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- According to Charles Hoskinson, Cardano needs to implement better-supported stablecoins.
- The Cardano CEO disagreed that the blockchain is prone to heavy congestion.
- Hoskinson explained congestion on Cardano only leads to delayed settlements.
Cardano founder Charles Hoskinson has addressed some pressing questions about the blockchain project from its community members. In a recently uploaded video, Hoskinson selected a few questions from a Cardano user, clarifying some of the assumptions within the project’s ecosystem.
Interesting Thread https://t.co/1USHIhAc9h— Charles Hoskinson (@IOHK_Charles) April 1, 2024
Hoskinson addressed the opinion that Cardano needs a well-recognized stablecoin to succeed. He agreed that Cardano needs to implement better-supported stablecoins, noting that the project has attempted to do so before now. However, he confirmed that the Cardano Foundation is diligently working to make that happen.
Meanwhile, the Cardano CEO debunked the idea that the blockchain gets heavily congested even with few active users and ongoing mints. While he agrees that congestion occurs, he noted several active users and mints on the blockchain. He also stated that the congestion, when it occurs, does not cause a significant issue for users.
According to Hoskinson, congestion on Cardano does not lead to spiking fees or the failure of processes. He clarified it only leads to delays in transaction settlements, increasing transaction time.
Clarifying the issue of top-down support, Hoskinson considered giving money to projects within its ecosystem unnecessary. He compared Cardano with other top blockchains like Bitcoin and Ethereum that did not have to “support” builders with funds. He thinks doing so amounts to “bribing” where the project influences builders to build their products on the blockchain.
Hoskinson noted a common misconception about Cardano’s interoperability. He explained that many centralized exchanges (CEXs) have already added Cardano to their platforms. He debunked the idea that Cardano’s unique programming language makes it difficult to be added to other platforms.
To conclude, Hoskinson denied there are no incentives from Cardano for users on its network. He referred to previously highlighted issues like top-down support and alleged lack of interoperability to explain that the blockchain is user-inclined and supports those building on it.
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