- Cardano’s Charles Hoskinson makes a bold prediction as he expects his project to overtake Bitcoin and Ethereum.
- According to Hoskinson, the static design of Bitcoin and the lack of on-chain governance for Ethereum could be a problem in the future.
In light of recent developments, Cardano (ADA) is one of the most active crypto projects in the ecosystem with plans and visions attracting millions of users into its network. In a recent interview, the project’s co-founder Charles Hoskinson reiterated his strong belief in Cardano.
Speaking at the Rare Evo 2023 event in Denver, Hoskinson stated emphatically that he strongly feels that his project would lead the entire crypto space. According to him, Cardano has higher scalability and interoperability, putting it in a better position to overtake Bitcoin (BTC) and Ethereum (ETH) in no time.
This could, however, be a mountain to climb as Cardano currently sits at the 7th position of the largest cryptos in the world with a market cap of $9 billion. Bitcoin and Ethereum, on the other hand, sit at the first and the second positions with market caps of $504 billion and $197 billion respectively. Interestingly, this does not scare the Cardano co-founder at all.
According to Hoskinson, their wild card is to consider inclusiveness and give people a chance.
People are scared of decentralized governance because they view it as something that takes away, but I’ve never believed that… I think if you give people a chance to rise and show you who they are, and what they can do, they will do amazing things, so that’s our challenge and that is why Cardano, I feel, is probably going to become the biggest cryptocurrency in the world.
Hoskinson admits that leading the crypto world requires them to sail through these series of regulatory and technical challenges successfully. From its previous developments, Cardano keeps making headways with some key implementations.
Co-founder of Cardano Speaks on Smart Contracts
In 2021, Cardano launched its smart contract after announcing the completion of the Alonzo Hard Fork. Part of the plan was to compete with the dominance of Ethereum in accommodating Decentralized Finance (DeFi) and Web 3.0 applications. Before then, the project was subjected to heavy criticism for its inability to provide smart contract functionalities.
At the Rare Evo 2023 event, Hoskinson stated that the potential of the Cardano smart contract could supersede that of crypto, and could displace some societal infrastructures that are considered out-of-date.
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 begin to trust each other again… A place where we do our voting, a place where our money lives, a place where our digital life lives and every dimension and aspect of it because we deserve that.
His prediction is based on how the ever-changing Cardano network could fit into the future demand compared to the static design of Bitcoin. The leadership of Ethereum has, on multiple occasions, dismissed on-chain governance as unachievable. Interestingly, Hoskinson disagrees. According to him, the crypto platforms mostly attract hundreds of millions of users as they mature. In this case, the lack of on-chain governance could be a huge liability.
As of press time, ADA was trading at $0.260394 and has fallen by 3 percent in the last seven days.
