The Cardano blockchain ecosystem is one of the most exciting projects to follow right now, with new projects, improvements and innovations announced every day. However, not everything that has to do with this product comes in a favorable light in the media. In fact, it has recently become clear that those responsible for Cardano may not be as honest as the public once thought.
Charles Hoskinson, creator and CEO of cardano, has tweeted repeatedly about how he was enrolled in a Ph.D. program in Number Theory, but never finished it. However, crypto journalist Laura Shin has recently brought to light, through interviews with Hoskinson’s undergraduate school and presumed Ph.D. program, that this is not really the case.
Hoskinson was never involved in this Ph.D. program, where the university has no data on him. Equally troubling, it appears that Hoskinson never finished his undergraduate degree, further raising the question of why he would lie about pursuing a Ph.D. program without actually going through a basic level of college.
While Hoskinson has taken to Twitter to defend himself, na Laura Shin produced print screens of Hoskinson’s tweets where he explicitly stated that he had a Ph.D. program he is radio silent on this matter. It seems Cardano’s CEO is quickly trying to turn the tide of the conversation and make people forget his public discrepancies.
This again calls into question the efficiency of having public personalities at the forefront of a brand. While Hoskinson is currently under fire, the project he represents, Cardano, is actually entering a period of growth. In this article, we’ll go beyond the news surrounding Hoskinson and look straight at the Cardano project itself.
Despite the recent debate over the founder’s credentials – or lack thereof – Cardano still promises to have a particularly interesting year. Here are a few things to keep an eye out for in the coming months.
Cardano as a primary layer-one ecosystem
Layer one ecosystems is a reference to basic networks and their underlying infrastructures within the blockchain. While the largest low ecosystems are chains like Bitcoin and Ethereum, chains like Solana and Cardano have now taken shape as major players in the market.
In late 2021 and early 2022, Cardano (created by the co-founder of Ethereum) is starting to take shape. From porting exciting projects that were on Ethereum to Cardano and building in scalability, Cardano is trying to do what Ethereum does, but more effectively.
Speaking directly on this second point, Cardano actually has scalability solutions built into its layer-one framework. While the Ethereum network can achieve scalability through layer-two-scale solutions, Cardano has made these solutions simple in their own infrastructure.
This scalability within Cardano is known as Hydra, a system that allows this blockchain to continuously process high-throughput transactions on-chain. Considering that one of the core issues facing Ethereum is high transaction costs due to low transactions per second, this capability positions Cardano to grow faster and more effectively than Ethereum.
As Cardano continues to grow, this effective layer one blockchain scalability solution ensures it has everything it needs to break through walls encountered by previous projects and thoroughly cement itself as a leading blockchain system.
Impressive projects going live
Another factor that makes this such an exciting year for Cardano is that now that the blockchain has everything it needs, a series of dApps, marketplaces, DEXs and projects are being launched. Currently there are more than 500 projects on the Cardano networkcovering everything from NFT databases to decentralized exchanges and demonstrating the diversity of what can be created within this system.
These new applications are the driving force behind any blockchain, with the integrated dApps providing further usability for the blockchain itself. These exciting launches even extend to decentralized liquidity pools for stable assets, allowing users to get more out of their own cryptocurrency.
Ardana, an on-chain, asset-backed stable coin protocol, is native to Cardano and facilitates the lending, lending and staking of cryptocurrency within this blockchain. These exciting projects are also getting media attention, with great ideas like this one that bring even more attention to the Cardano ecosystem. Ardana recently received $10 million in investmentshowing the extent to which people are moving to put capital into Cardano-connected systems.
These projects go beyond finance functions, with empowa one of the most viewed projects on Cardano. This project uses DeFi to actively make a difference in the world, with the potential to host 50 million people in Africa.
This project has increased Cardano’s visibility and reach, with Empowa using cryptocurrency to develop within the developing world. With sites like Yahoo Finance, CoinBureau, and Forbes all commenting on this Cardano-based project, it’s no wonder more people are hearing about this ecosystem and starting to invest.
With projects like this meeting social, economic, and financial areas of expansion for Cardano, it’s no wonder people flock to this layer-one ecosystem.
Security and User-Driven Web 3.0 Initiatives
Another core aspect that Cardano has prioritized in recent months and that will have an impact is the embrace of security measures and features. While one of their main rivals, Solana, recently series of hacksCardano’s focus on safety has protected them at all times.
Security projects have been set up and are now taking shape within the Cardano ecosystem. For example the user data project profile allows individuals to control their data and sell it directly to brands instead of having their personal data taken from them and sold. This project has received so much attention that even the Swiss government is now a sponsor of the project.
Profila is a promising project, using Cardano to create a Zero Knowledge Token (ZKT) that users can earn by sharing their data. Since users can actively respond to inquiries and share that data with marketing executives, the brands partnering with this platform gain a richer pool of information. This innovative system completely secures user data, putting power back in the hands of the individual.
Since Web 3.0 is all over the media right now, a movement that prioritizes user power and taking back offices from Web 2.0’s middlemen, it’s no wonder that a project of Profila’s magnitude has received so much attention.
Cardano lends itself to commitment in a time when interest is high
America is far from a stable place right now. From gas prices hitting all-time highs to interest rates nearing 8% early 2022“Americans are losing more money than ever.
Given this economic context, people are rushing to find quick solutions to turn the tide against inflation. As a result, using cryptocurrency has become more popular than ever. Crypto Stake is where users put their money into a liquidity pool of a Proof of Stake protocol and receive interest on their crypto, with rates that depend on the amount of time they spend on it.
Cardano, which is a Proof of Stake protocol, is perfectly structured to accept people who want to stake their cryptocurrency. ADA is a perfect cryptocurrency to do this with, with high interest rates for short periods. For example, users offer a certain amount of cryptocurrency and can then expect rewards of around 5% APY over a 15-day period.
Since Cardano has a great security system, the crypto deposited into these stakeout pools is completely safe, making it a great choice for those looking to overcome the high US inflation rates.
Cardano has a very productive year ahead of it, from heavy emphasis on security to a series of exciting projects that are constantly announced. As inflation rises, Cardano is becoming a favorite of those seeking strike solutions, further demonstrating why Ardana has attracted so much interest in recent months.
While Cardano’s founder certainly isn’t off to the best start to the year, the layer one blockchain itself is set to set a record in 2022. As we continue to move forward this year, we need to look forward to seeing how this ecosystem continues to develop.