The crypto space had matured and developed by the end of the year. As people from the community understand the importance of innovation in the ecosystem, many projects have recently undergone a number of upgrades. To highlight the essence of the revolution, Charles Hoskinson did not shy away from affirming the reality: “Innovations get you out of dilemmas.”

Highlighting the ongoing market trends, the IOHK board said:

“Altcoins are generally more valuable than Bitcoin right now and there are many institutional coins that are leaving the PoW consensus and moving to greener PoS alternatives.”

Ethereum will move to the PoS consensus mechanism with the 2.0 upgrade. As mentioned earlier, PoS coins like Cardano, Polkadot, and Solana have siphoned off capital from coins based on the PoW algorithm. In addition, their recent market reviews and ratings are very impressive too.

According to Hoskinson, networks that use the PoS mechanism do more and emphasize: “Cryptocurrencies are experiencing a major turning point towards sustainability.”

Following recent developments, there have been conclusions that Cardano is a potential Ethereum killer. However, Hoskinson flatly denied the claim, saying that what Cardano has achieved sets it apart from other bigger names in the industry. Regarding the actual Ethereum killer, he claimed:

“First of all, Ethereum is killing itself. You are replacing Ethereum with Ethereum 2.0. So Ethereum 2.0 will kill Ethereum 1.0 ”.

In addition, Hoskinson emphasized that Cardano supplements the missing parts with “holistic things” in the ecosystem. As for the ecosystem, the Alonzo hard fork is expected to enable developers to build smart contracts on the blockchain. For the next 90 days, Cardano will not only focus on Alonzo but also support other potentially viable projects, Hoskinson said:

“When it comes to smart contracts, we’ve almost done the entire roll out … The next big milestone is the ability to issue tokens on the platform, and lots of NFT platforms will come.”

Hoskinson also denied the assumption that Ethereum would be able to kill Cardano after switching to the PoS mechanism. According to the developer, born in 1988, Cardano is “waging” the PoS war. The Ethereum co-founder said:

“I disagree. We have always followed the mantra – scalability, interoperability and sustainability. We’re the first to hit the market with PoS and Ethereum is still crashing. We have a better engine. “

Cardano uses the UTXO accounting model, which is said to be more scalable than Ethereum’s, and that gives Cardano another head start, according to Hoskinson. Hoskinson added:

“We will be the leader in micro payments. Again, everyone is free to disagree, and that’s what makes it so interesting. “

In conclusion, the CEO of IOHK commented while highlighting various technologies, philosophies, user bases and time periods:

“The larger the systems, the slower they grow. Take a look at bitcoins. Bitcoin developers really want to develop the system … they just can’t, they don’t want to. “

1 Year ADA Price Chart | Source: Coinecko

Unsurprisingly, Cardano’s ADA token has also done quite well lately. After climbing to # 5 on the leaderboard, Coingecko has grown by up to 2,200% in a year, turning many ADA owners into millionaires.

peace

According to AMBCrypto

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