Cardano Founder Calls Out DApp Ecosystem and Ethereum Model

Share Article
In Brief
  • Cardano founder hits back at social media critics.

  • Charles Hoskinson explains why the platform doesn’t support DApps.

  • He says he sees no value in the current Ethereum model.

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Charles Hoskinson, Cardano blockchain platform’s creator, responds to criticism that his platform isn’t effective. The founder called out the current DApp ecosystem as being unhealthy.

Sponsored



Sponsored

In a video blog addressing the lack of decentralized apps (DApps) on the Cardano platform, Hoskinson aired his views on the DApp ecosystem and the comparisons to Ethereum.

He is distraught with social media users calling Cardano a “ghost app” because of its lack of DApps. Rather, the platform is currently building the upgrade featuring smart contracts.

Sponsored



Sponsored

He explains that Cardano could produce smart contracts under Ethereum, but the outcomes won’t be what he considers valuable. 

“Do you know where this will lead? Commissions of $ 60- $100 per transaction. Profitable farming, useless Defi, selling goofy NFTs for hundreds of thousands of dollars,” Hoskinson said.

He claims that many of these apps are not decentralized. He said that in 2020 only 31% of DApps were built on Ethereum, with the rest built off the platform. 

“We have very real problems with this DApp model, and if the goal is just rampant speculation, Ponzi schemes, and no real use and utility and no ability to scale to billions and billions of people, I want nothing to do with that,” he said.

Cardano: Promising Better Smart Contracts of the Future 

Hoskinson insists that he and his team want to create smart contracts with “real utility.”

Rather, he told users that when smart contracts launch on Cardano, they will see a “gargantuan increase” in the value. Also, there won’t be much of an increase in transaction fees. 

“Because we built the system right,” he said. “We know exactly where to go to get the system to the next level…we know the things that we need to do.” 

Not Just About Profits and Fanboys 

Hoskinson admonished the current rush to DApps to be about “fanboyism” and “financial incentives.” 

He speculated that the crypto industry would fail if it is only about hype and making money. However, he said:

“If our actual goal is to build things that change people’s lives are useful and will be used for decades to come, we must do things differently.”

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

After working in news and lifestyle journalism, Leila decided to bring her interest in cryptocurrencies and blockchain to her day job. She now runs the Features and Opinions desk at BeinCrypto which fits perfectly with her enthusiasm for crypto's social and political impact.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!