High-profile feuds are nothing new to Charles Hoskinson, Cardano founder and Input-Output CEO. After his 2020 prediction that “hundreds of assets will be running on Cardano” within a year didn’t materialize, Hoskinson faced backlash from Twitter users. Since then, he’s found himself at odds with the Ethereum developers over their disregard for Ouroboros, Cardano’s secure proof-of-stake protocol.
Despite the criticisms, Hoskinson stands his ground. Cardano’s research-based approach, which the community often criticizes for being slow and steady, in contrast to the fast-paced “break things” mindset of other projects, is seen by the Cardano founder as an advantage. In a recent post shared on StakeWithPride, Hoskinson pointed out that Cardano’s methodology is free from issues like reboots, DAO hacks, and inflation bugs, that often plague more hasty projects.
Decentralization is a key area where Cardano shines brighter than many of its rivals, as proven by its high Nakamoto coefficient. Cardano is still a work-in-progress; it’s currently in its Basho phase focusing on scalability and resource utilization. In its final phase, Voltaire, Cardano will aim to become a fully-decentralized ecosystem governed by its ADA holders.
The security and effectiveness of Cardano can be attributed to the sizable amount of ADA at stake. This, combined with its perfect up-time track record since the network’s 2017 launch, makes Cardano one of the safest and most stable blockchain ecosystems. Over 130 blockchain projects launch each week, showcasing Cardano’s continued growth despite the criticisms.
As the race for decentralization heats up, Hoskinson is confident that Cardano will take the lead. He commented in May 2023, “I believe we will be significantly more decentralized than all cryptocurrencies on the market.” As for ADA’s current price, despite a 5% weekly dip, ADA trades at $0.26 with a market value of $9.08 billion. Even with this recent downturn, Cardano is only one spot away from top ten cryptocurrencies, tailing Dogecoin.