Thursday, April 15, 2021

Charles Hoskinson on Ethereum Network Effect: We’re All Fighting in a Small Pond, No One Has Won

The CEO of IOHK and creator of Cardano (ADA), Charles Hoskinson has pointed out what he called the “biggest lie” in the crypto sphere, about any cryptocurrency project that has the highest level of adoption.

Reacting to the notion that says Ethereum has achieved the network effect, Charles Hoskinson said all crypto projects, including Ethereum (ETH) and Cardano (ADA), are fighting in a small pond, averring that no one has won.

The creator of Cardano (ADA) made this known in a recent interview with Ryan Selkis of Messari. In the conservation, Hoskinson said it may take a decade for any smart contract platform to attain a significant level in the cryptocurrency sphere.

Charles Hoskinson said:

“It’s the biggest lie ever told in the space. It makes sense why that lie is so propagated, that Ethereum has achieved the network effect.”

Hoskinson stated that it is not the right time to speculate on the Ethereum network since the blockchain industry is still a work in progress.

“They say ‘we’re the dominant platform’. Yes, you’re the dominant platform. It’s like saying you’re the biggest fish in a very tiny pond next to the ocean. No one has won. We’re all fighting right now in a small pond,” Charles Hoskinson added.

According to the CEO of IOHK, instead of propagating the “biggest lie” about a project with the highest level of adoption, more attention should be centered on the blockchain projects that bring solutions to real-life problems.

“To win, you have to think in terms of utility and experiences and what is actually going to help your user. Now, where are the killer applications for this? Supply chain, medical records, identity solutions, voting solutions.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles