StakingMarketRegulationCryptostake ExplainsUncharted
Hoskinson Reveals Cardano’s Coming Upgrades Amidst Community Criticism

Hoskinson bullish on Cardano's future with upcoming upgrades

In reply to recent criticism about Cardano's native token (ADA) and ecosystem, founder Charles Hoskinson highlights two major upgrades on the horizon. One of these is set for rollout this year.

Key takeaways

  1. Cardano founder Charles Hoskinson remains optimistic about the network's future, citing upcoming upgrades like the Chang hard fork and Ouroboros Leios.
  2. The Chang hard fork, slated for the second quarter of 2023, will introduce community-run governance to the Cardano blockchain, enabling on-chain consensus and allowing ADA holders to vote on proposals.
  3. Despite recent criticism from BitBoy and others, Hoskinson believes that most hate for Cardano is emotional and that the industry is dominated by short-term narratives.

The founder has expressed confidence in the network's future. In an April 7 post on X, Hoskinson stated:

"We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community."

Hoskinson's optimism is largely fueled by the upcoming Chang hard fork, which is considered one of the most significant upgrades since the 2022 Vasil upgrade and is scheduled for the second quarter of this year. 

The Chang hard fork will introduce community-run governance to the Cardano blockchain, enabling on-chain consensus and allowing ADA holders to vote on proposals. This upgrade is seen as a crucial step towards making the network fully decentralized.

Throughout the remainder of the year, the transition will involve the introduction of Delegate Representatives (DReps), a Cardano Constitution Convention event, and a community vote to ratify the first draft of the Cardano Constitution. Hoskinson also highlighted the Ouroboros Leios upgrade, a new version of the proof-of-stake consensus model designed to improve throughput, scalability, and transaction speed while maintaining the current level of decentralization. He described it as "the biggest step forward towards solving the blockchain trilemma ever."

Addressing criticism and short-term narratives

Hoskinson's comments came in response to an April 7 video from influencer Ben Armstrong, also known as BitBoy, who questioned whether Cardano was "dead." Armstrong compared Cardano to other networks like Solana, Sui, and Toncoin, which he claimed were "blowing up" and "killing it" in terms of users, activity, and price action, while Cardano's numbers were "not fantastic."

Hoskinson pointed out that the crypto industry has a problem with short-term narratives, stating: 

"The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation. AI has the same issue." 

Other Cardano supporters, such as zenGate Global founder and CEO Daniel Friedman, suggested that most of the hate for Cardano is emotional, while Crypto Capital Venture founder Dan Gambardello attributed the FUD to ADA's price not being back above $1.

Despite the lackluster price performance of ADA since the beginning of 2023, Hoskinson remains confident in Cardano's future, emphasizing the network's upcoming upgrades and strong community support.