Cardano is set to become the most important cryptocurrency


Cardano is set to become the most important cryptocurrency in the world. According to founder Charles Hoskinson, this wish is quite realistic. The blockchain is primarily based on one special property.

Cardano is set to become the most important cryptocurrency

Cardano is set to become the most important cryptocurrency of all, founder Charles Hoskinson recently explained at the Rare Evo conference in the US state of Colorado. This is only possible because Bitcoin and Ethereum have already given up on themselves.

Hoskinson sees Cardano as the basis “for institutions” that “cannot be malicious” thanks to the blockchain , even if they wanted to be. The American is alluding to Google’s former motto “Don’t Be Evil” . However, thanks to distributed ledger technology, you no longer have to rely on promises of this kind.

“Cardano leads the entire crypto industry in this aspect,” explains Hoskinson. “Bitcoin and Ethereum – the other two big ones – have retreated. They don’t want on-chain management.”

“In the case of Bitcoin, it is anarchy. You have to live with the decisions the founder made more than 13 years ago and pray that they are still relevant. The protocol cannot be changed.”

Ethereum founder [Vitalik Buterin] said: “On-chain governance is a stupid misconception. Something like that cannot be implemented.”

However, Hoskinson believes this approach is the wrong approach. Only the Ethereum Foundation is responsible for the development of Ethereum. Hoskinson, who helped develop Ethereum, believes this concept is disingenuous.

You have crowned yourself king for life. So why should this be better than the systems we want to replace with blockchain?

In addition, such a small group of people is not in a position to adequately represent the interests of hundreds of millions of users.

ADA’s flexibility as the key to success

According to Hoskinson, the management systems that Bitcoin and Ethereum use are simply too inflexible. The programmer believes that ADA’s special flexibility will be the key to its resounding success.

The only solution is an on-chain government. The only reason not to implement this idea is fear. Because they don’t know how. You have trust issues.

However, the criticism is understandable. Ultimately, it is difficult to create a functioning concept that empowers the blockchain to be managed by users. This puts the necessary stability at risk.

“The Cardano network has only been running thanks to you for over 2,100 days ,” the 35-year-old addressed the audience. At no point did the network crash. Even giants like Google, Amazon and Microsoft could not guarantee this kind of reliability.

The fear of decentralized management exists because critics think the disadvantages outweigh the disadvantages. I see that differently. If you just show people what they can do, they will create amazing things. That is our challenge. And that’s exactly why I believe Cardano will become the largest cryptocurrency in the world.

However, that is not all that Cardano can achieve. “It will end up being more than just a cryptocurrency. The network will be the backbone of a whole new society – a place where we can finally start to trust each other.”

What possibilities does the blockchain have?

Instead of just serving as a home for money, a blockchain like Cardano could also be used to process political elections. Digital identities, as many people are familiar with from social networks, could also be stored on the blockchain.

However, the management structure outlined by Hoskinson has not yet been implemented on Cardano either. The blockchain is currently in the “Basho” era. This is the fourth of five development stages.

Only in the last section called “Voltaire” will the decentralized administration start and the blockchain be put completely into the hands of the users.

There is still a long way to go until then. At the end of Basho, Cardano is expected to be able to process millions of transactions per second. The current high is around 250 TPS. However, the actual throughput is only one transaction per second.

Measured by market capitalization, Cardano is the seventh largest cryptocurrency at the time of going to press.

Leave a Reply

Your email address will not be published. Required fields are marked *