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With the rise of decentralized finance (DeFi) and the ongoing advancements in the space, cryptocurrency traders are divided over which DeFi project is the most promising.
Speaking with Dan Gambardello on his Crypto Capital Venture channel, CEO and Founder of Cardano (ADA) Charles Hoskinson discussed various topics, including the cryptocurrency ecosystem, ADA scrutiny, Cardano expansion via recent technical breakthroughs, as well as goals for its scalability and governance.
According to the Cardano founder, its DeFi competitors will have to play catch in the future as they are putting the number of users ahead of the efficiency of their protocols, he stated:
“I see the protocol design, and I know they’re going to have to rewrite the protocols like Ethereum has to, which means that the minute they admit that, they’re going to go down the same road Ethereum’s gone down. Only they have less money and less time to do it and not the same network effect. Also, they don’t have any of the engineers or scientists necessary to actually conceive of these protocols, so they’re going to have to copy some of our stuff.”
The Joe Rogan effect
Discussing onboarding new users, Hoskinson underlined the importance of timing regarding how quickly Cardano can implement the changes since holding ADA is not passive; users are involved in staking, delegating, voting, participating, and building the network.
In comparison, he considers Cardano’s rivals are using empty words to already draw in users as opposed to taking their time with their roadmaps.
“I look at the roadmaps of the competitors and I see nothing there that’s capturing the future. I see the same predictable buzzwords again and again TPS [transaction per second], infinitely scalable, they just say stuff,” Hoskinson said.
As a result, the ADA creator elaborated on the complications that would transpire if he were to speak with the popular podcaster Joe Rogan without having tools in place to capture a rush of new users. Hoskinson stated, “we’d have 11 million people” but wouldn’t have a “funnel to capture them, so you just missed your greatest marketing opportunity in the history of the project.”
Finally, he admitted the voting and democratic expectations placed on that group are immense. However, over time, he acknowledged these requirements diminish as obstacles are removed, and technology improves but emphasized the process would take time.
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Watch the video: Charles Hoskinson discusses Cardano onboarding new users