Cardano CEO and developer of IOHK, Charles Hoskinson have continuously streamed back to back live YouTube broadcast which he spoke about the cardano plans for its 2022 projects and pitfalls of decentralized funding
Cardano to Fix DeFi Ecosystem Low Production Quality Apps
According to a live YouTube broadcast at his Colorado home on December 27, Charles Hoskinson claimed that many users are very fed up with the low production quality of applications in the DeFi ecosystem.
He added that losses from scams and hacking attacks, most of which occurred in the Ethereum space, exceeded $10.5 billion in 2021.
The input-output founder said that many crypto projects rely on “hopes and prayers” rather than rigorous engineering. He is therefore convinced that many projects cannot outlast time.
It is difficult to carry out such a project, and it is also difficult to carry out such a project rightly, and it is necessary to have a vision for the future.
Set Standards for DeFi
The cryptocurrency billionaire stated that Cardano will be able to solve this problem by creating a specific set of standards for DeFi to eliminate low-quality applications.
Hoskinson stated that the Ouroboros series of consensus protocols will ensure Cardano can last for decades.
The founder of Cardano said he was fed up with “tribalism” and “extremism” and encouraged collaboration on crypto.
Transactions on Cardano can be accelerated with Hydra (a capacity expansion solution named after a mythical monster) and sidechains. Hoskinson predicts that billions of users will become part of the ecosystem over the next few decades.
He stated that the number of developers working on Cardano’s core infrastructure and its DeFi ecosystem is at a record high.
At the beginning of the year, Cardano came under fire after a decentralized exchange could not execute transactions due to parallelism problems, which Hoskinson fabricated as complete.