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Charles Hoskinson: Despite Having No Smart Contracts, Cardano Is Already Overwhelmingly Subscribed


After Cardano (ADA) was listed on Coinbase, its price increased significantly, reaching $ 1.48 on several exchanges. However, after that, the price gradually cooled down and lost the motivation for growth. At this point, the cryptocurrency community began to criticize Cardano and argued that the platform was ineffective. And not long ago, in a video-sharing blog, Charles Hoskinson, creator of the Cardano blockchain platform, responded to recent comments.

Charles Hoskinson explains why the platform does karaoke support DApps

In a video blog addressing the lack of decentralized apps (DApps) on the Cardano platform, Hoskinson aired his views on the DApp ecosystem and the comparisons to Ethereum. He is distraught with social media users calling Cardano a “ghost app” because of its lack of DApps. Rather, the platform is currently building the upgrade featuring smart contracts.

He explains that Cardano could produce smart contracts under Ethereum, but the outcomes won’t be what he considers valuable:

“Do you know where this will lead? Commissions of $ 60- $100 per transaction. Profitable farming, useless Defi, selling goofy NFTs for hundreds of thousands of dollars.”

He claims that many of these apps are not decentralized. He said that in 2020 only 31% of DApps were built on Ethereum, with the rest built off the platform.

“We have very real problems with this DApp model, and if the goal is just rampant speculation, Ponzi schemes, and no real use and utility and no ability to scale to billions and billions of people, I want nothing to do with that.”

Hoskinson insists that he and his team want to create smart contracts with real utility. Rather, he told users that when smart contracts launch on Cardano, they will see a gargantuan increase in the value. Also, there won’t be much of an increase in transaction fees.

He said:

“Because we built the system right. We know exactly where to go to get the system to the next level…we know the things that we need to do.”

Despite having no smart contracts, Cardano is already overwhelmingly subscribed

Currently, Cardano does not have programmability at the base layer, with no smart contracts for the moment, but this didn’t stop companies from subscribing to it, according to Hoskinson. Several applications, such as BeefChain, are already using Cardano’s metadata features.

Hoskinson said in a video:

“At the moment our company has no more capacity to serve the flow that comes to Cardano.”

He previously said that over 100 companies could potentially migrate from Ethereum to Cardano, despite not having established the ground for smart contracts. The inflow of clients has increased since Cardano successfully implemented the Mary hard fork at the beginning of this month, turning it into a multi-asset network ecosystem.

Hoskinson is working with several African governments to bring millions of users into its database. IOHK, the main company behind Cardano, is working with nations in the continent to enable its citizens to have digital identities — linked to wallets and payment systems.

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