The Cardano founder considers network effects to be one of Cardano’s biggest problems. Charles Hoskinson said the industry needs to overcome the NFT and Dogecoin craze.
In an Ask Me Anything (AMA) session, IOHK CEO Charles Hoskinson touched on one of the biggest challenges Cardano faces – network effects. Hoskinson defended a development team that adheres to the principle of “academic rigor”, which includes a “not very attractive” peer review process, rather than trying to develop products as quickly as possible:
“This approach should not cause controversy. We all agree that this is a good idea given the complexity of the underlying network protocol. ”
Hoskinson pointed to the recent Poly Network hack as an example of why rushing is not the best solution: “Because of your mistake, people could have lost $ 600 million.”
Critics of the Cardano project often point to the fact that it will be difficult for a PoS blockchain to capture its market share because competing blockchains are already quite popular. Earlier, Hoskinson noted that the smart contract industry is a “very small pond” and it is too early to draw conclusions about the dominance of a particular project:
“They say, ‘We are the dominant platform.’ Yes, you are the dominant platform. It’s like saying – I’m the biggest fish in a tiny pond next to the ocean. Nobody won. We are now fighting in a small pond. ”
Hoskinson also expressed his displeasure with the non-fungible token (NFT) craze and Dogecoin, which have become the focus of the crypto community’s discussion. During an AMA session, he lamented the parodies and memes that dominate the industry and said the community must overcome this craze:
“When we overcome these manias, we will return to the starting point where it all began.”
Hoskinson announced earlier this month that a smart contract-enabled Cardano Alonzo Purple hard fork is scheduled for early September.
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