Cardano to be Bigger than Bitcoin and Ethereum? Hoskinson Reveals Why ADA is Primed to Explode
Speaking during an event at the end of August, Charles Hoskinson, the founder of the popular blockchain Cardano, gave some insight into the future of the network. The foundational speech, titled ‘The Future of Cardano Governance in the Age of Voltaire,’ was delivered at the opening of Rare Evo, a prominent blockchain and crypto conference in Denver, Colorado.
Hoskinson highlighted the importance of Cardano as a leader in the blockchain space, saying that “the other two big guys, Ethereum and Bitcoin, have recused themselves”. He emphasized that both Bitcoin and Ethereum refused to have on-chain governance. He mentioned that in the case of Bitcoin, this anarchy meant that people had to rely on everything the initial founder did.
This makes changes to the original infrastructure impossible, and any changes imposed on the blockchain result in a fork, rendering the forked network useless for purists. It also implies relying on the original developer to get all aspects right on the first try, an almost unattainable feat.
The fundamental idea behind the blockchain is to establish a system that functions without the need for trust among participants. However, as per Hoskinson, Ethereum doesn’t even attempt to incorporate on-chain governance. This absence of governance efforts permits the platform’s founder to uphold an enduring dominant position without checks.
Cardano Aims to Change the Way We Live
Unlike Ethereum, for example, Cardano’s endgame is to achieve full decentralization and to operate through user consensus and voting rather than being controlled by a single party. He acknowledged that this idea might seem intimidating to some but emphasized its necessity to drive positive change and move away from the traditional top-down hierarchy. He admitted that “it takes [power] away from people,” which is why many shy away from true decentralization.
Cardano’s stability record stands out, with zero downtime since its launch in 2017, spanning almost 6 years. This accomplishment can be attributed to its engaged community, which has established nearly 3,200 stake pools and is currently staking around 23 billion ADA. These efforts contribute to both decentralization and the blockchain’s security. In contrast, certain other blockchains, including Solana, have faced network outages, and even tech giants like Amazon and Google have experienced downtime.
The co-founder of Ethereum highlights that Cardano’s strength comes from its decentralized nature, emphasizing his belief that the blockchain will encompass a purpose beyond mere monetary functions.
He envisions Cardano to be the “biggest cryptocurrency in the world,” adding, “I think it’s going to become more than a cryptocurrency; I think it’s going to become the backbone of a new digital nation, a new society, a place where we can finally trust each other again.”
Cardano would be a platform encompassing voting, money, and ‘every dimension and aspect’ of our digital lives.
Though technical challenges are still being worked on, Hoskinson says these can be overcome, as the true challenge lies within the social changes to leverage Cardano to make the world more equitable and fairer for all. While Hoskinson has a bold vision for Cardano, the transition to a fully decentralized governance will make or break the whole ecosystem.
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