In a interview In an interview with the hosts of “Altcoin Daily,” a popular cryptocurrency-focused YouTube channel, Charles Hoskinson, the founder of Cardano, made bold claims about the future of Cardano in relation to bitcoin. Addressing nearly 1.5 million subscribers, Hoskinson laid out a vision for Cardano that he believes will not only compete with bitcoin but eventually surpass it as the world’s leading cryptocurrency.
Why Hoskinson believes Cardano will surpass bitcoin
Hoskinson’s argument is based on the unique attributes of the Cardano ecosystem, which he says will fuel its growth to surpass bitcoin. He outlined a comprehensive strategy that leverages global adoption and technological superiority to position Cardano at the forefront of the crypto space. “If we can do what I say, there’s no way to beat Cardano,” Hoskinson stated, adding, “At the end of the day, it has lived up to what Satoshi started.”
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He drew attention to the global efforts being made to integrate Cardano into various economic and political systems. These efforts, according to Hoskinson, are not isolated, but part of a coordinated push to establish Cardano’s utility across continents. “Some people are in Argentina right now and they are fighting like hell to get the Argentine government to adopt some things. Some people are in Ghana right now fighting like hell to get the Ghanaian government to do things,” he explained.
Speaking about the dynamics of building a global-sized system, Hoskinson said, “So if you build a growth engine that doesn’t lose its people and is always adding people and you build a growth engine where you can absorb all of your competitors’ technology at some point, you just get too small and then you wake up and it’s a multi-trillion-dollar ecosystem with trillions of dollars of value moving around every day.”
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A core element of Cardano’s strategy is the empowerment of a decentralized community that actively contributes to the development of the platform. Hoskinson detailed the operational dynamics within the Cardano ecosystem, highlighting the presence of over 300 decentralized applications (dApps) that are not only active but thriving. “Each one of them has a team and a CEO and all kinds of people, and they’re fighting like hell to make their stuff grow,” he emphasized.
bitcoin = MySpace?
Cardano’s founder stressed the importance of designing systems that bring communities together to take collective action towards common goals. This community-centric approach, he argued, is what will ultimately allow Cardano to “flip” bitcoin. He claimed that bitcoin’s current value proposition mirrors that of legacy technologies like Yahoo and Myspace, which dominated their markets until they were disrupted by more adaptable and innovative competitors.
“bitcoin has stagnated. The only value proposition it has is that it’s big and successful, that’s all. It’s not a new technology, it’s not a new capability, it’s not the fact that it’s super easy to use it to do something interesting. It’s big and successful, that was Yahoo’s value proposition. (…) That was Myspace’s value proposition. Network effects don’t mean anything in technology,” Hoskinson said.
The Cardano founder also spoke about the upcoming launch of Midnight, a new development on the Cardano network, which he believes will catalyze the onboarding of hundreds of partner chains. “There are people who want to be partner chains and once Midnight comes out and if it’s successful, there will be hundreds of partner chains coming in and people will be building and launching them,” according to Hoskinson.
In closing, Hoskinson reiterated his belief in the core principles of decentralization, first-principles thinking, and creating an incentivized system that preserves integrity. These elements, he stated, are essential to building a technological infrastructure that can serve as a voting, payment, and identity system for countries around the world.
“The only way is to embrace decentralization, to think in terms of first principles, to preserve the integrity of your system, and to create the right incentives for millions of people who don’t know each other to come and use that technology in the right way and also the ability to absorb new ideas.”
At the time of publication, the price of ADA was $0.3855.
Featured image from YouTube/Charles Hoskinson, chart from TradingView.com
