Cardano ‘not a Bitcoin clone’: Unpacking ADA’s approach

  • Cardano founder claims that legacy media ignores the L1 network 
  • Hoskinson cites Cardano’s Japan roots, tech stack and philosophy as reasons for media blackout. 

In the year 2024, Cardano [ADA] faced significant negative hype and misinformation (FUD). The term “junk” or “dog sh*t” was used to describe it by some, while others labeled it a “ghost chain.” Despite these criticisms, Cardano managed to endure throughout the ongoing bull market.

“However, issues with Cardano extend beyond mere speculation. In a recent interview, Charles Hoskinson, the founder of Cardano, emphasized that the network often faces being overlooked by traditional media for different reasons.”

Hoskinson pointed out that Cardano’s Japanese origins presented challenges when interacting with the US venture capital community, according to his observation.

Cardano, unlike many other cryptocurrencies, was established in Japan instead of the usual venture capital hubs like Silicon Valley or New York. As a result, it didn’t initially have the typical founding connections that are often associated with Western media. Consequently, for quite some time, it went unnoticed due to the lack of a connection point.

ADA: Different tech stack and philosophy

Furthermore, Hoskinson pointed out that both the technology and philosophical aspects of the blockchain were reasons why traditional media shun the L1 (first layer) as an option.

In terms of technology, he highlighted the distinct differences between Cardano and both Ethereum‘s Virtual Machine (EVM) and Bitcoin [BTC].

“Our technology is radically different; it’s not an EVM clone, it’s not a Bitcoin clone.” 

Yet, the creator pointed out that due to the unique technology setup, new members could face a significant hurdle in getting up to speed, potentially deterring some from joining the network.

He noted, 

“Some people didn’t want to take the time and effort to learn the competitive differences.”

To put it simply, Hoskinson expressed his displeasure towards the media’s negative portrayal of Cardano’s anti-globalist stance.

“Third, it’s philosophical. Something like Cardano was a very threatening thing because it’s proving at scale, everything single thing that you hate. It’s showing people how to be their own bank, own their identity, it’s building a government, it has it own constitution.

If you allow that to grow, it’s a cancer to globalist plans.”

According to Hoskinson, it’s been tough for him to contend due to legacy media’s narrow focus. This is particularly true when going up against other L1 chains, which are financially backed by Venture Capitalists and viewed as more “centralized” in the public eye.

In the fourth quarter of 2023, ADA‘s price behavior aligned with Cardano’s founder, Charles Hoskinson’s assertions. Notably, ADA experienced a significant surge, increasing by over 130%.

Despite a modest 9% growth in Q1 2024, ADA‘s performance has been disappointing due to heightened fear, uncertainty, and doubt (FUD). At present, the price of ADA hovers around $0.56, representing a significant decline of over 83% from its previous all-time high of $3.1 during the last market cycle.

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2024-04-12 20:07