Cardano founder Charles Hoskinson broke his silence on April 7 on the criticism of his network and its native token, ADA. He likened the challenges faced in the crypto industry to those in the artificial intelligence (AI) sector, focusing on the issues of competition and sustainability in both sectors.
Hoskinson also highlighted his network’s reliability and strength and touched on the game-changing upgrades that could bolster the blockchain system and ensure the network’s sustainability for generations.
Hoskinson Believes Cardano is Prepared for Scalability & Innovation
In a post on X, the Cardano founder compared the recent competition of blockchains in the crypto industry to AI models, a parallel that best illustrates his points on the culture of focusing on short-term narratives over long-term growth and sustainability.
“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation,” he wrote. “AI has the same issue. A few months ago, Open AI dominated everything, then Claude 3, now we got Grok 1.5, and soon Llama 3.”
Hoskinson reflected on the rise of OpenAI, the global AI behemoth made popular thanks to its widely-used “ChatGPT” model, launched in 2022.
While OpenAI has been a dominant force in the AI industry, the firm faces increasing competition from Anthropic’s Claude 3, Elon Musk’s Grok, and Meta’s upcoming Llama.
The Cardano founder’s comparison aligns with the Anthropic March 2024 Benchmark report, which revealed Claude 3’s superior performance over OpenAI’s ChatGPT-4 on various levels, including graduate and undergraduate levels, mixed evaluations, coding, and grade school math.
Today, we’re announcing Claude 3, our next generation of AI models.
The three state-of-the-art models—Claude 3 Opus, Claude 3 Sonnet, and Claude 3 Haiku—set new industry benchmarks across reasoning, math, coding, multilingual understanding, and vision. pic.twitter.com/TqDuqNWDoM
— Anthropic (@AnthropicAI) March 4, 2024
Elon Musk’s Grok chatbot also creates healthy competition with advanced knowledge reasoning capabilities and affordable pricing.
Grok is now available to all 𝕏 Premium Users. It costs approximately 60% less than OpenAI’s GPT-4.
𝕏 Premium: $8 per month 🇺🇸
GPT-4: $20 per month pic.twitter.com/hNeRpAjHKR— DogeDesigner (@cb_doge) April 6, 2024
Similar to the AI sector, the crypto industry is seeing the launch of new blockchains and tokens, with over 2.4 million active projects, thus increasing competition.
A major example is the Memecoin sector, which Solana has dominated with the launch of popular tokens Bonk (BONK) and Dogwifhat (WIF).
Looking at these dynamic shifts and increased competition, Holskinson believes that Cardano holds all the cards in the ecosystem and can thrive in scalability, governance, and innovation.
“I wouldn’t bet against an ecosystem with the ability to engage and unlock millions of people, has an on-chain sovereign wealth fund, and has never failed in 2300+ days of uptime 24/7,” he stated on X.
Charles Hoskinson’s latest defense on Cardano came after crypto YouTuber Ben Armstrong, popularly known as BitBoy, published a video targeting Cardano.
The crypto influencer explained that Cardano’s metrics were “not fantastic” and compared the network with other top blockchains like Solana (SOL) and Toncoin (TON). He reiterated that these networks and their respective tokens were “blowing up” in terms of price action and traders’ activity.
Cardano Founders Tips Network as Solution to Blockchain Narrative
In his defense against critics of Cardano, Hoskinson argued that the network’s Ouroboros Leios upgrade provided the best solution to the blockchain trilemma of security, scalability, and decentralization.
“Ouroboros Leios is the biggest step forward towards solving the blockchain trilemma ever,” he said. “Our research labs are scaling up; we are now at 209 papers with much faster research translation.”
The Cardano founder also highlighted the Chang hard fork, slated for Q2 2024 – the first hard fork in the network’s Voltaire era. Chang is designed to introduce community governance, which would allow Cardano network to become fully decentralized and empower ADA holders.
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