Cardano’s Charles Hoskinson Slams “The Biggest Lie” In Crypto Industry

Cardano was recently in the news when it hit an important milestone.

The testnet for Cardano has 200 registered active stake pools up and running just 4 days after it opened its doors to the whole ADA stake pool community.

Tom Harrison, the marketing and communications director at Input Output Hong Kong (IOHK),  revealed the achievement.

Charles Hoskinson addressed the biggest lie in the crypto space

Cardano creator Charles Hoskinson said that the biggest lie in the crypto space is that any platform achieved dominant levels of adoption.

During a new interview with Messari’s Ryan Selkis, Hoskinson says the claim that Ethereum has built a significant network effect is far from being accurate.

“It’s the biggest lie ever told in [the] space. It makes sense why that lie is so propagated, that Ethereum has achieved the network effect,” he said.

He continued and said that it might take a decade before any smart contract platform manages to build a commanding lead in the space. He explained that it’s useless to speculate on Ethereum’s network effect now because the blockchain industry is just in its early days, as reported by the online publication the Daily Hodl.

“They say ‘we’re the dominant platform’. Yes, you’re the dominant platform. It’s like saying you’re the biggest fish in a very tiny pond next to the ocean. No one has won. We’re all fighting right now in a small pond,” he said.

He believes that people in the industry should focus more on solving real-life issues with blockchain.

“To win, you have to think in terms of utility and experiences and what is actually going to help your user. Now, where are the killer applications for this? Supply chain, medical records, identity solutions, voting solutions.”

We recommend that you check out the video above in order to learn what more he had to say.


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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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