Charles Hoskinson Writes Back To Recent Cardano Misinformation On Twitter

Dec. 29, 2022
Charles Hoskinson Writes Back To Recent Cardano Misinformation On Twitter

Charles Hoskinson, a Cardano developer, recently criticized the “misinformation” that was common in Reddit conversations about Cardano’s computing layer (CL) and settlement layer (SL) (SL) in a recent tweet.

Sidechains, per Charles Hoskinson, represent the realization of Cardano’s promised CL. His team considers releasing fake information in order to “start eating paint chips.”

Awhodothey, a Reddit user who tried to attack a recent Cardano document submitted by blockchain startup Messari, was most likely the subject of Charles Hoskinson’s outrage.

Awhodothey recently gave a comprehensive rebuttal of a report quotation. “Cardano separated the functions of computation and settlement into different layers and built Ouroboros Classic as its initial PoS consensus method,” said the report.

In response, Awhodothey asserted that, despite Hoskinson’s promise to create a distinct computational layer, this never happened.

Awhodothey further noted that none of the Cardano smart contract developers have succeeded in creating a decentralized smart contract with their own off-chain consensus processes. “All they have thus yet is centralized applications or very basic decentralized txs,” the individual concludes his statement.

Although Cardano’s (ADA) pathetic effort compared to its valuation in 2022, the innovative contract platform made a lot of upgrades. Vasil was introduced at Cardano in September to improve the cryptocurrency’s scalability.

Thus, scalability is essential for improvements to stand out and for the crypto to be a strong challenger for ETH to prevent Cardano from committing the same mistakes as previous generations of blockchains.

Cardano (ADA) Price And Initial Plan

When it comes to pricing thus far into the 2022 bear market, Cardano, the so-called “third-generation blockchain,” has been a first-class failure.

The continuous top-10 cryptocurrency, which briefly ranked 3rd behind ether and bitcoin for a few months in 2021. Therefore, ADA dropped almost 92% from its September 2021 peak of just over $3 per coin. However, Cardano’s Market Cap rank is 9th, and its current price is $0.24 with a -2.9% low of 24 hours. 

Mike Alfred, a value investor, and wealth manager, recently reacted to a message from a user going by the name “ADA whale” on Twitter with his thoughts on when the rapid price decrease of Cardano’s ADA and other cryptocurrencies in the market is likely to halt.

According to user ADA Whale, the price movement of cryptocurrencies in the current bear market has been strange. He admitted that “inorganic and criminal operations by certain exchanges” had a substantial influence on this. In addition, this presumably refers to FTX’s downfall at the beginning of November.

Related Reading | FTX Used $200M Of Customer Funds, SEC Says

Unlike Ethereum, which reached its year low in June, Cardano is nearing its year low in 2022. While the Merge had a massive impact on Ethereum, let’s wait for Vasil Hardfork Results.

Hoskinson described Cardano’s initial plan as “the strongest, most resistant self-governing organism ever imagined, with a population in the millions and great value for everybody.

Furthermore, the Vasil Hardfork may have a long-term impact in the future. For the time being, Cardano is dependent on how liquidity evolves as a result of the Fed’s activities, as well as crypto industry-specific pumps and dumps.

Hoskinson added.

Many challenges are coming; there are numerous upgrades to perform.

 

Ammar Raza

Associate editor
Ammar Raza is an individual with a strong interest in the world of cryptocurrency. He has written extensively on topics such as non-fungible tokens, decentralized apps, and blockchain technology. In addition, he is passionate about collaborating with innovative companies to drive meaningful change.

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