Founder of Cardano (ADA) Carlos Hoskinson recently revealed the crypto project that nearly eclipsed ethereum (eth) during its first stages. This revelation followed Hoskinson's comments about his biggest fear while he was CEO of ethereum.
The crypto project that almost eclipsed ethereum
in a interview with daily altcoin, Hoskinson mentioned NXT as the crypto project that could have displaced ethereum when it was still in its early stages. He claimed that NXT was the one that scared him the most among other cryptocurrencies when he was still the CEO of ethereum between 2013 and 2014.
He further explained that he was afraid of the crypto project because it came out of nowhere and achieved impressive growth in less than three months. He noted that NXT was built in Java and had an “incredibly engaged community.” Hoskinson added that NXT was also adding features to its product offering and had user-driven assets.
Interestingly, NXT was already in proof-of-stake back then (while ethereum was still running a proof-of-work mechanism) and had made plans to implement it. smart contracts on your network. He founder of cardano He seemed intrigued by NXT's growth when he mentioned how they were “running” and going “very fast.” However, things didn't end well for NXT, and Hoskinson touched on what he believes led to the project's downfall.
hoskinson He claimed that his token distribution was not that good, although he quickly added that that could have been fixed. The founder of Cardano mentioned that the most “important” thing that “killed” the project was that they did not have a good governance system, which caused the team to fracture and explode into several other new projects.
Hoskinson stressed that ethereum “would not exist” if NXT had the right governance system, since the latter would have been “number one” and would have continued to grow enormously. He added that NXT would have absorbed everyone and was an “attractive project” because it was new and had interesting technology.
Governance matters a lot
Having explained what led to the downfall of NXT, hoskinson He further highlighted the importance of governance in the crypto ecosystem, stating that it is the “core differentiator between whether a project succeeds or will fail.” He added that bad governance would kill a project and pointed out how bad governance caused Microsoft to fall behind Google, Apple and facebook.
Interestingly, Hoskinson also alluded to decentralized governance, suggesting that it was a better way to manage a crypto ecosystem, since everyone having a say would make things work better. He said this is what they hope to achieve with Cardano, and this is why Cardano stands out from the rest of the pack.
Cardano is about to suffer the Chang Hard Forkwhich will mark the beginning of the“It was Voltaire.”, which focuses on decentralized government. Once this network upgrade occurs, the Cardano ecosystem will become community-driven. Hoskinson boasts that Voltaire would be the “most advanced blockchain governance system.”
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