will continue to grow over the next two years. He added that the network will reach its peak in late 2022 or early 2023. Sponsored Sponsored
His comments come amidst high demand for the second largest cryptocurrency, which he interestingly co-founded. The developer launched Cardano, which has also undergone major changes, with the biggest in the form of the Alonzo update. Alonzo
will allow for the implementation of smart contracts and is expected in the next few weeks.
The Ethereum network recently underwent a major update that allows it to become a deflationary asset by burning fees. In less than a week of adopting the mechanism, over $64 million worth of Ether has already been burned. At this rate, it is expected that the annual burn could reach billions. If that happens, the asset could reach the status of “ultrasonic money,” which some analysts say would make it bigger than Bitcoin
and could lead to it surpassing BTC. Sponsored Sponsored
will play a huge role in its development. Hoskinson will note:
He is going to use his youth and wealth to do things that he thinks are right for his ecosystem. And there are a lot of people working with, like ConsenSys, etc., that are definitely big companies and also have a lot of people and money. When you have that kind of momentum, something will happen.
Ethereum vs Cardano
In the past, the developer has criticized Ethereum, claiming that Cardano is a better network. However, despite parting ways with Vitalik Buterin years ago, he now lavishes no praise on the young developer.
During the interview, Hoskinson was quick to highlight recent developments with Cardano. For example, the project has undertaken major projects in Africa i.e.signed a partnership agreement with the Ethiopian government.
With the project in Ethiopia and several neighboring countries such as Tanzan
ia, the network will be able to welcome millions of users on board. In an interview, he added:
Our intention is to compete, among other things, for the entire national ID system, which has about 110 million people.
At the time of this article’s publication, the charts of both Cardano and Ethereum are green. Ethereum has gained over 5 percent and is trading just above $3100. Cardano on the other hand has gained just under 5 percent currently trading at $1.47.
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