Charles Hoskinson Faces Twitter Backlash as His Cardano Predictions Fall Short of Reality
Cardano is the fifth-largest cryptocurrency in terms of market capitalization. It’s also self-titled the third-generation blockchain initiative. There are many people who believe in its scientific approach to developing Blockchain technology. The internet is not without its critics, however.
Charles Hoskinson, Cardano’s creator, has been predicting the future of the network for almost a year. He envisions more widespread deployments of dapps (decentralized apps) and hundreds upon assets running on top.
Next year, I expect there to be hundreds of assets on Cardano, thousands upon DApps, tons and tons of interesting projects, and lots of utility and unique uses. It will be so much fun to watch Cardano evolve and grow in 2021. Cardano is ready to invent.
– Charles Hoskinson, @IOHK_Charles July 26, 2020
Many of these predictions didn’t come true.
This reality has been quickly embraced by the Twitter community, with one handle noting that there are no assets or dapps running on top of the network.
Update:
There is no asset on $ADA. Forget 1000’s DApps. Not a single dapp. Only 1-2 projects have been announced to be working on $ADA@IOHK_Charles. What happened to your forecasts? What is the forecast for next year? http://t.co/qreMVlOX1i– Undervalued Cryptos July 4, 2021
Multiple projects, however, have indicated plans to launch in the future. The network’s smart contract functionality, which is currently being tested, is supposedly ready to launch in August when the Alonzo upgrade is complete. This is where the criticism of dapps is true to a certain extent.
Another poster quickly pointed out Cardano’s lower transaction turnover relative to other networks such as Ethereum and Bitcoin, despite its high valuation of tens to billions of dollars. Hoskinson made a similar dig at Cardano community members who responded to his tweets, comparing them to responses to IOTA’s 2017 defenses labeling these respondent ADA robots.
Interacting with ADAbots 2021 is similar to interfacing with the IOTA community’ in 2017.
Evan Van Ness (@evan_van_ness June 30, 2021
John Rice, Cointelegraph editor-in-chief, joked about the busy weeks ahead, as if the blockchain will actually realize the ambitious predictions of its creator.
It’s going to be a busy three weeks. http://t.co/pEzBAEIfZ8
Jon Rice (@JonRiceCrypto July 6, 2021
ADA Critics, Community Battle
While some Twitterati took Hoskinson’s predictions to prove that the network was not achieving its stated goals as proof, others quickly pointed out the obvious: The original Cardano founder tweet was called a “prediction”.
You said it in your tweet. It’s a prediction and not a promise. Cardano’s prediction was correct, but nothing happened.
– Javier Wang (@JavierWang_Defi July 4, 2021
Hoskinson and community members have responded to the criticisms. They highlighted the network’s successes in certain areas. The actual reality of blockchain is more important than any Twitter fight for tit-fortat.
Cardano has thousands of assets. You probably haven’t been paying enough attention. There are tons of developers learning, training, and writing. Many launch apps.
– Charles Hoskinson, @IOHK_Charles July 4, 2021
Ethereum hosts most dApps. It is also responsible for a lot of token creation. The network’s speed to the market did not necessarily make it a bulletproof platform. Cardano, however, has integrated this aspect into its approach.
Each stage of Cardano’s development is subject to peer-review, similar to the ones used in academia. Cardano’s academic-like approach ensures that all new features are thoroughly tested and validated before official launch. This helps address the shortcomings of early blockchains.
Cardano’s adoption of proof-of-stake has been an important reference point. This helps to reduce its power consumption relative Ethereum. Cardano only manages 20,000 transactions per day. However, 70% of the native ADA tokens are staked. Only 5% of Ether is currently staked.
It is great to hear opposing views. Cardano is getting closer to the possibility Hoskinson envisioned. This conversation is no exception. His timing may have been off but his prediction could still prove to be accurate given more time. Only time and the market will tell.
