Despite the significant performances achieved in recent weeks, the ADA could only help lose ground this weekend as the leading cryptocurrencies on the market. The altcoin has already lost more than 80% of its value since it was high all the time. However, the public hoped that all the innovations brought to the network since then would take the asset to new heights. Founder of Cardano, Charles Hoskinson raised the reasons behind the current difficulties of altcoin.
The bear market does not surpass innovative projects
When asked why Cardano’s value was still struggling to explode despite all the blockchain innovations, Hoskinson discussed the effects of the bear market. Without justification, the latter would make no distinction between crypto projects, which would undergo the same treatment. Thus, all the new functions are performed that make Cardano stand out from the crowd under the umbrella of the macroeconomic factors responsible for the bear market.
“It’s called a bear market. This is what is happening. Nothing changes it. No ads make a difference. Cardano could cure cancer, give you a personal robot that plays poker and drives your grandmother to church on the weekends too, and we will still fall ”, said Mr. Hoskinson. The founder of Cardano is not wrong since the hopes that arose with the advent of the hard fork Vasil the ADA failed to stop it from sinking this weekend alongside bitcoin and ether.
The innovative nature of the project’s drawers has been questioned
While the Cardano community regularly refers to the blockchain as one of the most innovative in the industry, this status has regularly challenged critics. The latter believes that the network has far more merit leads to media hype surrounding the releases of Mr. Hoskinson’s secret. They also pointed out the many delays that Cardano suffered during development, in particular with regard to the implementation of the smart contracts.
In response to these various attacks, the founder of Cardano has compiled a list of the various innovations that characterize his blockchain. So he remembered that this is it take the first third – generation blockchain Proof of Bet. Mr. Hoskinson gave a history of the network’s previous hard forks and the improvements they have introduced. In this regard, the hard fork Vasil, which will be deployed at the end of the month, will enable network applications to become more competitive in the market thanks to the Piping.
After an ATH of $ 3.10 last September, ADA is now trading below $ 0.5 amid widespread price declines in the cryptocurrency market. Unfortunately the ones that carry innovative blockchains like Cardano do not escape this reality as Charles Hoskinson explained. However, some members of the public believe that Cardano may be the best blockchain coming out of this recession.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.