Cardano Founder Charles Hoskinson Speaks About the Drop in the Price of ADA

Cardano founder Charles Hoskinson, while commenting on the sharp drop in $ADA price, made important statements regarding the project’s future roadmap. Hoskinson stated that Cardano’s core infrastructure needs to come under more community control and the development process needs to be spread across a wider group of companies.

Hoskinson acknowledged that $ADA has lost significant value, stating, “There has been a dramatic drop, no doubt about it.” He recalled that $ADA had risen to $1.20 last year, arguing that there was considerable excitement at the time about the price potentially returning to its 2021 levels.

According to Hoskinson, the market outlook changed completely after October 10th, and the crash reinforced the view within the Cardano community that the project needed to return to its core principles.

Hoskinson argued that Cardano shouldn’t be judged solely on its price performance, highlighting the network’s track record of reliability. He stated that Cardano has earned a reputation as a blockchain that is uninterrupted, vulnerable to attacks, and operational 24/7, a reputation built on years of intensive work.

Hoskinson also stated that there is a strong demand for Cardano’s core infrastructure to eventually come under the control of the community or smaller, more agile companies. He indicated that with this transformation, he wants Input Output Group to focus its activities on the two areas where it has been most successful: developing new ventures and conducting innovation, research, and development work.

Hoskinson stated that the Input Output Group is working intensively to make open-source development activities more decentralized, and explained that their goal is for numerous independent organizations, not just a few companies, to work on Cardano’s core infrastructure.

Hoskinson added that Cardano’s Haskell-based node software is no longer the product of a single company, but is being developed with contributions from numerous companies.

*This is not investment advice.