Cardano (ADA) is seen in the cryptocurrency world as the Ethereum (ETH) killer who can topple the currently largest altcoin from its throne. Both are so called layer1. Blockchains that are home to all kinds of decentralized applications, or dApps. However, Cardano founder Charles Hoskinson is betting bigger and believes that the altcoin is also capable of overtaking Bitcoin (BTC) in terms of market cap.
A new crypto king is on the way?
Hoskinson, who is also the CEO of Cardano’s Input Output Global (IOG), appeared during a speech at the conference. Ivo Strange Conference, to be very optimistic about the future of Cardano. He made a bold prediction that Cardano would eventually overtake Ethereum and even Bitcoin to become the number one cryptocurrency by market cap.
In his speech, Hoskinson noted that Cardano aims to become more than just a cryptocurrency. In his view, it will form the basis of a new digital nation where trust is revived and integrity is ingrained.
Central to Hoskinson’s rosy forecast is Cardano’s signature commitment to on chain governance. You may have heard about the upcoming “Voltaire” era that will take Cardano’s decentralization to new heights. Ultimately, users of the network will have to control the network through a democratic system powered by blockchain technology.
However, to become the king of the cryptocurrency industry, it still has some work to do. It currently ranks seventh with a total market capitalization of about $9.2 billion. However, Hoskinson’s ambitious forecasts are clearly not intended for the short term.
Criticisms of Bitcoin and Ethereum
Meanwhile, the cryptocurrency pioneer is above all critical of the governance models of Bitcoin and Ethereum. First of all, he noted that the unchanged design of Bitcoin, which has been operating similarly for over thirteen years in this regard, could become a weakness in the long run.
Additionally, Hoskinson criticized Ethereum’s leadership for its futility on chain governance He refused. He believes that as cryptocurrency platforms grow and welcome millions of users, adopting some on-chain governance can only work in their favour.
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