Charles Hoskinson – Cardano Will Gain Market Share From Ethereum

The model adopted by Ethereum, as per the founder of Cardano, Charles Hoskinson, is basically faulty and unsustainable in the years ahead. Cardano, in general, is perceived as Ethereum rival. In the latest livestream iva Periscope, he made harsh comments on the DeFi industry, calling most of the ventures as useless.

He trusts that few big investors have an upper hand on DApps. Likewise, he believes that NFTs are extremely overpriced. Hoskinson also pointed to Ethereum’s high fees and time delays in processing transactions.

Hoskinson has also rebutted claims that Cardano is basically a ghost chain. The cynicism originates from its continuously rising valuation in spite of not hosting a popular app on it. As per the mathematician, the criticism is intentionally deceptive.

Charles Hoskinson underlined that Cardano is going through its budding stage, and still large enterprise are willing to use its network. As an example, he highlighted New Balance, an international apparel giant which has created a shoe validation service on Cardano.

Input Output Hong Kong (IOHK), the company backing Cardano project was founded by Hoskinson. Before establishing IOHK, for over two years, he worked along with Vitalik Buterin who is the core developer of Ethereum blockchain. Nevertheless, he parted from the team and Buterin on governance and financing issues.

Hoskinson believes that Cardano embodies the heart of cryptocurrencies and that if it fails, the whole industry goes down as well.

“If Cardano fails, cryptocurrencies ought to fail because we’re doing everything the right way. And we’re doing in a way that maximizes the egalitarian nature of the system.”

Hoskinson did not constrain himself which criticizing Ethereum project. He pointed out that most decentralized applications (DApps) hosted on Ethereum blockchain are under the control of a small number of players. Furthermore, only a negligible portion of DApps are really being used, with a major percentage remaining as ghost apps without any real-world usage. Last year, a mere 31% of unique DApps were created and hosted on Ethereum. He forecasts no change in the trend in 2021 as developers are concerned about the high gas fees.

“If the goal is rampant speculation, Ponzi schemes, no real use and utility and no ability to scale to billions of people, I want nothing to do with that.”

As per Hoskinson, Ethereum market is rooted on hyping fake ventures and making quick cash. The system, as per Cardano founder, does not make any sense. He also calls the project “immoral, unethical, and it should be illegal.”

He alleged that the overall defect in the model has paved way for NFT such as Homer Pepe to be traded for $300,000 and some other NFTs are raking up to $6 million.

Hoskinson made scathing criticism of Ethereum project by stating that it will fade away just as many big projects in the past. His argument was based on the opinion that large projects fade away because they fail to advance, adopt and meet client needs.

“You don’t believe me? Do something for me; take out your Blackberry phone, go to Yahoo on your Netscape browser and search for your Myspace profile. Tell me how that’s working for you. This is how quickly things can change.”

It is not the first time Hoskinson has countered statements calling Cardano as a ghost chain. In recent times, he has made multiple tweets to explain the Cardano ecosystem, in which multiple large enterprises will be participating. Notably, the Cardano network will also include governments of Ethiopia and Georgia, in addition to associates such as Vacuum Labs and PwC. Even multinational firms such as New Balance and DeFi focused platforms such as Bondly and Algoz will be part of the Cardano network.