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Home»ETHEREUM NEWS»Cardano Founder Unveils Cryptocurrency Project That Almost Puts Ethereum to shame
ETHEREUM NEWS

Cardano Founder Unveils Cryptocurrency Project That Almost Puts Ethereum to shame

By Crypto FlexsJune 18, 20243 Mins Read
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Cardano Founder Unveils Cryptocurrency Project That Almost Puts Ethereum to shame
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Cardano (ADA) founder Charles Hoskinson Recently, a cryptocurrency project was revealed that almost put Ethereum (ETH) to shame. childhood. This revelation follows Hoskinson’s comments about what he feared most during his time as Ethereum’s CEO:

Cryptocurrency project that almost put Ethereum to shame

to interview with Altcoin Daily, Hoskinson mentioned NXT as a cryptocurrency project that could replace Ethereum while it is still in its early stages. He claimed that NXT scared him the most among other cryptocurrencies when he was Ethereum CEO from 2013 to 2014.

He also explained that he was scared because the cryptocurrency project appeared out of nowhere and achieved impressive growth in less than three months. He noted that NXT is built on Java and has an “incredibly engaged community.” Hoskinson added that NXT is adding features to its product offering and has user-focused assets.

Interestingly, NXT was already working on proof-of-stake at the time (Ethereum was still running a proof-of-work mechanism) and had plans to implement it. smart contract on their network. that much Cardano Founder He was intrigued by NXT’s growth, noting how it was “running” and going “very fast.” However, things did not end well for NXT, and Hoskinson noted that this is what he believes led to the project’s downfall.

hoskinson Although he claimed the token distribution wasn’t very good, he was quick to add that he was able to fix the problem. The Cardano founder noted that a more “significant” thing that “killed” the project was that the lack of a good governance system led to the team splitting into several different new projects.

Hoskinson said that if NXT had the rights, Ethereum “wouldn’t exist.” governance system, because the latter would have been “#1” and would have continued to grow tremendously. He added that NXT would have absorbed everyone and would have been a “sexy project” because it had new and exciting technology.

Governance is very important

After explaining the cause of NXT’s downfall, hoskinson He further emphasized the importance of governance in the cryptocurrency ecosystem, saying it is “a key differentiator that determines whether a project is successful or not.” He added that poor governance would ruin a project, and noted how poor governance had left Microsoft behind Google, Apple and Facebook.

Interestingly, Hoskinson noted: Decentralized Governance, suggesting that this is a better way to run the cryptocurrency ecosystem because everyone who has a say can make things better. He said this is what they hope to achieve with Cardano and this is what makes Cardano stand out among other products.

Cardano is experiencing a crisis. windows hard forkthis is “Voltaire’s era, which focuses on decentralized government. With this network upgrade, Cardano’s ecosystem will become more community-driven. Hoskinson boasts that Voltaire will be “the most advanced blockchain governance system.”

ADA price crash | Source: ADAUSDT from Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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