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Charles Hoskinson Highlights Cardano’s Ecosystem Growth

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Sun, 08/29/2021 - 11:14
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Alex Dovbnya
Cardano’s ecosystem growth can be largely attributed to the non-fungible token craze
Charles Hoskinson Highlights Cardano’s Ecosystem Growth
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IOG CEO Charles Hoskinson has taken to Twitter to show off the growth of the Cardano ecosystem over the past three months.

The proof-of-stake blockchain has made the most impressive progress in the realm of non-fungible tokens.

NFTs launched on the Cardano mainnet for the first time as “CardanoKidz” in March.     

During a recent appearance on the Hashoshi podcast, Patrick Tobler, founder of NFT-maker, said that minting NFTs on Ethereum is “unfeasible” at the moment due to high costs associated with the process:

It is the complete opposite of what you want from a decentralized open ecosystem.

In the meantime, Cardano allows people to mint large NFT collections that cover a wide selection of genres.

Challenging Ethereum

The list of Cardano’s applications, of course, pales in comparison to that of rival Ethereum, which already has such killer apps as Uniswap.   

The largest proof-of-stake blockchain is yet to roll out smart contracts, which is holding up the growth of the ecosystem.

Related
Cardano Enters Final Stage of Smart Contract Rollout


However, as reported by U.Today, this is expected to change on Sept. 12, the day of the Alonzo hard fork combinator event.

Hoskinson recently dismissed the importance of network effects, claiming that IOG’s focus on rigorous peer review process shouldn’t be “controversial.”

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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.