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Charles Hoskinson Addresses Major Problem Facing Cardano

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Sun, 08/22/2021 - 12:45
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Alex Dovbnya
Cardano’s creator wants to transcend the NFT craze and the Dogecoin mania
Charles Hoskinson Addresses Major Problem Facing Cardano
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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…

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.