Crypto : Cardano remains number one according to Hoskinson, but ADA is stagnant !

Hoskinson, a regular in lively debates on social networks, reaffirmed with conviction that Cardano is still the benchmark for decentralization. While some members of the crypto community support this vision, others are more skeptical, particularly due to ADA’s performance.

A network always at the forefront of decentralization

Charles Hoskinson has never hidden his ambition to make Cardano a truly decentralized blockchain. Thus, “Cardano is still number one in terms of decentralization,” he posted in a tweet this Friday, October 4, 2024. This statement comes as the network continues to roll out its decentralized governance model by establishing decentralized representatives (Dreps) and the constitutional committee (CC). Such advances directly result from the “Chang” update on September 1, 2024, entering the project’s Voltaire era. This event has further entrenched the community governance system in Cardano’s DNA, thus enhancing the network’s legitimacy in its quest for complete decentralization.

One of the most important elements of recent months is undoubtedly the launch of the Midnight testnet, a sidechain that introduces a new dimension in terms of data protection. Hoskinson touted this innovation as a strength of the project. He stated that Midnight combines “Ethereum’s programmability” with “Zcash’s privacy.” It’s a key step for Cardano, which aims to position itself as a leader in governance, but also in terms of privacy and data security on the blockchain.

Mixed reactions from the community

While Cardano’s technical advancements are praised by a part of the community, Charles Hoskinson’s remarks have sparked a passionate debate. While several project supporters continue to firmly believe in the founder’s vision, others highlight the contrast between the announced progress and ADA’s lackluster performance. This project may be ambitious, but it is not reflected in the token’s price. The value of ADA, currently around $0.35, is far from the expected highs. Some critics even question Cardano’s ability to ever regain the one-dollar price, a concern echoed by some investors.

Opinions also diverge on the sustainability of Cardano’s economic model. Despite regular developments and stated ambitions, ADA’s growth prospects in the crypto market remain uncertain. However, these opinions must be tempered by undeniable technological advances and the project’s long-term vision. While ADA’s financial future seems uncertain, Cardano’s notable influence on governance and privacy issues could well redefine the sector in the medium and long term.

Through affirming Cardano’s place as a leader in decentralization, Charles Hoskinson has rekindled debates about the project’s future. While the community remains divided between hope and skepticism, the network’s technical advances, coupled with its innovative governance, could allow it to maintain its central role in the evolution of the blockchain ecosystem. However, the question remains: will these advances be enough to give a new momentum to ADA’s price and convince the skeptics? Only the future will tell.