Charles Hoskinson Makes Cardano (ADA) Prediction, Says Ecosystem Will Become Network of Blockchains
Cardano (ADA) creator Charles Hoskinson is making a long-term prediction for the future of the Ethereum (ETH) rival’s ecosystem. In a new video update, Hoskinson says that he thinks criticisms of proof-of-stake blockchains like Cardano are often inaccurate, especially...
Cardano (ADA) creator Charles Hoskinson is making a long-term prediction for the future of the Ethereum (ETH) rival’s ecosystem.
In a new video update, Hoskinson says that he thinks criticisms of proof-of-stake blockchains like Cardano are often inaccurate, especially ones that claim proof-of-stake chains are less accessible to the average person than proof-of-work.
Hoskinson says that anyone can buy a small computer such as the Beelink GTR5 and be a Cardano stake pool operator (SPO), or someone that runs a node that keeps the stake pool running.
“This is one of the big differences to me, between Bitcoin mining and proof-of-work and proof-of-stake. When you see all these people in the Bitcoin world say ‘well proof of stake is just a replication of central banking.’ Okay, so I can go to Amazon and buy an $800 computer, read some tutorials and manuals, and then boom, I’m participating in this system, and that’s a replication of the world banking system? I don’t think you really understand how the world banking system works.
It’s a lot more expensive to be a Bitcoin miner and be competitive in that respect and actually make a profit and do things there. You can certainly buy miners but ASICs are expensive and the odds are the vast majority of people that do well in that business are vertically integrated and spend hundreds of millions of dollars.
Here, a thousand bucks and you’re in the game, and you’re in the game well. Just make sure you have a high-speed internet connection, that’s pretty much it. And it’s going to grow, and get better.
So it is pretty cool in that respect and it really does get me excited to see where this future goes and what this future can do.”
Partially because of its accessibility to the masses, Hoskinson predicts that eventually, Cardano will evolve into a large ecosystem of blockchains and sidechains running in parallel with each other.
“Cardano will eventually be a network of blockchains so it’s not just going to be Cardano, but when you think about the sidechain side of things, there’s potentially going to be dozens, potentially hundreds of sidechains running in parallel all tuned to pacific things. So it’s like ‘The Borg’ going around and absorbing technology, every sidechain is a blockchain and blockchain partnership. This type of hardware can run all of that, and this type of ecosystem can run all of that. It’s so cool and it’s just the fruits of our labors.”
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