Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto
August 01 2024 - 8:00AM
NEWSBTC
In an interview with the hosts of “Altcoin Daily,” a popular
cryptocurrency-focused YouTube channel, Charles Hoskinson, the
founder of Cardano, made bold assertions about the future of
Cardano in relation to Bitcoin. Addressing nearly 1.5 million
subscribers, Hoskinson laid out a vision for Cardano that he
believes will not only compete with but eventually surpass Bitcoin
as the world’s leading cryptocurrency. Why Hoskinson Believes
Cardano Will Flip Bitcoin Hoskinson’s argument hinges on the unique
attributes of the Cardano ecosystem, which he claims will drive its
growth to surpass Bitcoin. He outlined a comprehensive strategy
that leverages global adoption and technological superiority to
position Cardano at the forefront of the crypto space. “If we can
do what I’m saying, there’s no way to beat Cardano,” Hoskinson
claimed, adding, “At the end of the day, it has lived up to what
Satoshi started.” Related Reading: Institutional Investors Show
Interest In Cardano, Triggering 300% Surge He drew attention to the
global efforts underway to integrate Cardano into various economic
and political systems. These efforts, according to Hoskinson, are
not isolated but part of a coordinated push to establish Cardano’s
utility across continents. “Some people are in Argentina right now
and they’re fighting like hell to get the Argentine government to
adopt some things. Some people are in Ghana right now fighting like
hell to get the Ghana government to do things,” he elaborated.
Elaborating on the dynamics to build a system of global size,
Hoskinson claimed: “So if you build a growth engine that doesn’t
lose its people and it’s always adding people and you build a
growth engine where you can absorb all the technology of your
competitors at some point, you just outgrow and then you wake up
and it’s a multi-trillion dollar ecosystem with trillions of
dollars of value moving around around every single day.” Related
Reading: Cardano Among Alts Likely To See Price Boosts, Santiment
Says Central to Cardano’s strategy is the empowerment of a
decentralized community that actively contributes to the platform’s
development. Hoskinson detailed the operational dynamics within the
Cardano ecosystem, noting the presence of over 300 decentralized
applications (dApps) that are not only live but thriving. “Every
one of them has a team and a CEO and all kinds of people, and
they’re fighting like hell to get their stuff growing,” he
emphasized. Bitcoin = MySpace? The Cardano founder stressed the
importance of designing systems that bring communities together to
take collective action towards common goals. This community-centric
approach, he argued, is what will ultimately enable Cardano to
“flip” Bitcoin. He asserted that Bitcoin’s current value
proposition mirrors that of legacy technologies like Yahoo and
Myspace, which dominated their markets until they were disrupted by
more adaptable and innovative competitors. “Bitcoin stalled. The
only value proposition it has is it’s big and successful, that’s
it. It’s not some new technology, it’s not some new capability,
it’s not the fact that it’s super easy to use it to go and do
something interesting. It’s big and successful, that’s what Yahoo’s
value proposition was. […] That’s what Myspace’s value proposition
was. Network effects don’t mean anything in technology,” Hoskinson
said. The Cardano founder also discussed the upcoming release of
Midnight, a new development in the Cardano network, which he
believes will catalyze the addition of hundreds of partner chains.
“There’s people wanting to be partner chains and once Midnight is
out and if it’s successful, there’ll be hundreds of partner chains
coming and people are building and launching,” according to
Hoskinson. In conclusion, Hoskinson reiterated his belief in the
foundational principles of decentralization, first principles
thinking, and the creation of an incentivized, integrity-preserving
system. These elements, he asserted, are essential for building a
technological infrastructure that can serve as the voting, payment,
and identity systems for countries worldwide. “The only way is
embracing decentralization, first principles thinking, preserving
the Integrity of your system and creating the right incentives for
millions of people who don’t know each other to come and use that
technology in the right way and also the ability to absorb new
ideas.” At press time, ADA price stood at $0.3855. Featured image
from YouTube / Charles Hoskinson, chart from TradingView.com
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