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Charles Hoskinson, founder of the Cardano cryptocurrency and CEO of IOHK, has shared his perspective on on the state of the Cardano ecosystem following its recent Chang update, which enhanced the blockchain to include onchain governance. Hoskinson praised Cardano, stating that it dwarfed Bitcoin, and reached “one of the greatest technical achievements in human history.”
Cardano Founder Charles Hoskinson Reflects on Cardano’s Achievements After Chang Update: ‘It Dwarfs Bitcoin’
Charles Hoskinson, founder of the Cardano blockchain and CEO of IOHK, the company behind the Cardano ecosystem, has commented on the achievements that it has reached after its recent Chang update.
In a post on social media, Hoskinson reflected on the path he took working on Cardano, and how the project has affected each person it has touched differently. He stated that with Chang, the recently implemented hard fork that introduced onchain governance to the cryptocurrency, Cardano has reached “one of the greatest technical achievements in human history.”
Hoskinson explained that the network was now a “distributed system that runs in more than 100 countries, which has never shut down, without central coordination just seamlessly upgraded for millions of people who have never met each other to evolve into a decentralized nation complete with its own constitution.”
He assessed:
This dwarfs Bitcoin. It’s unique, and books will be written about what has happened. Cardano is now a governance virus that is living, self- replicating, and self-sustaining.
Hoskinson has minimized the relevance of bitcoin before, stating that it was not self-sufficient and that the industry did not need it to survive, qualifying it as just a token with a deflationary monetary policy.
He has also propped up Cardano over Bitcoin, referring to the Bitcoin ecosystem as a religion, and stressing that it might have to adapt to survive, even with its first mover’s advantage.
These statements have brought Hoskinson hate from the bitcoin crowd, with analyst Tuur Demester calling his position a “classic projection” and legendary figure Adam Back stating that cardano could still lose 90% of its value.