HomeSilicon Valley’s bizarre mantra of pace and destructive innovation caused DeFi losses: Hoskinson

Silicon Valley’s bizarre mantra of pace and destructive innovation caused DeFi losses: Hoskinson

Harshini Nag

Those who question Cardano’s growth must tell us what part of our roadmap is meaningless or headed towards failure: Hoskinson 

Cardano founder Charles Hoskinson stated that venture capitalists do not understand the slow and methodological approach of Cardano due to Silicon Valley’s obsession with pace and destructive innovation.

In a recent YouTube video, Hoskinson highlighted the need to move beyond Silicon Valley’s “bizarre mantra of move fast and break things” in crypto, pointing out that the approach has led to losses of over $10 billion in the Decentralised Finance (DeFi) space.

“That's why VCs don't even actually understand that Cardano has a community. They think it's just me behind a microphone,” the expert said.

Hoskinson explained that the government’s perception of cryptocurrencies is often determined by arbitrary groups of people who get to be fact-checkers and decide what's legitimate. 

 A vast majority of financial crimes are facilitated using fiat currencies but crypto is often branded for being the currency used by criminals, he added.

The expert also predicted that the growth of the crypto ecosystem was slower in 2021 than it is expected to be in 2022:

“It's hard to argue with the $2.5 trillion industry and imagine where that's going to go. I think we're just going to digest as an industry the consequences for better or worse of becoming so big so quickly.”

Hoskinson pointed out that Cardano is topping developers’ preferences in GitHub commits and asked YouTubers, podcasters and VCs who question the project’s growth to point out what parts of the roadmap Cardano is failing at dramatically

When asked about the future of Cardano, Hoskinson stated that the blockchain is looking to transition into a permanent open-source project, similar to the Linux operating system. He further explained that the vision of the ecosystem was to eventually shift from a hierarchical structure to open-source DApps created by the Cardano community. 

In the long run, Cardano is looking to improve the rate at which it is progressing on its roadmap by implementing “small resource commitment,” the founder said.


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