Cardano News: Charles Hoskinson responds to criticism
Cardano News: Charles Hoskinson responds to criticismCardano News: Charles Hoskinson responds to criticismCardano Kurs, ADA Münzen Stapel

Cardano (ADA) has seen its value grow roughly eightfold so far in 2021. Nevertheless, founder Charles Hoskinson had announced significantly more progress last year. This led to increased criticism recently. Now, the 33-year-old Ethereum co-founder has spoken out about the criticism.

Cardano was able to announce a new partnership with the lending platform Nexo just a short time ago, the Smart Contracts function is being further developed and the next Alonzo update should also be soon. Even Grayscale is so confident in Cardano that they’ve included ADA – the currency on the Cardano blockchain – in their digital wealth fund.

At first glance, this seems very promising. However, on July 26, 2020, Charles Hoskinson had still full of euphoria on Twitter promised quite more progress within a year:

Not all of that has been implemented yet. In the grand scheme of things, they’re still a long way from such a state. This has not escaped the notice of attentive Twitter users, who have given free rein to their criticism on the platform.

Only 20,000 Cardano transactions per day

Evan Van Ness criticized the usefulness of Cardano. He said that the number of transactions shows that the Cardano blockchain is not being used. Van Ness made the following comments in this regard:

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“Do people realize that Cardano barely does 20,000 transactions per day? Yet ADA has a valuation of $63 billion despite zero traction a full five years after its Initial Coin Offering (ICO). That’s $1.93 million in valuation per daily transaction.”

The low number of transactions surely has something to do with the fact that more than 70 percent of ADA coins are held for staking.

Hoskinson doesn’t see merit in criticism

Twitter user Undervalued Cryptos” was already able to catch people’s attention a few days ago.

After Hoskinson responded to the tweet by saying that Cardano was very much making progress and the user simply wasn’t following it, he has now commented in more detail in a YouTube video.

“To be honest, we actually have that kind of traction. There are tens of thousands of assets, over $10 million USD of NFTs that have been sold, if we count correctly, across the network.

All in all, the ecosystem is pretty healthy and viable. And since the time of the prediction last year, we’ve seen a tripling of Cardano’s population size and obviously a lot of value accumulation. We’re number one in stakes in the entire space.”

Additionally, Hoskinson claims that all critics of ADA are either misinformed or intentionally acting in bad faith against ADA. Further, Cardano is one of the fastest growing cryptocurrencies, he says.

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