In addressing ongoing challenges in the crypto and blockchain industry, Hoskinson reiterated that the problem lies in allowing short-term narratives and carnival barkers to dominate the conversation.
As the new week begins, ADA, the native cryptocurrency of Cardano has been brought to the spotlight as the network’s founder, Charles Hoskinson addresses critics during the weekend.
Cardano Founder Recounts Protocol’s Progress
Taking to the X platform, Hoskinson outlined some of the progress Cardono has made in recent times. “We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community,” stated Hoskinson.
The founder’s statement responds to criticism from individuals such as Ben Armstrong who claimed that “ADA is dead”. Stake With Pride hinted that Ben dumped his “mismanaged” ADA staked pool before making this comment. Accordingly, Hoskinson sought to dispel misunderstandings regarding the network.
Seeing all the dunking on Cardano makes me smile a bit. We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.
Chang is coming soon as measured by progress on SanchoNet. Ouroboros Leios is… pic.twitter.com/11RTXaDrZU
— Charles Hoskinson (@IOHK_Charles) April 7, 2024
To back his assertions on Cardano’s path to scalability, Hoskinson highlightув that “Chang” is anticipated soon on the network as measured by progress in SanchoNet. Notably, SanchoNet is the testnet for rolling out groundbreaking governance features for the Cardano blockchain, aligning with the comprehensive CIP-1694 proposal specifications.
SanchoNet focuses on building and testing the technical components and processes required to implement Cardano governance inside CIP-1694. It updates and engages the Cardano community about Voltaire’s on-chain governance operations that are currently occurring.
With an eye on altering the Cardano blockchain trajectory, the protocol scheduled the release of the Plutus V3 development tool and the Chang hardfork for the first quarter of this year.
The Chang Hardfork is more than just an update but represents a turning point in ADA’s development of full community governance. On the other hand, the Plutus V3 development hopes to increase the demand for ADA and improve performance on the Proof-of-Stake (PoS) network.
Hoskinson added that Cardano’s research labs are scaling up with 209 papers at the moment with considerably faster research translation. “I wouldn’t bet against an ecosystem with the ability to engage and unlock millions of people, has an on-chain sovereign wealth fund, and has never failed in 2300+ days of uptime 24/7,” Hoskinson emphasized.
Addressing Ongoing Industry Challenges
In addressing ongoing challenges in the crypto and blockchain industry, Hoskinson reiterated that the problem lies in allowing short-term narratives and carnival barkers to dominate the conversation.
According to him, the same problem exists with Artificial Intelligence (AI) technology. He noted that only a few months prior, Open AI dominated everything, shortly after, Claude 3 emerged, Grok 1.5 followed, and now Llama 3.
Surprisingly, the Cardano network, which has been improving its performance in a bid to match up with other layer-one ecosystems like Solana (SOL) and Ethereum (ETH) recently encountered some challenges with Grayscale Investments.
Last week, Grayscale announced that it had dropped ADA from its Grayscale Digital Large Cup Fund. The ADA community was not pleased with Cardano’s exclusion from Grayscale’s GDLC. Despite this challenge and recent criticism of Cardano’s network, ADA has shown remarkable resilience, trading at $0.601, representing a 2.1% increase in the past 24 hours.
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