Is Cardano Really Failing? Founder Charles Hoskinson Addresses Negative Sentiment Head-On

Charles Hoskinson Discusses the Rise in Negative Sentiment Around Cardano

Charles Hoskinson, founder of IOG, the company behind the Cardano blockchain, recently took to his X account (formerly Twitter) to address the growing negativity surrounding Cardano.

As the blockchain enters its Voltaire era, the sentiment has shifted, but Hoskinson believes this change is not a sign of failure but a reflection of the network's evolution.

The Voltaire era, according to Hoskinson, marks a pivotal phase in Cardano's development, opening up numerous opportunities that were previously unattainable.

Is the Voltaire Era the Root Cause of the Sentiment Shift?

Hoskinson argues that the negative sentiment towards Cardano is not a result of the blockchain "failing," but instead stems from the very nature of the Voltaire era.

Cardano officially transitioned into this new era on 1 September 2024, which focuses on decentralising governance.

Hoskinson explained,

"Cardano was transitioned into this era to address pent-up grievances, unexplored road map items, unfunded growth strategies, and needed partnerships."

Essentially, the Voltaire upgrade introduces new governance mechanisms, enabling the community to tackle previously unresolved issues, but this openness can also stir discontent.

The founder went on to confess that he, too, has his own list of grievances that could not be addressed before the Voltaire era.

The new governance structure, however, now makes it possible to confront these concerns directly, allowing Cardano’s ecosystem to grow and evolve.

What Makes Cardano Different from the Rest?

Hoskinson further touched on what he sees as the defining difference between Cardano and other blockchains.

He pointed out that the network's transparency and collaborative approach set it apart.

"We all do this together and out in the open," he stated, emphasising that Cardano’s approach contrasts with the “backroom deals and dirty tricks” often seen in the cryptocurrency world.

He believes this transparency is why Cardano is "loathed by a lot of others."

Cardano's unique governance, according to Hoskinson, is another distinguishing factor.

Unlike other blockchains where private deals may influence decisions, Cardano’s governance is "by and for the people," spread across more than 100 countries.

This decentralised government operates around the clock, and as Hoskinson said, it’s "very passionate about integrity."

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Midnight: The Future of Privacy on Cardano

In his statements, Hoskinson also took the opportunity to remind the community about ongoing developments within the Cardano ecosystem.

One of these developments is the launch of a new Cardano Native Asset (CNA) called Midnight.

Midnight is a privacy-focused network, designed for private smart contracts, and has already garnered attention with 15,300 followers on X.

Hoskinson shared that he is directly involved in the development of Midnight, particularly in areas concerning custody and liquidity.

This project is seen as a key milestone in the blockchain’s growth, reflecting Cardano's commitment to building real-world applications while maintaining the values of transparency and security.

Despite the rising negativity, Hoskinson remains confident that Cardano is moving forward with innovation that supports privacy and decentralised governance.

Cardano's Resilience Amid Market Trends

As rumours swirl about Cardano’s supposed decline, Hoskinson remains firm in his stance that the blockchain is far from dying.

In his view, the current backlash is simply the growing pains of a network adapting to its full potential.

With the Voltaire era in place, Cardano is becoming a fully decentralised protocol, with a new voting and treasury system that empowers the community to influence the network's direction.

Reflecting on the broader cryptocurrency space, Hoskinson said,

"Cardano isn’t dying. It’s thriving and growing."

He believes that the long-term vision for Cardano is what sets it apart, with a focus on progress rather than short-term market gains.

As of now, Cardano's native token ADA is trading at $0.3396, experiencing a slight decline of 0.1% in the last 24 hours.

However, for Hoskinson, market manipulation and quick profits are not what define Cardano’s success.

He stressed,

"Short-term thinking, market manipulation, and companies seeking a handout have no role or place here."

Instead, the blockchain's future is built on a foundation of transparency, decentralised governance, and a focus on long-term growth.