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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Here’s How Cardano Could Fail, According To Its Creator Charles Hoskinson

Reynaldo Marquez
Reynaldo Marquez
4 years ago
3 mins read
Cardano ADA ADAUSDT

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Charles Hoskinson, the creator of Cardano and IOG’s CEO, was interviewed by Lex Fridman for his podcast. Hoskinson talked about the past, present, and future and this platform in a discussion almost 5 hours long.

Hoskinson played the devil’s advocate and also discussed Cardano’s potential weakness that could lead the project to complete failure. Many of these cases are very difficult to execute in practice, as Hoskinson believes, the platform has the support of a strong community, and data collected by IOG points to the healthy growth of the network.

On the top of the list, it’s self-evolution. The inventor of Cardano argued that failure to achieve this item could make the platform unable to progress iteration after iteration without depending on a third party or custodian. Without this, “the system just won’t work”, Hoskinson said.

However, IOG data points to the opposite. The platform was able to migrate from a federated model, where a centralized party produced most of the blocks in the network, to decentralized production controlled by the community. This milestone was reached when the D parameter in the blockchain went below 0.

That didn’t happen over nigh, there was a whole process with the incentivized testnet and the stake pool pioneers program, the launch of Shelley, the decrementing of the decentralization parameter. Every step of the way, people show up and had to do things, but there’s no guarantee that that would be sustainable (…).

Cardano has other major milestones to complete in the future, the deployment of its smart contract platform and the implementation of a fully decentralized governance model. In any of these stages, Hoskinson said, there is “no guarantee that we will achieve what we want”.

In that sense, IOG’s CEO called Cardano, cryptocurrencies, and any other company or project an experiment. As such, it needs the support of its community and it needs to integrate more users for it to grow in a particular direction.

Where Cardano Has Already Failed

Another potential failure scenario would be for Cardano to “evolved backward”. In other words, for it to become a centralized network run by a small group of actors. These would be determined who, how, and when any other person or entity can use the platform. It would be like “China’s social credit”, Hoskinson said.

Similarly, a dropped in Cardano’s network effect could lead the system to its death. However, Hoskinson claimed that at this point “it’s very hard in practice” for this to happen. This platform has an “unbelievable evangelism”. Thus, there is a robust number of users, he said, that will never walkway from the project and are “fanboys to the core”.

The community must be open and flexible, resistant to dogmatic thinking, and capable of discarding wrong ideas. Otherwise, the project and ecosystem could slow down and adopt a “counterproductive” position. According to Hoskinson, this happens with Bitcoin (BTC) where the community has “become toxic and maximalists”.

One of Cardano’s failures, he added, is the lack of education on people that expect the price to go up or down. The vision of the project must be above any price target. Hoskinson said:

You construct a system that encompasses the entire globe and has billions of users. Probably is gonna be a pretty valuable system (…). Unfortunately, must people on Reddit, Twitter and other channel they tend to judge your entire success on that (the price of the asset).

At the time of writing, ADA trades at $1,27 with 12.2% losses in the daily chart. In the weekly and monthly charts, ADA has 18.8% and 17.8% losses, respectively.

Cardano ADA ADAUSDT
ADA on a bearish trend in the daily chart. Source: ADAUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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