ask-me-anything session, IOHK boss Charles Hoskinson has touched upon one of the biggest problems facing Cardano: the network effects.

Hoskinson has defended the team’s focus on deep academic rigor, which involves the “not-so-sexy” peer review process, instead of trying to develop “first-to-market” products:

This should be not controversial at all. This should be something that we all agree is probably a good idea given the complexity of the underlying protocol.    

Hoskinson pointed to the recent Poly Network hack to illustrate why rushing things is not the best decision:  

When you screw up, other people lose $600 million.

The pond is too small for big fish 

The project’s critics often point to the fact that the largest proof-of-stake blockchain will fail to gain traction because competing blockchains of the likes of Ethereum have already reached a high level of adoption.

Prior to that, Hoskinson opined that the smart contract industry was still “a very small pond” to make premature conclusions about the dominance of a certain project:

They say ‘we’re the dominant platform’. Yes, you’re the dominant platform. It’s like saying you’re the biggest fish in a very tiny pond next to the ocean. No one has won. We’re all fighting right now in a small pond.   

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Transcending NFTs and Dogecoin

Hoskinson is apparently not happy about non-fungible tokens and Dogecoin taking over the cryptocurrency discourse.

During the AMA, he complained about parodies and memes dominating the industry, expressing his desire to “transcend” all of this:

When we transcend all of that and we return to the entire point of where it began…