Cardano And Ethereum Co-Founder Charles Hoskinson Says He Was Wrong About This

Charles Hoskinson — the co-founder of the Ethereum ETH/USD and Cardano ADA/USD blockchains — admitted that he was wrong about his predictions on the growth of one of the chains that he created.

What Happened: Hoskinson pointed out that he once promised that thousands of assets and decentralized applications (DApps) would find their home protocol in Cardano. In a Wednesday tweet, he pointed out that he was wrong after all.

“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds," he said.

Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1

— Charles Hoskinson (@IOHK_Charles) March 23, 2022

See Also: How To Buy Cardano (ADA)

The tweet was quoting Morgan Schofield — head of ecosystem growth at Cardano development firm IOHK, who noted that the blockchain is hosting four million non-fungible tokens (NFTs) minted with 50,000 distinct minting policies. This metric significantly exceeds the estimate of the number of assets previously set by Hoskinson.

Wht It Matters: Hoskinson's July 2020 tweet promised "hundreds of assets," alongside thousands of DApps and "tons of interesting projects and lots of unique use and utility." While his prediction on the number of assets was significantly exceeded thanks to an NFT boom — where any token counts as a separate asset due to a lack of fungibility — the number of Cardano DApps is much less impressive.

Decentralized finance analytics platform DeFiLlama lists just seven protocols running on Cardano with $315.72 million of total locked value in the ecosystem, which excludes governance tokens. Two of the seven DApps have no locked value outside of governance tokens but Hoskinson recently wrote that he believes developers are waiting for the Vasil network upgrade to launch their projects.

The Vasil upgrade is expected to significantly increase Cardano's throughput thanks to more efficient block propagation and validation times — which in turn allow for a larger block size — with obvious potential impacts on volume and liquidity.

Photo: Courtesy of Zmani27 via Wikimedia