Cardano’s founder Charles Hoskinson has hit out at critics poking holes into the network’s long-term future, citing its decentralization and innovative streaks as positives.

In a post on X (formerly Twitter), Hoskinson argues that Cardano has a viable blueprint for scaling transactions, giving it an edge over its contemporaries. While the enigmatic founder appears coy on the long-term plan, short-term plans for the network are well articulated.

Right out the bat, Hoskinson points to the incoming Chang hardfork touted as a solution to blockchain’s trilemma. Described as the biggest hardfork since the Vasil upgrade in 2022, Chang is expected to improve Cardano’s decentralization, allowing ADA holders to decide on the network’s direction.

“Seeing all the dunking on Cardano makes me smile a bit,” wrote Hoskinson. “We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.”

Hoskinson’s statement follows a scathing criticism by crypto influencer BitBoy, leading to the influencer describing Cardano as “dead”.

To strike home his point, Hoskinson argued that the cryptoverse is often plagued by “short-term narratives” and “carnival barkers” perpetuating FUD in the space. He drew similarities with artificial intelligence (AI) when OpenAI ran the show before new entrants waded in with their large language models (LLMs).

Hoskinson describes Cardano as having the resilience to survive waves of FUD thanks to its dedicated community and an impressive streak of over 2,300 days without any downtime.

“The winners have foundations that are built to last generations and a community that respects and maintains those foundations,” wrote Hoskinson. “There is no substitution for this reality.”

In his submission, Hoskinson notes that Cardano’s research labs have published over 200 papers while possessing an on-chain sovereign wealth fund that can reach a large demographic across the globe.

“I wouldn’t bet against an ecosystem with the ability to engage and unlock millions of people, has an onchain sovereign wealth fund, and has never failed in 2300+ days of uptime 24/7,” added Hoskinson.

ADA currently trades at $0.44 and a market capitalization of $15.8 billion places the cryptocurrency in 10th place.

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Filed under: Bitcoin - @ April 14, 2024 9:38 pm