Charles Hoskinson explains how Cardano will solve the main issues plaguing the DeFi ecosystem
Charles Hoskinson, CEO of Cardano developer Input Output, spoke about the pitfalls of decentralized finance during a YouTube livestream from his home in the state of Colorado, claiming that many users are incredibly tired of the low production quality of applications within the DeFi ecosystem.
He adds that losses from scams and hacks, which mostly took place in the Ethereum space, exceeded $ 10.5 billion in 2021.
The Input Output boss says that many projects in the crypto space rely on “a hope and a prayer” instead of rigorous engineering. Hence, he is convinced that many projects will not stand the test of time.
It’s very difficult to do this kind of engineering, and it’s very difficult to do this kind of engineering properly and with a forward-looking vision.
Developing standards for DeFi
The crypto billionaire says that Cardano will be able to fix this by creating a specific set of standards for DeFi in order to weed out poor-quality applications.
The Ouroboros family of consensus protocols will ensure Cardano sticks around for decades, according to Hoskinson.
The Cardano founder says that he’s tired of
Ensure scalability
Accelerating transactions on Cardano will be possible with the help of Hydra, a scaling solution named after a mythological monster, and sidechains. Hoskinson expects billions of users to be part of the ecosystem over the next several decades.
Hoskinson says that a record number of developers are working on Cardano’s core infrastructure as well as its DeFi ecosystem.
Earlier this year, Cardano came under fire after a decentralized exchange failed to transact due to the competition issue which Hoskinson says is “completely” made up.
