Many projects in the digital asset industry have suffered from a focus on a “first-to-market” strategy, and Cardano (ADA) does not want to repeat their errors. IOHK chief Charles Hoskinson said this in a video blog.
ADA price began rising after announcement of the launch of smart contracts as part of the upcoming Alonzo update. On August 23 the cryptocurrency hit a new high above $2.9. Over the last 14 days it rose 39%, according to CoinGecko.
As of writing, the asset was trading near $2.9.
The project team said that, barring any security issues with Alonzo, they would activate on September 12, as previously planned. However IOHK has had to push back several development milestones, drawing criticism from some community members.
Cardano is the ultimate scam on college educated corporate professional.
Roadmaps, white papers, research, marketing, branding, etc.
When you start speaking their language, it gives them a high.
They think they’ve secretly stumbled upon the next world changing tech.
— Zach Pompliano (@Ecks_93) August 23, 2021
According to Hoskinson, many developers neglect the importance of the painstaking process of expert review to identify bugs and issues. They try to bring a product to market as quickly as possible, which can have serious consequences.
The head of IOHK defended the Cardano development team, who adhere to the principle of “academic rigour”, which makes product development slower.
«This approach should not be controversial. We all agree that it is probably a good idea, given the complexity of the core protocol», — said Hoskinson.
The head of IOHK added that the Poly Network incident clearly illustrates why commitment to the first-to-market strategy is not the best solution.
Critics often say that a blockchain based on the Proof-of-Stake algorithm will struggle to win market share due to the popularity of competing projects. However Hoskinson considers this view erroneous, as the industry is small and competition is intense.
«They say they are the dominant platform. Yes, you are the dominant platform. But it is still like saying you are the biggest fish in a very small pond, located next to the ocean. No one has yet won. We are fighting in a very small body of water», — he said.
Hoskinson also expressed dissatisfaction with the dominance of meme cryptocurrencies and the mania for non-fungible tokens. In his view, the community should overcome these “fads”.
Earlier, the head of IOHK urged abandoning the Proof-of-Work algorithm and predicted the collapse of Dogecoin.
As Hoskinson has noted, Bitcoin will lose the competitive battle to Ethereum.