Charles Hoskinson said the Cardano network will be “bigger” than Bitcoin and Ethereum, and gave a timeline for when that will happen. This also happened when Cardano's founder made the case for why his network is better than other layer 1 networks, especially in the Voltaire era that introduced decentralized governance on the network.
Charles Hoskinson reveals when Cardano will exchange Bitcoin and Ethereum
Cardano's founder said his network will be bigger than Ethereum in 10 years, and bigger than Bitcoin in another 10 years. Charles Hoskinson added that 10 years after this happens, most governments will have their infrastructure up and running. He made these remarks at the just-opened Cardano Summit in Argentina.
If Cardano becomes bigger than Bitcoin or Ethereum, it will translate into ADA price and the BTC and ETH prices will flip. That definitely looks impossible at the moment, considering ADA is currently the 11th largest cryptocurrency by market capitalization. At the same time, BTC and ETH are the first and second largest cryptocurrencies by market capitalization.
However, Charles Hoskinson is confident that it will happen eventually, based on the belief that Cardano has better technology than these other networks. He recently said that Cardano is number 1 and that the gap between this network and other networks is not closing, especially considering the network's decentralized governance and incredible roadmap items on the horizon. .
Why is decentralized governance important?
Charles Hoskinson provided further insight into why Cardano's decentralized governance is important. He said that with on-chain governance, we have everything we need to resolve any issues. He added that this is why they are not focused on marketing, but are trying to build a true community that also helps with network marketing.
Cardano's founder also suggested that they are playing a long-term game rather than focusing on immediate success. He said he wants to build a network that everyone can trust, including world governments. He emphasized that true decentralization would help bring about trust and eliminate the intermediaries and global corporations that currently control all narratives.
This is why Charles Hoskinson believes the Voltaire era is important for the Cardano network and prioritizes it over all other layer 1 networks. Mr. Hoskinson also took advantage of the opportunity to shadow venture capitalist-funded networks. He pointed out that bowing to VC funding contradicts the entire purpose of blockchain technology. He said most of these networks are centralized and only a few are running validation nodes.
Boluwatife Adeyemi
Boluwatife Adeyemi is an experienced cryptocurrency news writer and editor who has covered topics spanning DeFi, NFTs, smart contracts, blockchain interoperability, and more, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easier for crypto beginners to understand. Outside of writing, he is an avid basketball fan and part-time enthusiast.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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