In an interview with the hosts of “Altcoin Day by day,” a preferred cryptocurrency-focused YouTube channel, Charles Hoskinson, the founding father of Cardano, made daring assertions in regards to the way forward for Cardano in relation to Bitcoin. Addressing nearly 1.5 million subscribers, Hoskinson laid out a vision for Cardano that he believes won’t only compete with but eventually surpass Bitcoin because 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 on the forefront of the crypto space. “If we will do what I’m saying, there’s no approach to beat Cardano,” Hoskinson claimed, adding, “At the top of the day, it has lived as much as what Satoshi began.”
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He drew attention to the worldwide efforts underway to integrate Cardano into various economic and political systems. These efforts, in response to Hoskinson, aren’t isolated but a part of a coordinated push to ascertain Cardano’s utility across continents. “Some individuals are in Argentina right away they usually’re fighting like hell to get the Argentine government to adopt some things. Some individuals are in Ghana right away fighting like hell to get the Ghana government to do things,” he elaborated.
Elaborating on the dynamics to construct a system of worldwide size, Hoskinson claimed: “So should you construct a growth engine that doesn’t lose its people and it’s all the time adding people and also you construct a growth engine where you’ll be able to absorb all of the technology of your competitors sooner or later, you simply outgrow and you then get up and it’s a multi-trillion dollar ecosystem with trillions of dollars of value moving around around each day.”
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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 inside the Cardano ecosystem, noting the presence of over 300 decentralized applications (dApps) that aren’t only live but thriving. “Every one in every of them has a team and a CEO and all types of individuals, they usually’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 motion towards common goals. This community-centric approach, he argued, is what’s going to 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 modern competitors.
“Bitcoin stalled. The one value proposition it has is it’s big and successful, that’s it. It’s not some recent technology, it’s not some recent capability, it’s not the undeniable fact that it’s super easy to make use of 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 recent development within the Cardano network, which he believes will catalyze the addition of lots of of partner chains. “There’s people wanting to be partner chains and once Midnight is out and if it’s successful, there’ll be lots of of partner chains coming and individuals are constructing and launching,” in response to Hoskinson.
In conclusion, Hoskinson reiterated his belief within the foundational principles of decentralization, first principles pondering, and the creation of an incentivized, integrity-preserving system. These elements, he asserted, are essential for constructing a technological infrastructure that may serve because the voting, payment, and identity systems for countries worldwide.
“The one way is embracing decentralization, first principles pondering, preserving the Integrity of your system and creating the fitting incentives for tens of millions of people that don’t know one another to return and use that technology in the fitting way and in addition the flexibility to soak up recent ideas.”
At press time, ADA price stood at $0.3855.
ADA price stays below the 0.236 Fib, 1-day chart | Source: ADAUSDT on TradingView.com
Featured image from YouTube / Charles Hoskinson, chart from TradingView.com