Charles Hoskinson: Why ADA Is Poised to Become the Top Blockchain in the World

Charles Hoskinson, the visionary creator of Cardano, boldly forecasted at the 2023 Evo conference that ADA was poised to become the top blockchain in the world.

Cardano founder Charles Hoskinson recently stated that ADA is positioned to become the world’s top blockchain, a status currently held by Bitcoin (BTC). In an interview, Hoskinson outlined several reasons why he anticipates a scenario where ADA could surpass BTC.

One key factor, according to Hoskinson, is Bitcoin’s perceived stagnation. He argues that BTC has limited utility beyond being a store of value, and its value is primarily driven by its scarcity. In contrast, Hoskinson believes that ADA is designed to be more versatile and adaptable.

“Bitcoin has stalled, which is a reason why ADA can flip Bitcoin — that is, reaching a larger market cap than the world’s largest and oldest cryptocurrency,” said Hoskinson.

He further elaborated on Bitcoin’s limited value proposition, stating that it’s only valuable because “it’s big and successful.” According to Hoskinson, consumers are not using BTC because it offers new technology or capability.

“People are buying it because they want to get rich quickly, and it’s a self-fulfilling prophecy. But there’s no technology, there’s no capability. It’s just, ‘I’m going to get rich,'” explained Hoskinson.

To illustrate his point, Hoskinson compared Bitcoin to several brands, including Yahoo, MySpace, and Microsoft Windows, which also had a "big and successful" value proposition. However, over time, these brands failed to adapt and were eventually surpassed by more innovative competitors.

“They were also big and successful, like Yahoo, MySpace, and Windows, which had a 95% market share of operating systems at one point,” said Hoskinson.

In contrast to Bitcoin, Hoskinson highlighted Cardano’s design, which allows it to integrate new technologies and expand its ecosystem. This adaptability, he believes, will ensure ADA’s continued relevance in the rapidly evolving crypto industry.

“Cardano is designed differently, and it can integrate new technologies and grow its ecosystem, which is why ADA can continue to grow,” he added.

Moreover, Hoskinson emphasized that Cardano’s aspirations extend beyond becoming merely another cryptocurrency.

“We’re not trying to build another cryptocurrency. We’re trying to change the economic, political, and social systems of the world for everyone, everywhere,” said Hoskinson.

He envisions a scenario where Cardano could become the voting system for every nation globally, which would make ADA more valuable than BTC.

“I can easily see a scenario where ADA is used as the voting system of every nation on the planet, making it more valuable than BTC,” he stated.

Finally, Hoskinson also highlighted the crucial role of governance in determining a project’s long-term success or failure in the cryptocurrency space.

“Governance matters that much. It is really the core differentiator between whether a project is successful or a project will fail,” said Hoskinson.

As reported by cryptoSlate earlier this week, ADA’s upcoming Chang hard fork is on the horizon as the Cardano node is set to reach version 9.0 later this month.

Chang will be the first hard fork in Cardano’s Voltaire era, which will introduce community-run governance by enabling on-chain community consensus and allowing ADA token holders to vote on proposals to benefit Cardano.

According to Hoskinson, once Chang is implemented, Cardano will have “the most advanced blockchain governance system.”

Once Cardano enters the Voltaire era, the seven-year-old blockchain will no longer be controlled by Cardano development company IOG, but will instead be fully governed by members of the ADA community.

With a focus on decentralization, community-run governance, and continuous innovation, Hoskinson remains optimistic that ADA is poised to eventually unseat Bitcoin and other competitors.

In his view, ADA’s adjustability, coupled with its community-driven approach and cutting-edge governance system, gives it a significant edge over Bitcoin’s rigidity and limited value proposition.

At the time of writing, ADA is trading down 1.6% in the past 24 hours, according to data from CoinGecko.

News source：https://www.kdj.com/cryptocurrencies-news/articles/charles-hoskinson-ada-poised-top-blockchain.html

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