Cardano network co-founder Charles Hoskinson is optimistic about the future of the platform despite recent criticism of its native token and ecosystem. In response to the negative comments, Hoskinson stated that Cardano has the best scalability, governance, and innovation, as well as a strong community. He is particularly excited about the upcoming Chang hard fork, which is expected to be one of the network’s most significant upgrades since the Vasil upgrade in 2022. The Chang hard fork will introduce community-run governance, allowing ADA holders to vote on proposals and making the network more decentralized.
Throughout the year, Cardano will also undergo other transitions, including the introduction of Delegate Representatives (DReps), a Cardano Constitution Convention event, and a community vote to ratify the Cardano Constitution. Hoskinson believes that Ouroboros Leios, a new version of the proof-of-stake consensus model, will greatly improve Cardano’s scalability, throughput, and transaction speed while maintaining decentralization.
Hoskinson’s remarks were made in response to a video by Ben Armstrong, who questioned whether Cardano was a dying project. Armstrong compared Cardano to other cryptocurrencies like Solana, Sui, and Toncoin, which have seen significant growth in terms of users, activity, and price. However, Hoskinson argued that the crypto industry often focuses too much on short-term narratives.
Other industry figures have also expressed support for Cardano. Daniel Friedman, the founder and CEO of zenGate Global, stated that his decision to build on Cardano and Ergo was based on business and architecture considerations, not emotions. Dan Gambardello, the founder of Crypto Capital Venture and a Cardano advocate, suggested that the negative sentiment towards Cardano was due to its price not surpassing $1.
Cardano’s ADA token has experienced lackluster performance this year, currently trading at $0.584, down 10% in the past week. It has also seen a significant decline of 81% from its all-time high of $3.09 in September 2021. Despite these challenges, Hoskinson remains positive about Cardano’s future and believes that the network’s upgrades will address many of the concerns raised by critics.
As the industry continues to evolve, there are discussions about whether measuring blockchain transactions per second (TPS) is still relevant in 2024. This raises important questions about the metrics used to evaluate blockchain networks and their performance.