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Charles Hoskinson, the visionary creator of Cardano, boldly forecasted at the 2023 Evo conference that ADA was poised to become the top blockchain in the world. In a recent interview, Hoskinson explained why he envisions a scenario where Cardano unseats Bitcoin (BTC).
Bitcoin’s Stagnation vs. Cardano’s Steady Development
Speaking during a recent appearance, Cardano founder Charles Hoskinson noted that Bitcoin has “stalled”, which is a reason why ADA can flip Bitcoin — that is, reaching a larger market cap than the world’s largest and oldest cryptocurrency.
Hoskinson took aim at Bitcoin’s perceived stagnation and limited utility while noting that premier crypto’s only value proposition is that “it’s big and successful.” In his opinion, consumers are not using Bitcoin because it has a new technology or capability.
The Cardano creator further compared Bitcoin to Yahoo, MySpace, and Microsoft Windows, positing that they also had a “big and successful” value proposition. Just like how these brands failed with time due to inflexibility, Hoskinson expects Bitcoin to suffer the same fate.
In contrast, Cardano’s innovative design lets it adopt new technologies and grow its ecosystem, thus guaranteeing its relevance in the rapidly growing crypto industry.
Hoskinson stressed that Cardano’s goals extend beyond being just another cryptocurrency. “We’re trying to change the economic, political, and social systems of the world for everyone, everywhere,” he posited. He thinks Cardano is poised to outgrow the industry as it continues to build a “growth engine” that can absorb more users and all the technology of its rivals to create a multi-trillion-dollar ecosystem.
Embracing Full Decentralization
According to Hoskinson, Cardano could become the voting system of every nation globally, making it more valuable than BTC.
He also stressed the important role of governance in determining the long-term success or failure of a project in the cryptocurrency industry. “Governance matters that much. It is really the core differentiator between whether a project is successful or a project will fail,” Hoskinson opined.
Hoskinson earlier announced that Cardano’s highly-anticipated Chang hard fork is imminent as the Cardano node will likely reach version 9.0 later this month. Chang is the first hard fork of Cardano’s Voltaire phase. This era will bring about community-run governance by allowing on-chain community consensus and enabling holders of the ADA token to vote on proposals that benefit Cardano. Hoskinson predicted that with Chang, Cardano would have the “most advanced blockchain governance system.”
Once Cardano enters the Voltaire era, the seven-year-old blockchain will no longer be controlled by Cardano development company IOG, but will instead be wholly managed by members of the ADA community.
Hoskinson remains convinced that Cardano’s focus on decentralization, community-run governance, and constant innovation will ultimately enable it to unseat Bitcoin and other rivals. For him, Cardano’s adjustability, coupled with its community-driven strategy and cutting-edge governance system, gives it a huge advantage over Bitcoin’s inflexibility and limited value proposition.
ADA tokens are down 1.6% in the past 24 hours, CoinGecko data shows.
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