Cardano (ADA) cryptocurrency creator Charles Hoskinson in a recent YouTube video titled “Thoughts on the Market and the Ecosystem,” has divulged his thoughts on the current situation in the cryptocurrency market.
Hoskinson specified that those in the space are building something better, and the distributions in the markets and volatility in them represent that.
The co-founder of the Ethereum (ETH) network deliberated:
“We’re gonna get it done as an industry. We’re all neck-and-neck, building those amazing engines that are going to process billions of transactions every year, if not more, containing collectively trillions of dollars of value. We’re future-proofing programmable finance, and this financial operating system is going to be social, and it’s going to be institutional, and it’s going to be Fortune 500. And it’s gonna run nation-states at some point. It’s inevitable. This is a reality.”
Charles noted that the cryptocurrency market had seen an influx of money in recent months with those who believe in the technology, traders looking to make a quick buck, and those who came out of frustration and anger fueled by the corruption, hyperinflation, and nepotism created by the financial systems, banks, and policymakers.
“In the next 10 years, there’s going to be more advancement in financial engineering, the construction of financial products, and the marketplaces upon which trade them.”- Cardano CEO said.
According to Charles, altcoins and meme coins have increased their share of the cryptocurrency market dominance in 2021, which has seen Bitcoin lose its established market dominance.
Hoskinson shared his reflections on the influence of Bitcoin (BTC) on the market, which in his eyes was more apparent during the 2017/2018 cycle, as opposed to 2020/2021.
He expressed that in 2020/2021, it has been interesting to note that this is the first time a significant counter-cyclic movement was noticed where both Bitcoin dominance has fallen tremendously going down to 43% and that the institutional preferences have not been unilaterally Bitcoin.
Something which the Colorado tech entrepreneur claims to have affected the price of coins in the crypto market is people differentiating proof-of-stake (POS) from proof-of-work (POW).
Generally, Cardano has seen unprecedented growth in recent months, attaining 100% decentralisation for block production in addition to signing agreements with the Ethiopian government regarding blockchains capable of tracking student performance.
Watch the video: Thoughts on the Market and the Ecosystem by Charles Hoskinson