Charles Hoskinson, the founder of Cardano, recently found himself a target of Twitter critics, as a tweet from a year ago emphasized that the predictions adopted by the network failed to meet the expectations of the community.
Slow rollout and slow adoption that critics focus on
Cardano is the fifth largest cryptocurrency by market value and self-proclaimed as the third-generation blockchain project. There are many followers and disseminators who believe in its very scientific blockchain technology development method. However, there is no shortage of critics on the Internet, and the Internet will never forget.
Charles Hoskinson, the creator of Cardano, announced his predictions for the network on Twitter, envisioning a wider range of dapps (decentralized applications) deployment and hundreds of assets running on the blockchain for nearly a year.
At this time next year, I predict that there will be hundreds of assets, thousands of DApps, a large number of interesting projects, and many unique uses and utilities running on Cardano. Looking at the growth and development of Cardano, 2021 will be very interesting.The community is definitely ready to innovate
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
Most of these predictions have not been realized.
The Twitter community quickly lashed out at this reality, one of which emphasized that there are no assets or dapps running on the network.
Ok so @IOHK_Charles This was predicted a year ago.
No assets $ADA, Forget about 1000 DApps instead of a single dapp $ADA, Only 1-2 projects are declared in progress $ADA@IOHK_Charles What happened to your forecast? What is the current forecast for the next year? https://t.co/qreMVlOX1i
— Undervalued cryptocurrency (@altcoin_bets) July 4, 2021
Instead, multiple projects announced plans for their final launch. In fact, since the smart contract function of the network is still being tested and is said to be launched when the Alonzo upgrade is completed in August, the criticism of dapps is valid to a certain extent.
Another poster quickly highlighted Cardano’s relatively small transaction volume relative to other networks such as Bitcoin and Ethereum, despite its valuation of tens of billions of dollars. In another excavation of Hoskinson, he compared the responses of Cardano community members to his tweets with the community responses defending IOTA in 2017, marking these respondents as ADA bots.
Interacting with ADAbots in 2021 is like interacting with the IOTA “community” in 2017
— Evan Van Ness (@evan_van_ness) June 30, 2021
John Rice, the editor-in-chief of Cointelegraph, sarcastically suggested that if the blockchain is really going to fulfill the ambitious predictions of network creators, the next few weeks will be busy.
It will be a busy 3 weeks. https://t.co/pEzBAEIfZ8
— Jon Rice (@JonRiceCrypto) July 6, 2021
The battle between ADA critics and the community
Although some Twitterati cited Hoskinson’s prediction as evidence that the network did not achieve its stated goals, others quickly pointed out the obvious: the original tweet from the founder of Cardano himself was marked as a “prediction.”
I mean, you said in your tweet that this is a prediction, not a promise. His prediction did not “happen,” Cardano provided or not.
— King Javier (@JavierWang_Defi) July 4, 2021
Community members and Hoskinson responded to the critics’ blitzkrieg, highlighting the network’s success in certain areas. But more important than the tit-for-tat Twitter battle is the actual situation of the blockchain itself.
There are thousands of assets on Cardano. It is estimated that you have not paid attention to the study, training, and writing of a large number of developers. Many launch applications.
— Charles Hoskinson (@IOHK_Charles) July 4, 2021
Yes, most dApps are hosted on Ethereum, and yes, it is responsible for a large number of token creations. However, the speed to market on the Internet does not necessarily lead to a bulletproof platform. In addition, there are currently no serious plans to deal with the governance component, and Cardano has embedded this element in its approach.
In addition, each stage of Cardano’s development has undergone a peer review process similar to the similar methods used in academia. This academic-like approach means that all new features are rigorously tested and verified before they are officially released, helping Cardano solve the shortcomings of the early blockchain from the beginning.
Another important reference point is that Cardano has adopted Proof of Stake since its launch, helping to minimize its power consumption relative to Ethereum. Although Cardano almost does not process 20,000 transactions per day, one of the reasons behind this reality is that more than 70% of the web-native ADA tokens are collateralized. In contrast, only more than 5% of all ethers in circulation are collateralized.
Opposing views are an important source of debate and ultimately innovation. It turns out that this conversation is no different, especially because Cardano may be getting closer and closer to realizing the potential reality Hoskinson proposed. Although his timing may be out of date, his prediction may still be foresight if there is more time. Only time and the market will tell us the answer.
Do you think the criticism of Charles Hoskinson and Cardano makes sense? Let us know in the comments section below.
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