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- In a YouTube livestream, Charles Hoskinson discusses the possible potential risks and threats of the DeFi and applications of its ecosystem.
- As per Hoskinson, scams and hacks have already resulted in a loss of over $10 billion in 2021, and he also reveals that most of these take place on the Ethereum blockchain.
- Hoskinson explains Cardano plans to speed up blockchain transactions by using sidechains and Hydra scaling solution.
Charles Hoskinson is the CEO of Cardano developer Input Output, who discussed the hidden risks of DeFi (Decentralized Finance) in a livestream on YouTube from his house in Colorado. He explained how several users are overtired due to the applications of the DeFi ecosystem with low quality of production.
He then discusses how the losses from hacks and scams have already crossed the mark of $10 billion this year and the majority of which took place on the Ethereum network. Also, several projects in the crypto industry depend on prayers and hopes rather than relying on meticulous engineering. He believes that most such projects won’t pass the test of time.
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He quoted, “it’s very hard to do this kind of engineering, and it’s very hard to do this kind of engineering right and with an eye in foresight for the future and unfortunately many of the projects in this space will not stand the test of time.”
Cardano Founder Plans To Fix DeFi
Hoskinson is also a crypto billionaire who said that Cardano could fix all these problems by simply building a set of standards for the DeFi ecosystem, which will help to wipe out all applications with poor quality. The consensus protocol’s Ouroboros family will ensure that Cardano stays around for several decades. The founder of Cardano expresses that he is too tired of maximalism and tribalism, motivating collaborations within the crypto network.
Making transactions faster on Cardano will be made possible by using sidechains and Hydra, a scaling solution named after a mythological monster. In the upcoming decades, an infinite number of users will enter the ecosystem, Hoskinson expects. He explained that a substantial number of developers are constantly working on Cradano’s DeFi ecosystem and its core infrastructure.
Fake Accusation On Cardano?
Cardano was brought under fire due to a decentralized exchange failing to execute transactions because of the concurrency problem, and Hoskinson strongly believes that it is all made up.