Is the criticism justified or just a tired PR campaign?
While the testnet preparations for the smart contract-based Cardano upgrade Alonzo are running in the background, founder Charles Hoskinson has taken off from the competition. In an interview with future zone, the Ethereum co-founder had, in addition to Bitcoin, a scolding for his old blockchain place of activity.
“Blind, deaf and stupid” Bitcoin is “the least developed and slowest cryptocurrency” and completely unsuitable as a means of payment.
Despite a two-year lead over Cardano, the developers “didn’t do their homework.” The 2.0 launch is permanently postponed and Ethereum is “built on quicksand”: If a prototype does not work, “you have to start all over again.”
So Hoskinson does not skimp on criticism. All tokens could be distributed across the globe via the Cardano hub, in real-time and at low fees. In the future, banking transactions would increasingly rely on Cardano and thus financially include disadvantaged population groups.
If you hear Hoskinson talking about Cardano, it seems that the network has long since ousted Ethereum. The “Ethereum Killer” is still far from it. With the next upgrade, “Alonzo” Cardano is introducing smart contracts. But until when an entire ecosystem will connect to Cardano, as it took years for Ethereum, can hardly be predicted. No question about it: there is no shortage of potential. But the hype is still mainly based on advance praise — much of Cardano is still in the subjunctive.
It is doubtful whether Hoskinson’s blanket scolding will help the project. Hoskinson recently drew a damning Ethereum judgment. “The entire Ethereum ecosystem is not sustainable,” DeFi and NFT on Ethereum are “useless.” He rounded off the criticism with the threat that the entire crypto space will fail if Cardano fails. “Because we’re doing everything right,” says Hoskinson.
Just stupid that many points of criticism can be converted to Cardano. Nic Carter, the co-founder of the on-chain analyst Coin Metrics, accused the project of not having any significant applications: “I am not aware of a single popular application that is used on Cardano, nor do I have any enthusiasm for them Platform seen among developers ”.
He is not alone with this opinion. Mike Novogratz, CEO of Galaxy Investment Partners, does not see any real benefit either and is all the more surprised at the performance: “Is anyone building on it? Is anyone using it? Why is the market capitalization so high? “ Crypto investor Lark Davis also sees Cardano overvalued: “I think, if we are honest here, the current price of Cardano is riding quite high on the hype over the actual demand for the token based on the utility and necessity of developers and users”.
So far, a lot in the Cardano environment has actually remained lip service. The fact that, according to Hoskinson, 100 companies are migrating from Ethereum to Cardano may be a very promising development. Without the appropriate applications, however, there could be a thousand companies, and the result would be the same.
These shortcomings would also be less on the project’s feet if Hoskinson kept it quiet. He seems to like himself too much in the role of the enfant terrible, who shows the others where to go. In this respect, he does regular PR work, but not only for the better for Cardano.
Quite a few comparisons also lag on closer inspection. He is of course fully aware that Bitcoin has less money and more value storage functions. Therefore to call it “blind, deaf and stupid” has no basis whatsoever.
The accusation directed at the Ethereum developers that they did not do their homework properly also has a bland aftertaste given the development status of Cardano. Hoskinson uses two standards. On the one hand, he accuses Ethereum of time lag. On the other hand, he demands scientific meticulousness in the implementation of such important blockchain projects: “If you travel too fast and something goes wrong, the consumers pay for it,” he does not seem to admit this principle to every project.
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