Charles Hoskinson on Cardano’s Next 12 Months (direct quotation from his speech)
Today, May 10th, 2022, there are more people using Cardano than ever before. There are more transactions on Cardano than ever before. More smart contracts on Cardano than ever before. More NFTs on Cardano than ever before. Cardano has more daps under construction than ever before. Next month the fossil heart fork is on schedule to bring the greatest performance improvement ever in the history of Cardano alongside numerous new features for dap development. This is just one of many events that are going to occur over the next 12 months.
In addition to things that build entire ecosystems, like algorithmically generated stable coins, we have more coming. It’s already on test net with a much better design, I’d argue, than most, and it’s a testimony to the hybridization of formal methods. Good engineering practices and principles, once again, fundamental principles you’re building something for everyone and you’re building something to last, well, even if it takes a little bit more money and a little bit more time. Again and again, I’ve always said that it’s not going to be first to market. It’s going to be best to market and those who exhibit stability and resilience in the bad times that survive. That’s why today we’re stronger than we’ve ever been in the history of the project. We have more people than we’ve ever had in the history of the project. Yet that will not be reflected in the media, the prices, or the current atmosphere because it’s one of fear and greed and it’s one that doesn’t seem to care about basic principles.
But here’s the thing, the fair weather people in all those cycles. The people who stay behind are the people who are here for the long term and our community, in my view, is the best because they get it. They’ve gotten it from the very beginning. We have to do better. We have to leave behind something to those who come after us, which was better than what we found. As Augustus Caesar said, he found his city and granite and left it marble and we want to do the same.
Is Crypto Over?
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I’m going to clue you in on the current state of Cardano, particularly Cardano over the next 12 months. First let’s address the current state of the market. Cryptocurrency is currently going through a mass capitulation black swan event the likes of which 2021 and 2022 crypto participants have never seen. If you are new to crypto, what is going on right now might be freaking you out. You might be thinking about giving up on crypto. What is going on in crypto today? Many of us have seen things like this happen in crypto before. How long have you been in the space? Charles Hoskinson is answering the question:
‘You know, I’ve been in this space for almost a decade now. I remember Bitcoin before it was a dollar and then going up to $30, then down to $4, then to $250, then to $80, then to $1200, then down to $250 again, then up to $20 000, then down to $4,000, then to $64,000. Now we’re in the 30s and I remember all the events: the collapse of the Silk Road, the collapse of Mount Cox, all the various interesting ventures throughout the years, like Mastercoin and Color Coins, and a litany of other things and concerns. No matter where I go or what I do, it always amazes me that there’s this constant rhyming of the attitude. As for the old guard, nothing phases us anymore. You know, we’ve seen everything twice just to make sure we didn’t miss anything. The new people the minute that something occurs like, for example, if the collapse of a stable coin or the collapse of BitConnect or these types of things, then they say: “Oh, my God, this is the end of crypto. Everything is over. Oh, and we’re all going to die. The markets are over. The dream is gone.’
Look For Projects That Put YOU in control
Crypto is not over. Yes, there’s fear, uncertainty, and doubt in the crypto market right now, but this will pass. This is an opportunity. It’s important to understand how crypto is different from traditional finance and, even more importantly, to understand that not every crypto project is created equal. Some give users more control. Some give users less control. Look for projects that put you in control. Quality projects will prevail, as will projects that are able to scale. Decentralize, gain usership, and put you in control. You will win. Charles Hoskinson explains:
‘Right now, decisions are being made in this industry and abroad about whether you’re in control or someone else is in control. The entire point of the papers we’ve written, the code we’ve written, and the ecosystem we built is to preserve the basic principle that you’re in control, not someone else. That’s why Mithril was created. That’s why we wrote Ouroboros the way that we did.
There are plenty of ways to make things artificially fast as long as you trust a third-party server. There are plenty of ways to make things settle as fast as you can imagine. Look at the conventional banking system, or Visa or Mastercard. They certainly run very quickly and they certainly process billions of global transactions, but to do this at scale in a completely decentralized ever decentralizing way, meaning tomorrow it’s more decentralized than today, is a hard thing requiring new research and development, which is why we invested the time to write the papers that we wrote. It’s why we invested the time to apply formal methods to those papers. It’s why we invested the time to measure twice and cut once, whereas others did not chase games for their VC masters. This is the difference and it’s a time for choosing.
The institutional people have already chosen their fate. They’re playing musical chairs with a global economy that will collapse. It cannot sustain itself if something like a conflict or war can break the globe. If people use the convenient boogie man of the week to excuse inflation or recession when they cannot possibly be intellectually honest that printing trillions of dollars every year out of thin air is not going to have ramifications and consequences if the warfare state needs to increase and continue. Empire needs to increase and continue.
Meanwhile, our environment is being devastated, while standards of living are going down. Despite the fact that technology, social progress, and education are improving, never has there been a time in human history where we have gained so much from the labor of those who came before us. Yet our systems are so inadequate to harness what we’ve gained, and never has there been a time in human history where we have been so blind to the long-term consequences of what we’re doing. We’re due for a system change, and the institutions aren’t going to do that for us. They’re going to go down with the ship of thought because they simply have no other choice.
The point of crypto currencies and blockchain technology has always been a different option than the dystopian future that’s being offered to us, where we own nothing and we’ll be happy. The point is that we get our freedom back, our liberty back. That is what we are seeking.’
Does Cardano Have VC Funding Though?
But wait a minute, Cardano doesn’t have the connections nor the funding like Ethereum, Solana or like Terra does. There’s no VC in Cardano. There’s no VC money in Cardano:
‘I hear people say, “Oh, there are no VCs in Cardona.” Well, actually we have one of the largest around, which is Catalyst. $700 million are ready to be deployed in a responsible manner through funds. You control the community and every single time a voting round happens. Do we see more participation? We will see more voting and many of the great projects, from Nami on down, will receive funding from Catalyst to get started. It’s what keeps great companies like DC Spark in our ecosystem and gives them the lifeblood that they need for fin and milk, among other things. And that’s just the beginning. That’s going to grow, especially as the voting centers open and online participation increases. We will see thousands of projects launched in the long term every single year just from that.
Here’s the difference: unlike the VCS of Silicon Valley and elsewhere that are chasing manipulation of bad tokenomics insider distributions This is the people’s money. They don’t need these things, so the things that come from them are fair. They’re not sexy. They don’t get love in the media because no one gets paid in that respect. But in the end, they built a decentralized economy.’
Cardano Has an ARMY behind it!
I’m excited about the future of Cardano. Cardano continues to build to integrate and gain usership. They continue to get bigger and more robust. Cardano has a whole army behind him:
‘We’ll wake up in the not-too-distant future with more than ten, and we’ll wake up in the not-too-distant future with more than a hundred, because technology will be better, and we’ll be more decentralized. There will be many new actors in this space. If we keep doing more and more and more of the world economy can run on our system, it’s inevitable in that respect. That is where we’re going. That is what we’re doing. That’s the point of the thing.
If you can’t see that, then you have to ask yourself what is really important to you, what matters to you, and what’s the point of all of this. Don’t you see the train wreck that’s coming? Don’t you see where the world is going and shouldn’t we do better? Maybe not. It’s ultimately your choice. You still get to make one.
There will come a day if you make no choice that you don’t. Let’s pray that day never comes. We’re going to keep working and keep writing the code every day. We’re still number one for GitHub commits. We still have tons of great publications coming out. Everything is going according to plan and schedule. Hydra is coming along. Mithril is coming along. The light wallet strategy is coming along. Side chains are coming. Pipelining is basically on the test net ready to go. I can’t wait for June 29th. That’ll just be for a day and then off to the next day. Things like input endorsers and many more things to come. That’s Cardano. That’s the ecosystem we’re building. That’s where we come from.’
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/uR-RFmCY-SQ ]