ADA surges over 12% as Charles Hoskinson says delays are just the nature of the game

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2022-01-15 11:17:13

Input Output (IO) CEO Charles Hoskinson is pleased with Cardano’s progress so far.

Speaking to Dan Gambardello from the Crypto Capital Venture YouTube channel, Hoskinson said people are getting too focused on the micro-context.

He added that this view does not take into account the achievements that have been achieved so far, nor does it include the time to deal with problems during implementation. In particular, considering the current size of the mission, it can be summarized as using blockchain technology to create positive change on a global level.

Hoskinson’s words are alluding to community pressure on Cardano’s meager number of dApps (decentralized applications) to date. Many people think that the ecosystem should be bustling at this time, after 4 months since Alonzo’s smart contract went live.

However, reality has disappointed many when only one dApp on Cardano, MuesliSwap, is listed on DeFi Lama.

Hoskinson is satisfied with process by Cardano

Hoskinson summarizes Cardano’s progress and says that it has gone from zero to a top 10 project and has been a significant force in setting the research standard for Proof-of-Stake.

“With over 100 exchanges, 2 million people, 130 dApps under construction, 2 million assets released on it.”

However, despite the achievements that have been made since the end of 2017, the creator of Cardano said that people “are facing many obstacles”.

Explaining the delay, Hoskinson points out there have been significant changes over the course of the four-year journey. All of that forces IO to take new approaches, leading to the delays everyone is complaining about.

“We had to rewrite the software 3 times, there were big changes to the architecture and the vendor. There are many approaches taken but not working, which inevitably leads to delays.”

The delay is not void the achievement before

Taking the opportunity to compare with Ethereum, Hoskinson pointed out that Vitalik Buterin originally put an ETH 2.0 release time in 2018. But for now, Buterin’s estimate is at some point in 2025.

“In 2015, Vitalik said worst case Ethereum 2.0 would come out in 2018. But now it is 2022 and he said maybe 2025.”

Last week, Buterin emphasized that ETH 2.0 is only about 50% of the way there. However, the main tasks in merging the ETH 1.0 – ETH 2.0 chain and implementing sharding are still being worked out.

Hoskinson asks if this means Ethereum’s performance so far has been “bad”? Answering for himself, he said no, “it’s just the nature of the game” when it comes to building blockchains.

ADA Price Recovers 12%

ADA is trading up just like the rest of the crypto market and is slowly recouping the previous day’s losses. The price broke the key support at $1.18 on January 8 before initiating a drop to $1.17 as the entire market plunged.

Daily ADA/USD Chart | Source: TradingView

However, the selling pressure eased and the price bounced above the support at $1.07 as the dip buyers returned to control the direction. The relative strength index (RSI) is turning up from the oversold zone as sellers have left.

ADA sentiment remains upbeat, although bulls need to break through the $1.37 barrier as well as the 50 moving average (MA) to turn bullish and turn $1.18 into a significant support area. trust.

ADA is up more than 12% and hitting a trading volume of $1.76 billion in the last 24 hours. The altcoin has a market capitalization of $44.7 billion and ranks 7th.

IntoTheBlock’s on-chain indicators turned bullish for ADA as it rallied from the key $1.07 support. According to IntoTheBlock data, the network growth indicator provides an optimistic view of both user engagement and growth, along with future market dynamics.

ADA On-chain Signals | Source: IntoTheBlock

Cardano has seen an increased number of active users since the beginning of 2022. Likewise, the network has also achieved an increasing number of commits on Github, continuing to maintain the growth activity trend of 2021.

Some projects are in the final testing phase or starting to roll out when the network is expected to launch new DeFi. According to the event schedule, this year, Cardano will perform Basho first and then Voltaire. The Basho phase will focus on optimization, scaling, and network growth. Along with that, Cardano’s parent company IOHK has announced the implementation of a series of node and Plutus improvements as well as stable tuning of several network parameters.

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