Wednesday, May 29, 2024
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Learning from Poly Network $600M Hack, Hoskinson Says Cardano Is Not On First-to-Market Mission

Charles Hoskinson, the CEO of IOG, who created the emerging smart contract platform, Cardano (ADA), has pointed out that the blockchain project is not on a first-to-market mission, in order to avoid costly errors such as that of the Poly Network hack.

In a recent video shared on both YouTube and Twitter, Hoskinson addressed the major problems facing the Cardano network. He also explained why the peer review process is a good choice for Cardano upgrades.

Read Also: I Would Have Become a Millionaire If Had Invested In Cardano (ADA) Instead of XRP –Investor Laments

Charles Hoskinson noted

“This should be not controversial at all. This should be something that we all agree is probably a good idea given the complexity of the underlying protocol.”

Even before the announcement of Alonzo Purple, which is the last phase of Alonzo before mainnet launch, the team at IOG had noted that only security challenges could delay the launch.

According to Hoskinson, the recent Poly Network hack is a good reason why the first-to-market approach is not the best option for Cardano.

Charles Hoskinson added:

“They say we’re the dominant platform. Yes, you’re the dominant platform. It’s like saying you’re the biggest fish in a very tiny pond next to the ocean. No one has won. We’re all fighting right now in a small pond.”

Read Also: Benjamin Cowen: Cardano (ADA) Has Huge Chance to Keep Surging, but This Condition Can Thwart Its Bullishness

Cardano creator also showcased his displeasure on the dominance of meme tokens such as Dogecoin (DOGE) in the crypto industry.


Hoskinson concluded by stating that the crypto ecosystem is getting filled up with people who want quick progress without putting the cost into consideration. However, he pointed out that community-centric projects, such as Cardano (ADA), will always come out better than fast fashion-like cryptocurrencies.

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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