It has become the norm that when cryptocurrencies bloom their communities becomes heroes but when there is a price bloodbath, the team behind the system becomes the scapegoats. This has become the reality with Cardano (ADA) has come under attack over the last few days in regards to its development progress and price slide in the market. This has prompted one of the platforms co-founder; Charles Hoskinson shed light on the situation and the way forward.
During a surprise AMA on YouTube the Cardano Chief has made it clear that the price hype of the past has been overtaken by modern demands and the market prices correction are representative of the reality on the ground. Investors should look at the face value of the asset and the technology behind it to gauge its sustainability.
Ask Me Anything Participants Concerns on Cardano
The two hour AMA session appeared to shed some light on the present and future of Cardano. The ADA price has been sliding into oblivion and the increased attacks and criticism appear to have a negative effect to the overall performance of the system
On the issues of constant criticism and attack, Hoskinson had this to say:
The system is constantly criticized and attacked in a context where there is a profound lack of empathy and a profound lack of understanding amongst the general public when things aren’t going their way – especially as the price of cryptocurrencies go down,”
He adds that it is not practical for digital asset to move from $250 to $20,000 in a short period of time. It means there are processes that are not function and the price shit does not reflect the true value of the asset.
Cardano is a Protocols and not Software
Hoskins compared the Cardano project with Tesla’s Elon Musk and says that:
“As an entrepreneur, it is super important to have people who can say no to you, it is not about the cult of personality where you are surrounded by people that do not add value to the process but instead choose to amplify the mistakes. It is only ethical to be systematic and come up with a good product at the end”
Responding to a question on Cardano development progress and its future vision, the co-founder explains that the project is not software but a protocol and rolling it out takes time and patience.
“Protocols don’t come along very often, “so why should we constrain something that will be around for decades to the same forces and factors [that are applied] with a simple cellphone app.”
This is a clear indication that Cardano has learned the mistakes of other crypto verse players and is not leaving anything to chance. He goes to give examples of protocols that have been successful in the market and touched the lives of their users. He singled out PGP and its governance system that has made it a market leader in data encryption and decryption.
Other protocols that have broken even in their niches include the over the internet packet transmission outfit, TCP and BitTorrent in the distributed file sharing sector. All these have succeeded because of their methodical development approach that Cardano is using and has always been open to peer-reviews.
The AMA saw Hoskinson talk about his health and how he has been able to balance his work life with that of his health. He has however made several lifestyle adjustments in dieting and mediation and coping with his public lifestyle perfectly well and adds
“I feel lot better now and especially mentally, a heck of a lot better.”