Cardano Founder Gives PAB Update and Addresses FUD 

CEO of Input Output Global and Founder of Cardano Blockchain network, Charles Hoskinson, has given a news update concerning the planned Cardano upgrade and the ongoing “pan-African tour”. There has been much concern about the planned Plutus Application Backend (PAB) upgrade and what it would mean for the ecosystem. Hoskinson has now come out to address the FUD surrounding upcoming projects and events in an attempt to clear the air and to put things right.

Hoskinson, who is currently in Africa for the tour, went live to give a short update of projects to the Cardano community. He talked about the ongoing African Tour and the activities that the team has engaged in. He then took some time to address the FUD surrounding the planned PAB upgrade slated for November. Cardano’s ADA community on Twitter has seen a huge volume of FUD in recent days after Cardano announced an upgrade that would be done in November. The community has seen various reactions with the majority supporting the move.

Speaking during the weekend at an event in Cape Town, Hoskinson said that the Cardano team would visit other countries after its tour in South Africa. These are Burundi, Zanzibar, Kenya, and Ethiopia. The final stop would be Egypt, where the team would engage with investors and partners. Hoskinson also revealed that there are countless meetings, among which are meetings with three Heads of State.

Cardano PAB FUD

As part of a project to make Cardano scalable, the Network will undergo an upgrade that will deploy PAB so that developers can build smart contracts on the network. A recent Twitter post bred anxiety about the upgrade. It quickly caught fire and spread among the ADA community, prompting a response from the founder.

Hoskinson said that he has seen the great FUD around the project and that the community should know that the upgrade is totally safe, secure, and designed to increase Cardano’s use. Hoskinson said that Cardano developers are constantly working to provide more commercial products on the network. He said that the ADA community should expect more technologies to be added over the next 9 months.

At the same event held in Cape Town, Hoskinson commented on the US Treasury’s stance on cryptocurrencies. He said that the US government was trying to “kill” the industry despite the immense benefits that it holds for the nation. And while he acknowledged that there is still work to be done to make the industry safer, he believes that the government should also be thinking of how to make the industry grow, given its huge volume.

Hoskinson mentioned that a $2 trillion industry should have the government’s support and not face policies that stifle it. Cardano’s ADA. with over $70 billion market cap., is ranked as the fourth-largest cryptocurrency in the world. ADA trades at $2.126 as of press time.  ADA has performed over 2000% in bullish moves this year alone. The upgrade to PAB will possibly increase the price when more applications are deployed.