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Zycrypto

01/04/2024

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Charles Hoskinson Emphasizes Cardano’s Success Is Community-Driven Amidst Criticism

In the face of growing criticism surrounding Cardano, Charles Hoskinson, the network’s co-founder, has taken to social media to address concerns over the network’s alleged block congestion, emphasizing...

Charles Hoskinson Emphasizes Cardano’s Success Is Community-Driven Amidst Criticism

In the face of growing criticism surrounding Cardano, Charles Hoskinson, the network’s co-founder, has taken to social media to address concerns over the network’s alleged block congestion, emphasizing Cardano’s scalability potential.

Over the years, Cardano has faced its fair share of skepticism and detractors. As highlighted by Hoskinson, critics had long labelled Cardano as a “ghostchain” with “no use and utility.” However, a recent shift in narrative has seen new concerns emerging about Cardano’s blocks being congested. In response to these concerns, Hoskinson took to X on Tuesday, tweeting, “I can’t help but watch with glee all the concerns floating around about Cardano’s blocks being too full…suddenly we are too busy.”

He further noted the irony in the sudden change of sentiment towards Cardano, from the so-called “Ghost chain” or Cardano’s “no use and utility” narrative to the current claims of Cardano’s inability to perform effectively due to overloaded blocks. Notably, the introduction of decentralized exchanges such as SundaeSwap, Minswap, and diverse NFT marketplaces have played a pivotal role in substantially increasing Cardano’s transaction count. This influx of transactions has, in turn, significantly contributed to the network’s heightened activity and load.

Hoskinson, however, emphasized that Cardano is designed to operate efficiently under such loads, and there is significant design space for optimizing the network and decentralized applications (DApps) for both short and long-term scalability. Hoskinson even attached a link to a recent YouTube video where he delves into the enhancements of Cardano through upgrades such as Mithril, Hydra, and several others, emphasizing that these upgrades have significantly enhanced various aspects of the Cardano blockchain.

Hoskinson further noted that the network had accomplished most of its success through authentic community growth and engagement, reminiscent of Bitcoin’s trajectory without the reliance on venture capitalists, crypto media, or influencers.   

Hoskinson’s optimism about Cardano’s trajectory is supported by recent achievements, including surpassing Bitcoin and Ethereum in terms of on-chain transaction volume. According to a report by onchain analytics firm Messari, on December 13, Cardano recorded a transaction volume of $23.56 billion, with Bitcoin coming in second at $13.09 billion and Ethereum at $5.06 billion.

That said, Hoskinson’s remarks come at a time when Cardano is often criticized within the Web3 community. In early August, the crypto mogul addressed assertions branding Cardano as a ghost chain and presented compelling evidence to debunk the unfounded narrative.

That said, despite the criticism in recent months, Cardano’s price continued to show strength and has experienced a 2.85% increase in the past 24 hours to reach $0.57.

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