Crypto

VCs Are Oblivious to the Fact That Cardano Has a Community: Charles Hoskinson

Cardano $ADA Cryptocurrency Price Update

Hoskinson also stressed the importance of changing Silicon Valley’s “bizarre motto of move quickly and break things” in Cryptocurrency, which led to $10.5 billion in losses in the decentralized finance (DeFi) market in 2021.

Charles Hoskinson talks about the rapid growth of the Cardano (ADA) ecosystem in a recent YouTube video, as well as the concerns made by other members of the crypto community during the past year.

“We live in a world where arbitrary groups of people get to be fact-checkers and decide what’s valid,” Hoskinson said in response to the government’s attitude toward cryptocurrencies. He pointed out that the US dollar and other fiat currencies are used in the great majority of financial crimes.

According to Hoskinson, the crypto ecosystem’s growth last year may be slower than in 2022:

“It’s difficult to argue with a $2.5 trillion industry and predict where it’ll go.” I believe we will just accept as an industry the repercussions of being so large so quickly, for better or worse.”

He also stressed the importance of changing Silicon Valley’s “bizarre motto of move fast and smash things” in crypto, which led to $10.5 billion in losses in the decentralized finance (DeFi) market in 2021. Hoskinson emphasized Cardano’s deliberate and slow approach, saying:

“That’s why venture capitalists don’t even realize Cardano has a community.” They believe I’m the only one with a microphone.”

Cardano will gradually transition into a permanent open source project, according to Hoskinson, who compared it to the Linux operating system. He intends to move away from a hierarchical system and toward open-source DApps created by Cardano community members:

“They [the developers] should also promise to contribute to the Cardano protocol with at least one of their developers.”

In the long run, Hoskinson believes that this “modest resource commitment” will speed up the fulfillment of the Cardano roadmap. “We’re number one for GitHub commits,” he said, addressing YouTubers, podcasters, and VCs who have questioned Cardano’s growth.

“If you’re an expert and you’re going to remark on the quality of our comments, tell us which ones are incorrect, which ones are meaningless, and which portions of the roadmap we’re drastically failing at.”

Hoskinson discussed DeFi’s potential as well as Cardano’s minor role in the industry in another live YouTube discussion.

Developers and artists, he believes, need to create a more long-term vision:

“It’s quite difficult to accomplish this kind of engineering correctly and with foresight for the future.” Many of the efforts in this space will, unfortunately, fail to stand the test of time. It’s a given that mass extinction will occur in the next five to ten years.”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.