Charles Hoskinson Defends Cardano against Criticism on Twitter
In a recent exchange on Twitter, a user expressed criticism towards the development of Cardano, comparing it to an Ethereum imitator and questioning the feasibility of its scaling solution, Hydra. The founder of Cardano, Charles Hoskinson, responded to the criticism and defended the platform against these claims.
Hoskinson’s Reply to the Critic
Hoskinson dismissed the notion that Cardano is merely copying Ethereum. According to him, Ethereum has several flaws, including a weak consensus layer, a subpar programming model, and a network that is being overwhelmed by its own layer 2 ecosystem.
Hydra: Cardano’s Path to Lightning-Fast Transactions
Hoskinson believes that by implementing Hydra, Cardano can become the fastest cryptocurrency network in the world. Rather than executing transactions directly on the main Cardano blockchain, Hydra utilizes a private network called Hydra Head. This allows for quick transactions to be carried out, with the actual settlement happening on the main blockchain later. Each Hydra Head functions as an off-chain mini ledger shared among a small group of participants. This significantly speeds up transactions and reduces costs. The scalability solution is already capable of processing over 1,000 transactions per second and could potentially reach 1 million in the future.
In addition to Hydra, Cardano is also planning to launch Hydra Pay, a decentralized payment service based on the Hydra Head protocol. Set to be launched in 2023, Hydra Pay aims to revolutionize Web3 micropayments by offering even cheaper and faster transactions than what is currently possible.
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Addressing Criticism: Cardano as a Ghostchain
Cardano has faced criticism on social media, often referred to as a “ghostchain” due to periods of low network activity. However, Hoskinson strongly refutes this claim and emphasizes that Cardano is here to stay. He shared a post from ‘Stake with Pride’ that highlights the absence of problems such as hacks and inflation bugs, which are commonly faced by other blockchains.
Charles Hoskinson, the founder of Cardano, has defended the platform against criticism on Twitter, refuting claims that Cardano is imitating Ethereum and highlighting the capabilities of its scaling solution, Hydra. Cardano’s future developments, including Hydra Pay, show its commitment to revolutionizing the cryptocurrency landscape.