In a spirited defense of his digital currency venture, Charles Hoskinson, the architect of Cardano (ADA), robustly refuted allegations that his brainchild was “obsolete.”
The dispute ignited when Ben Armstrong, also known as BitBoy Crypto, a notable figure in the cryptocurrency sphere, took to social media and branded both Cardano and Polkadot (DOT) as “obsolete to institutions.”
**Armstrong’s Proclamation: ADA and DOT Are “Obsolete to Institutions”**
Armstrong reaffirmed his stance on July 3, echoing sentiments he initially shared in an April YouTube broadcast. He contended that both blockchain initiatives are missing the kind of institutional support that rivals like Ethereum (ETH) and Solana (SOL) enjoy. BitBoy Crypto insinuated that although ADA and DOT may still yield profits, they won’t match the magnitude of those from tokens backed by institutions.
**Cardano Pioneer Rebuts ‘Obsolete Coin’ Accusations**
Hoskinson promptly countered Armstrong’s contentious remarks. The Cardano pioneer scrutinized the rationale of seeking endorsement from institutions, recalling the foundational goal of cryptocurrencies to be an alternative, not an adjunct, to traditional financial systems.
Hoskinson highlighted the paradox of the crypto domain craving recognition from the very entities it aimed to revolutionize. He further accentuated Cardano’s imminent technological breakthroughs, including a significant hard fork. Hoskinson also shed light on a slew of developments in decentralized applications (dApps), layer-2 scaling solutions such as Hydra, and allied chains like Midnight and Prism.
**Community Reaction: A Schism Over Cardano’s Viability**
The verbal tussle between Armstrong and Hoskinson has polarized the cryptocurrency community. Advocates of Cardano have rallied around Hoskinson, lauding the endeavor’s allegiance to its foundational ethos and technological progress.
A community member remarked, “Basing the triumph of a decentralized network on centralized institutions is a regressive hustle.” Conversely, critics align with Armstrong’s viewpoint, citing Cardano’s market underperformance and stagnation as signs of its diminishing significance.