Cardano (ADA) is regarded within the crypto world as a so-called Ethereum (ETH) killer that may knock the largest altcoin of the moment off its throne. Both are so-called layer-1 blockchains that are home to all kinds of decentralized apps, or dApps. Cardano founder Charles Hoskinson, however, is betting bigger and thinks the altcoin is also able to surpass Bitcoin (BTC) in market capitalization.
New crypto king on the way?
Hoskinson, also CEO of Cardano’s development company Input Output Global (IOG), appeared during a speech at the Weird Evo conference, to be very optimistic about Cardano’s future. He released a bold prediction that cardano will eventually overtake ethereum and even bitcoin to become the number one crypto by market cap.
Hoskinson indicated in his speech that Cardano aims to become more than just a cryptocurrency. In his view, it will form the basis of a new digital nation where trust is revived and integrity is inherent.
Central to Hoskinson’s rosy forecast is Cardano’s distinctive dedication to on-chain governance. You may have heard of the upcoming ‘Voltaire’ era which should take Cardano’s decentralization to new heights. Ultimately, the users of the network will have to control the network through a democratic system supported by blockchain technology.
However, to become the king of the crypto industry, it has some work to do. It currently ranks seventh with a total market capitalization of approximately $9.2 billion. However, Hoskinson’s ambitious forecast is obviously not intended for the short term.
Critical of Bitcoin and Ethereum
At the same time, the crypto pioneer is above all critical of the governance models of Bitcoin and Ethereum. First of all, he noted that Bitcoin’s unaltered design, which has been operating similarly for more than thirteen years in that regard, could become a vulnerability in the long run.
In addition, Hoskinson criticized Ethereum’s leadership for the feasibility of on-chain governance has rejected. He believes that as crypto platforms grow and welcome millions of users, adopting some on-chain governance can only work to their advantage.
2023-08-27 19:00:47
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