CARDANO’S ADA HAS OUTPERFORMED BOTH BITCOIN AND ETHER WITH A GAIN OF 3.5%
With the development of new software coming up later this month, Cardano Founder Charles Hoshkinson does not seem to be worried about the "terrible crypto winter".
“Bull markets are very fragile because no one wants to cooperate. He has a lot of illegal hunting, unreasonable earnings, and unreasonable expectations, "Hoskinson, a former Ethereum founder, told Yahoo Finance, referring to a tough quarter of crypto assets." The bear markets are actually comfortable. These are the building blocks. "
With a market capitalization of $ 21.6 billion, the ADA is the fourth largest cryptocurrency currency, excluding stablecoins. Unlike other projects, Cardano did not take the "go fast and break things" approach, according to Hoskinson.
Instead, it relies on further teaching, a peer-reviewed process of adding software updates, which has attracted both critics and supporters, according to Tom Dunleavy, senior research analyst and Messari who recently published a report on Cardano.
While this approach may not seem like a good fit for the 24/7 crypto industry, it may seem like a refreshing change of pace after the crypto exchange Coinbase withdrew hundreds of services and algorithmic stablecoin, TerraUSD, suffered a bank crash and subsequently $ 40 billion . fall, which may at least be caused by the pursuit of rapid growth.
During the interview, Hoskinson revealed to his engineering company IOHK, which founded Cardano, published more than 140 papers about its blockchain.
"So part of Cardano's legacy has been the development of evidence-based software," Hoskinson said. So you have to have proof that your software really works.
After growing 676% in 2021, the ADA price has dropped by 57% from $ 1.38 to 59 cents a year so far. It represents 1.64% of the total crypto capitalization of the rotating market, according to Messari.
As Hoskinson points out, Cardano's "long road". Launched in 2015 and launched two years later, the blockchain is one of the largest smart contract platforms.
“It took four years before Cardano added smart contracts. That delay means it has lost its original advantage to other agreements to attract developers and users, ”Dunleavy told Yahoo Finance.
According to Dunleavy and data from Electric Capital’s crypto engineer report for 2021, Cardano’s “stagnant growth for developers” is closely related to the complexity of its programming language.
In addition to its development approach, Cardano has distinguished itself from other blockchain projects with its focus on African countries. Through the efforts of Ethiopia (despite its central bank urging its citizens to stop), Tanzania, and Kenya, the blockchain is being used for real-world applications such as educational guarantees and limited funding.
"So the idea is economic ownership and the agency of those who do not have it," Hoskinson said.
“An estimated 3 billion people do not have reliable banks. They pay high prices for remittances, debt, insurance, and other financial services if they can afford it. ”
Cardano's latest software development, Vasil hardfork, is expected to be released by the end of June. The upgrade is expected to improve the network speed of transaction processing. Hoskinson said the development should "allow for strong growth in volumes [of fixed applications]" such as those used by DeFi investors.
"So we're bored," Hoskinson said. "It 's business as usual - it' s better, faster, cheaper and gets more people into the tent."