Today, Charles Hoskinson has done a live stream voicing his dissatisfaction with how a certain magazine assassinated his character, after he granted them an interview. This is increasingly common in crypto, as people find ways of spreading FUD about projects they dislike, for whatever reason. Someone putting Charles character on trial at a time when the IOHK team is preparing to release Shelley is very convenient. The best thing is that, the market is used to such issues, and has for lack of a better phrase, grown a thick skin. In fact, focusing on the positive aspects of the said interview, there is a reason to be bullish on Cardano (ADA).
In a part of this interview, Charles Hoskinson touches on Cardano decentralization. According to him, after Shelley, Cardano will have 30X the throughput of Bitcoin, 30X its transaction volumes, 12X faster, and will be 100 times more decentralized. This is all thanks to its revolutionary Ouroboros Proof-of-Stake algorithm. Here is an excerpt from the article where he touches on the power of Cardano’s Ouroboros POS.
“You look at bitcoin, [it] uses more energy than the country of Ecuador, seven transactions per second. It’s really an old system. You look at our protocol, we have about 30 times the throughput and about 30 times the transaction volume. Transactions can be settled 12 times faster, and we’re 100 times more decentralized… We built into the system an incentive for the system to kind of tend towards 1,000 stake pools. You get optimal rewards when you have 1,000 pools.”
This is a big deal because it speaks volumes about the power of Cardano after the Shelley release. With such a high level of efficiency, Cardano will be leading the world towards the development of all-encompassing smart contracts. It will have a level of efficiency that matches centralized systems, which means that, as the world tends towards decentralization, its adoption will be huge.
What’s even more interesting about Cardano is that it is written in Haskell, which allows for the formal verification of smart contracts. This means Cardano can be used in writing smart contracts for industries as sensitive as the finance industry. This huge opportunity for adoption also means that, Cardano (ADA) has massive upside potential. That’s because, it is the token that runs the Cardano ecosystem.
Outside of Cardano’s technical capabilities, Emurgo, one of the teams behind Cardano, is pushing hard to drive adoption. Emurgo is a partner and investor in firms that will play a huge role in driving Dapps in the Cardano ecosystem. Thanks to their efforts, the adoption of the Cardano card has been adopted in key markets such as South Korea.
There is so much going on around Cardano, that its trajectory can be anywhere else but up. It’s one of the cryptos that have a real chance of making it way bigger than the 2017 highs. When Charles said he was building a trillion dollar blockchain, he had a good idea of what he was talking about. It has a high probability of becoming a reality.