The biggest lie in the cryptocurrency market is that anyone platform has achieved dominant levels of adoption
In a new interview with Messari’s Ryan Selkis, Charles Hoskinson, the creator of Cardano, revealed that the biggest lie in the cryptocurrency market is that any platform has achieved a remarkable level of adoption.
The “biggest lie” in the cryptocurrency space
At the moment, it is incorrect to say that Ethereum has built a critical network effect.
“Discover the biggest lie ever told in [the] space. It makes sense why that lie is so propagated, that Ethereum has achieved the network effect.”
It may take ten years or longer before any smart contract platform manages to build a commanding position in the cryptocurrency market. Therefore, at present, it is entirely useless to speculate on the network effect of Ethereum because the blockchain industry is just beginning.
“They say ‘we can’t wait for the dominant platform.’ Yes, I cant calculate the dominant platform. Something like saying I cant push the biggest fish in a very tiny pond next to the ocean. No one has won. We totally all fighting right now in a small pond.”
Hoskinson says the focus should be on more realistic metrics to win the blockchain race, such as solving real-world problems.
“To win, you have to think in terms of utility and experiences and what is going to help your user. Now, where are the killer applications for this? Supply chain, medical records, identity solutions, voting solutions.”
ADA price has been one of the few Altcoins which have successfully recuperated from Black Thursday crash
Cardano has witnessed an impressive streak in the past couple of months. At the time of writing, ADA price candles appeared to be oscillating between trendlines of a symmetrical triangle pattern, completion of which was expected to occur in the last week of June. A breakout following this could be on either side of the pattern formation.
ADA/USD 4 hours chart | Source: Tradingview
Daily moving averages continued to support a bullish price action for the coin in the near-term. 50 DMA [Pink], 100 DMA [Blue] as well as 200 DMA [Purple] continued to form critical support for the coin, preventing any abrupt downside market correction. In addition, 50 DMA were above all other DMAs while 200 DMA rested below 100 DMA. This further validated the presence of bullishness in the coin market.
Over the last couple of weeks, the coin has gained significant momentum, and despite several pullbacks, ADA appeared unfazed. From the above charts, a potential bullish breakout is predicted in the last week of June which could push ADA higher to reach levels unseen since the second week of June last year as its immediate resistance was observed to be at $0.995 while the moving averages continued to support the coin’s price from a market downturn.
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