Understandably, Cardano founder Charles Hoskinson has received some criticism lately for allegedly falsifying information about his university education. However, what cannot be explained are the unprecedented attacks on the network and the native ADA token. Before we dive into the net, let’s first get to the heart of the situation at hand.
Background
A couple of days ago, crypto journalist Laura Shin pointed out discrepancies in Hoskinson’s statement about his college degrees and the school’s verdict on it. Snapshots attached to the post revealed that Hoskinson had not completed a bachelor’s degree or applied for a doctorate as she had previously claimed. Hoskinson had previously called Laura Shin’s new crypto book a “work of fiction.” The post began to circulate on Twitter and Reddit and users had mixed reactions. While some backed Hoskinson, others compared how Cardano has failed to deliver on the promises and expectations set forth by the founder himself.
Didn’t make our full interview, but Mike Novogratz is also on the list of smart people who remain shocked by Cardano’s valuation:“They have done something to create this weird cult.”#cardano $ADA pic.twitter.com/ZHAhL0sgLi— Zack Guzman (@zGuz) June 12, 2021
Before the Alonzo Fork, Hoskinson said that there would be thousands of decentralized applications running on the network. Nearly two years later, Cardano-based dApps are struggling to break through 70.
Cardano is objectively a shitcoin.— Peter McCormack ☠️ (@PeterMcCormack) March 7, 2022
balancing act
Hoskinson’s backers, such as Ben Goertzel, CEO of SingularityNET, a decentralized marketplace for AI algorithms, downplayed the entire fiasco. “This is nonsense… Charles is way above the level of most PhDs in understanding the underlying math and CS blockchain.”
Attacking an ecosystem, which I don’t support btw, by directing the critic toward the founder is silly and fall under Ad hominim fallacy https://t.co/SxvGbVWs2i— fou’ad.btc (@fouad_zahdeh) March 8, 2022
Twitter user @fouzad_nahdeh cited the term ad hominim in which an argument is made of personal attack rather than attacking the substance of the argument itself.
What is the matter in question?
The Cardano ecosystem has seen gradual growth since the Alonzo fork went live. Some expect network growth to continue to be slow, especially given the popularity of other ‘Ethereum killers’ such as Avalanche and Solana.
However, the truth is that the network has increased its statistics for January and its future looks promising. Both were noted in a recent article. Furthermore, the developers are working to make Cardano a more competitive force in the market. Its layer 2 solution, known as ‘Hyrdra’, is expected to increase network speeds to 1 million tps, which is faster than what Avalanche and Solana currently offer. A proposal to increase Cardano’s block size from 72 KB to 80 KB is also underway. Now that all the facts have been presented, it’s up to other investors to decide which side of the argument they belong on. Regardless of the decision, there is no denying that Cardano is looking to move towards the high expectations it set last year.