• 16 July, 2024
Market News Price Analysis

Charles Hoskinson Explains Why Cardano’s Flexibility Will Eclipse Bitcoin

Cardano’s potential to overtake Bitcoin as the leading cryptocurrency lies in its adaptability and robust governance, according to Charles Hoskinson in a recent interview. The founder of Cardano emphasizes that the project’s flexibility and capability to integrate advancements from competitors are vital for exponential growth. Unlike static and obsolete companies like BlackBerry, Yahoo, and Myspace, Cardano aims to evolve continuously, ensuring its relevance in the ever-changing technological landscape.

Hoskinson asserts that Cardano’s mission is to revolutionize global economic, political, and social systems. This ambitious goal is driven by a growth engine designed to empower individuals and communities to innovate and launch new projects. This approach could create a multi-trillion-dollar ecosystem with substantial daily value transactions. 

In the cryptocurrency space, decentralization, flexibility, and strong governance are paramount. Hoskinson compares Bitcoin to gold, noting its static nature. In contrast, Cardano’s focus on first principles thinking and on-chain governance positions it to adapt and pivot swiftly in response to new challenges and opportunities. This flexibility is crucial as it allows Cardano to remain competitive and absorb new ideas, unlike Ethereum, which he critiques for its lack of decentralized governance and adaptability.

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The importance of governance extends beyond mere adaptation. Hoskinson highlights that good governance is essential for the long-term success of any project. He cites the example of Ethereum and NXT, where NXT’s superior community infrastructure and governance allowed it to dominate the smart contract space. Similarly, poor governance at Microsoft led to the emergence of dominant competitors like Google, Facebook, and Apple.

Furthermore, Hoskinson underscores that technological shifts require being on the right side of these changes. Cardano’s approach ensures it is well-positioned to take advantage of these shifts, leveraging its governance model to stay ahead. 

Cardano/USD 1-day price chart, Source: Trading view

At press time, Cardano’s price stands at $0.412797 with a 24-hour trading volume of $188,666,521. The price is down by 0.48% in the last 24 hours. The 1-day RSI of 40.53 indicates that Cardano might be approaching oversold conditions. However, it has not yet reached a level that typically triggers a buy signal. Additionally, the 1-day MACD trading below the signal line suggests potential short-term downward momentum in Cardano’s price.

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