Home News VCs don’t understand that Cardano has a community: Charles Hoskinson

VCs don’t understand that Cardano has a community: Charles Hoskinson

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Charles Hoskinson recently released a YouTube video in which he emphasised the Cardano (ADA) ecosystem’s tremendous growth while also addressing concerns made by other members of the crypto community over the previous year.

“We live in a world where arbitrary groups of people get to be fact-checkers and decide what’s valid,” Hoskinson said of the government’s attitude toward cryptocurrencies. He emphasised that the United States dollar and other fiat currencies are used in the great majority of financial crimes.

This year’s growth of the crypto ecosystem, according to Hoskinson, may be slower than in 2022:

“It’s difficult to argue with a $2.5 trillion business that’s just going to get bigger. I believe we will simply eat the repercussions of being so large so quickly as an industry, for better or worse.”

He also stressed the importance of changing Silicon Valley’s “bizarre motto of move fast and smash things” in crypto, which resulted in $10.5 billion in losses in the decentralised finance (DeFi) market in 2021. Hoskinson emphasised Cardano’s meticulous and patient approach, saying:

“That’s why VCs aren’t aware of Cardano’s existence. They mistakenly believe I’m the only one with a microphone.”

Gradually transforming into a permanent open-source project

Cardano will gradually transform into a permanent open-source project, according to Hoskinson, who compares it to the Linux operating system. He wants to move away from a hierarchical system and toward open-source DApps created by Cardano community members:

“They [the developers] should also pledge to contribute at least one of their developers to the Cardano protocol.”

Hoskinson believes that this “modest resource commitment” will expedite the completion of the Cardano roadmap in the long run. “We’re number one for GitHub commits,” he said, referring to YouTubers, podcasters, and VCs who had questioned Cardano’s growth.

“If you’re such an expert that you’re going to remark on the quality of our comments, tell us which ones are incorrect, which ones are meaningless, and which sections of the roadmap we’re significantly failing at.”

Hoskinson discussed DeFi’s potential and Cardano’s limited role in the industry in a similar live YouTube session.

Developers and artists, he believes, need to cultivate a longer-term perspective:

“It’s quite difficult to accomplish this kind of engineering correctly and with a future in mind. Many of the developments in this area, however, will not last. In the next five to ten years, we will witness a mass extinction.”

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