ADA rises over 12% as Charles Hoskinson says delays are just the nature of the game

Input Output (IO) CEO Charles Hoskinson is pleased with Cardano’s progress to date.

Talk to Dan Gambardello from the Crypto Capital Venture, Hoskinson YouTube channel said people are too focused on the micro-context.

Charles Hoskinson – CEO Input-output

He added that this view does not take into account what has been achieved so far, nor does it take into account the time to resolve problems during implementation. In particular, given the current scope of the mission, it can be summarized as using blockchain technology to bring about positive change at the global level.

Hoskinson’s words allude to the pressure from the community on Cardano’s previously meager number of dApps (decentralized applications). Many people think that the ecosystem should be busy at this time, 4 months since Alonzo’s smart contract went live.

However, reality disappointed many when only one dApp was listed on Cardano, MuesliSwap, on DeFi Lama.

Hoskinson is happy with process by Cardano

Summing up Cardano’s progress, Hoskinson says it went from zero to one of the top 10 projects and was a significant force in setting the research standard for proof-of-stake.

“With over 100 exchanges, 2 million people, 130 dApps under construction, 2 million assets released on them.”

Despite the achievements made since late 2017, the creator of Cardano said that people “face many obstacles”.

To explain the delay, Hoskinson points out that there have been significant changes over the four-year journey. All of this is forcing IO to take a fresh approach, which creates the delays everyone complains about.

“We had to rewrite the software three times, and there were major changes to the architecture and the provider. There are many approaches, but they don’t work, which inevitably leads to delays. “

The delay is not Empty that power In front

Hoskinson took the opportunity to compare with Ethereum and pointed out that Vitalik Buterin originally announced a release date for ETH 2.0 in 2018. But for now, Buterin’s estimate is sometime in 2025.

“In 2015, Vitalik said that Ethereum 2.0 would come out in 2018 in the worst case. But now it’s 2022 and he said maybe 2025. “

Last week, Buterin emphasized that ETH 2.0 is only about 50% of the way there. However, the main tasks involved in merging the ETH 1.0 – ETH 2.0 chain and implementing the sharding are still being worked out.

Hoskinson asks if this means that Ethereum’s performance so far has been “poor”. He replied for himself and said no, “it’s just the nature of the game” when it comes to building blockchains.

ADA price recovers 12%

ADA is trading up like the rest of the crypto market, slowly making up for the previous day’s losses. The price broke key support at $ 1.18 on Jan 8, before descending to $ 1.17 as the entire market collapsed.

Daily ADA / USD Chart | The source: TradingView

However, selling pressures eased and price bounced above the $ 1.07 support as buyers returned to control direction. The relative strength index (RSI) rises out of the oversold zone as sellers have left the market.

ADA sentiment remains bullish, although bulls need to break above $ 1.37 and the 50 moving average to become bullish and turn $ 1.18 into significant support.

ADA is up more than 12%, reaching a trading volume of $ 1.76 billion in the last 24 hours. The altcoin has a market capitalization of $ 44.7 billion and ranks 7th.

IntoTheBlock’s on-chain indicators turned bullish on ADA as it rebounded from the key support of $ 1.07. According to IntoTheBlock data, the network growth indicator provides an optimistic view of user engagement and growth, as well as future market dynamics.

ADA on-chain signals | The source: IntoTheBlock

Cardano has had an increased number of active users since the beginning of 2022. Likewise, the network has also achieved an increasing number of commits on Github, continuing the growth trend from 2021.

Some projects are in the final testing phase or begin rolling out when the network is expected to launch a new DeFi. According to the event schedule, Cardano will perform the basho first and then Voltaire this year. The basho phase will focus on optimization, scaling and network growth. In addition, Cardano’s parent company IOHK has announced the implementation of a number of Node and Plutus improvements as well as the stable coordination of several network parameters.

Follow notification, a performance-oriented Cardano v1.33.0 node version that significantly improves synchronization times, blocks transfer times and reduces memory usage, was released on July 1st.

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