Charles Hoskinson: „If Cardano fails, the crypto space fails“
The price of Ethereum rival Cardano (ADA) has gone through the roof in recent months. Since the beginning of the year, the cryptocurrency has risen from under 0.175 US dollars to as high as 1.48 US dollars at times – what are investors currently betting on?
The community’s expectations of Cardano are high. More and more investors are getting excited about the crypto project and ADA has only recently been listed on Coinbase Pro.
Charles Hoskinson’s project is enjoying enormous popularity in the crypto space. According to Hoskinson, over 100 companies are already planning to switch from Ethereum to Cardano. Still, not everyone is convinced by Cardano. Star investor Mike Novogratz recently asked whether there are already Bitcoin Supersplit projects using Cardano that justify the extremely high market capitalisation of the cryptocurrency. In response, there were several who referred to Cardano as a ghost chain in the Twitter comments. A ghost chain is a blockchain that is used by no one or very few.
While Hoskinson admitted that there are currently few use cases, this is because Cardano does not currently support smart contracts – but that is expected to change soon. Hoskinson also countered critics who described Cardano as a ghost chain with an image on Twitter.
The picture shows which projects are already part of the Cardano ecosystem. Nevertheless, the designation as a ghost chain is quite justified at the moment. Although Cardano has many well-known partners, the current blockchain activity is still predominantly driven by speculators. However, this could change abruptly as soon as ADA smart contracts are capable.
Whether this can be realised in the foreseeable future is still up in the air. On Reddit, several users speculate that the so-called Goguen upgrade, which introduces smart contracts on ADA, will go fully live this year. If that is the case, it could indeed still be possible to develop smart contract protocols on ADA in 2021.
Professional traders: Bloomberg Terminal includes Cardano
In addition, Cardano is now part of the Bloomberg Terminal. The Bloomberg Terminal is a computer software system that collects financial data. Professional investors in particular use it to analyse data and make investment decisions. In addition to data analysis, the Bloomberg Terminal can also be used as a trading platform for the direct execution of trades. The Bloomberg terminal is one of the most expensive financial platforms in the world, and a subscription costs around 24,000 US dollars per year.
On Twitter on 15 March, a user shared a screenshot in which Cardano can be seen in the Bloomberg terminal. The image includes a brief description of Cardano and explains how the cryptocurrency works.
Charles Hoskinson sharply criticises Ethereum
In a recently published livestream, Charles Hoskinson sharply criticised Ethereum.