Launched in 2017, Cardano was expected to revolutionize the blockchain landscape but faces significant challenges today. Let’s delve into the key aspects that led to its current state.
The Launch Story of Cardano
Cardano launched in 2017 with an ambitious plan: to create a blockchain grounded in peer-reviewed research. Led by Charles Hoskinson, co-founder of Ethereum, the project promised high reliability and speed. However, the pace of execution was slow from the start.
Development Issues
The smart contract system of Cardano went live only in 2021, four years later than Ethereum. The development of the Plutus programming language, based on Haskell, limited developer interest in the platform, affecting its ecosystem. As a result, Cardano was left with only $250 million in total value locked, significantly lower than Ethereum's metrics.
Discussion and Criticism
Charles Hoskinson has drawn mixed opinions within the community, with his promises often remaining unfulfilled. Despite high-profile partnerships, like with Ethiopia’s Ministry of Education, no tangible results have been achieved. The current price of ADA has fallen more than 85%. Cardano serves as a lesson: having theoretical concepts does not guarantee practical implementation.
The story of Cardano shows that success in the crypto world relies not only on ideas and promises but also on execution capabilities. As of now, the project has not been able to live up to its ambitions.
