Charles Hoskinson, CEO of IOG, made the bold prediction that Cardano (ADA) will surpass Bitcoin and Ethereum to become the most popular cryptocurrency in a keynote talk at the Rare Evo conference.
With a market worth of around $9.16 billion, Cardano is now the eighth-largest cryptocurrency, considerably behind Ethereum ($198 billion) and Bitcoin ($506 billion).
His case is founded on Cardano’s dedication to on-chain governance, a decentralised method of decision-making that incorporates the community directly.
“So, that is our task, and that is why I believe that Cardano will most likely overtake Bitcoin as the most popular cryptocurrency worldwide. It’s going to develop into more than simply a cryptocurrency, in my opinion. I believe it will serve as the foundation of a new digital society, one in which we can finally start to trust one another and shift from the maxim “don’t be evil” to “can’t be evil,” according to Hoskinson.
The market leaders Bitcoin and Ethereum were the target of his critiques of their governance structures. He made the observation that Bitcoin’s static design, which has not evolved since its beginnings more than 13 years ago, may ultimately prove to be its downfall. Hoskinson claimed that failing to implement any sort of on-chain governance may become a liability when cryptocurrency platforms develop and amass user bases numbering in the hundreds of millions. Ethereum’s leadership criticised on-chain governance as being unattainable.
The creator of Cardano addressed concerns about decentralised governance, which some see as a threat to established systems.
However, according to Hoskinson, this style of government might be a vehicle for reviving community trust and involvement.
He declared that he has “always believed in the best in people,” and that he views decentralised administration as a means of reestablishing that confidence.
Cardano would need to traverse a complicated web of legislative and technological difficulties in addition to considerably growing its user base if it were to claim the title of “world’s largest cryptocurrency.”
According to U.Today, despite the fact that ADA was identified as an unregistered security in the cases against Binance and Coinbase, Hoskinson recently claimed that the U.S. Securities and Exchange Commission was targeting Cardano.
