Cardano Founder Talks Delays, Multichain Adoption and Crypto in Africa

In the Brief:

  • Cardano's delays due to wrong technology and ambitious goals.
  • Lessons learned from navigating corruption and geopolitical tensions in Africa.
  • Emphasis on dealing with companies and individuals rather than governments.
  • Focus on expanding Cardano's presence in West Africa.

3 - 5 minute read

Cardano has been in the news lately for its continued delays and network updates. Charles Hoskinson, the co-founder of Ethereum and founder of Cardano, joined Elisha Owusu Akyaw on episode 14 of Cointelegraph’s Hashing It Out podcast to discuss the current state of crypto and take a deep dive into Cardano. Hoskinson gives his perspective on the recent happenings in the industry, crypto adoption in Africa, and more. He also addresses issues surrounding Cardano, including delayed updates.

Hoskinson explains that even though creating a new network involves rebuilding the network effect, it allows you to have an unadulterated vision, which is necessary for what Cardano intends to do. On the current state of the network, Hoskinson acknowledges that it takes time to get things done, with about 85% of the initial roadmap completed. The founder of Cardano acknowledges the multichain nature of the industry. Hoskinson says everything is going multichain, even if it starts on Ethereum or Cardano.

What are the setbacks that Cardano has faced?

Cardano has come under some criticism for continued delays and network updates over the years. Hoskinson attributes these setbacks to “betting on the wrong technology and being a bit ambitious with the roadmap.” This means that the company may have invested in some technologies that they thought would be useful, but later realized that they were not.

“It took seven years for Cardano to grow from an idea to an ecosystem. We have already seen some huge wins like the NFT sector.“

Another area of interest for most followers of the project has been the partnerships and collaborations between Cardano and projects in Africa. Hoskinson elaborated that there are several lessons to be learned after dealing with corruption and geopolitical tensions. The founder of Cardano said he has concluded that it is more reasonable to deal with companies and individuals rather than governments. He plans to expand Cardano’s reach on the continent from East Africa to West Africa, with Ghana as a prime focus.

What does this mean for traders?

For traders, this means that Cardano is still a work in progress, but it has a lot of potential. The delays in network updates may be frustrating, but they are necessary to ensure that everything is done correctly. Cardano’s focus on Africa may also be a good thing for the asset, as it opens up new opportunities for growth and adoption.

Cardano has had its share of setbacks, but the company is still moving forward. Charles Hoskinson’s insights into the industry and his plans for Cardano’s expansion in Africa are promising. Traders should keep an eye on the asset, as it has the potential to make significant gains in the future. However, investors should also be aware that Cardano is still a work in progress, and there may be more delays in the future.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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