Cardano’s Future Revealed: Founder Would “Love To Be The Taylor Swift Of Blockchain”
13 Februar 2024 - 3:00AM
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Charles Hoskinson, co-founder of Cardano, joined Discovery Crypto
to discuss his thoughts about the state of the crypto space, what
current developments in the industry suggest, and the network’s
future as the “Taylor Swift of Blockchains.” Related Reading:
Top-Trader Picks Cardano As Bull Market Leader: Here’s Why
Cardano’s Big Reputation The recent interview sparked a discussion
about Cardano’s relationship with crypto exchanges like Gemini and
other figures in the crypto industry, as the interviewers suggested
there appears to be a “coordinated effort to minimize Cardano’s
impact.” During this discussion, Charles Hoskinson noted that most
players in the crypto space seem to “fear” Cardano for “doing
everything right” since the beginning. Hoskinson listed factors
like liquid staking and its growth without Venture Capital (VC)
funding as crucial elements that make Cardano “pretty scary.” When
asked why stablecoins like USDC are not on the Cardano blockchain,
it was highlighted that the reason is neither economical nor
technical. Instead, the conversation indicates a seeming “lack of a
strong desire to engage” with the blockchain and its projects.
Following the discussion, Hoskinson expressed his thoughts and
concerns on asset-backed stablecoins, affirming that he doesn’t
like them and they “are not crypto” despite 80-90% of the real
money velocity and value transactions that happen on-chain being
done through them. The Cardano founder considers the highly
centralized state of asset-backed stablecoins as a concerning
matter, as they grant control over the crypto space to a few
entities: At the end of the day, they’re controlled by centralized
entities, and the problem when you look at asset-backed stablecoins
connect them to CEXs, centralized exchanges, they have gargantuan
and enormous control and now we have a new actor, ETFs, and a huge
amount of control over crypto. So, 10 companies now basically
control the cryptocurrency space. Hoskinson’s View Of The Crypto
Industry’s Future The current developments of the crypto space are
also a matter of concern for Cardano’s founder, with the recent
tendencies and developments leaning towards a “road opposite of the
original mission for cryptocurrencies: financial freedom. To
Hoskinson, the crypto market is handing “soft power” to a handful
of regulated entities that control the value and volume of the
crypto industry instead of aiming to take down “banks and legacy
financial systems.” Cardano’s founder considers asset-backed
stablecoins inevitable and highlighted that Cardano “is not looped
into that, but eventually it will happen.” However, he believed
addressing his concerns was necessary as they weren’t “compatible
with the long-term cryptocurrencies being decentralized” and would
generally affect the industry. To address this concern, Cardano’s
team has extensively researched algorithmic stablecoins, as
Hoskinson considers them a potential solution more suitable for the
crypto industry. Lastly, Cardano’s founder closed the interview by
comparing American Singer Taylor Swift and the crypto industry,
jokingly suggesting that compared to the 14th Grammy winner, nobody
knows who Charles Hoskinson is. However, the interviewer pointed
out that, like Swift, Cardano could follow a similar trajectory and
grow from a smaller and niche artist to a globally recognized and
mainstream figure with a significant impact on the world. Hoskinson
replied that he “would love to be the Taylor Swift of Blockchain.”
Related Reading: Cardano Bulls Come Out To Play: Buy Orders
Dominate As ADA Price Soars ADA is trading at $0.5419 in the hourly
chart. Source: ADAUSDT on Tradingview.com Featured image from
Unsplash.com, Chart from Tradingview.com
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