Cardano co-founder Charles Hoskinson has finally responded to the growing chorus of criticism aimed at the Hydra project. After his public swipes at Ethereum and its limited transactions-per-second (TPS) potential, Hoskinson found himself on the back foot amid accusations of dishonesty around Hydra’s capabilities, but he has attempted to face these down with a rebuttal in a YouTube video.
To improve scalability through a novel approach to transaction processing, Cardano created Hydra. Additionally, the project has been enhancing Hydra’s functionality since its conception. New Application Programming Interfaces, for instance, were released by updated Hydra for Web3.0 developers to use.
Hoskinson explained that over three years, Hydra made a slight pivot and changed its focus to: “let’s build some middleware that is going to be really easy for you as a developer to plug into your application work with Plutus to help get a lot of that complex logic that should not run on the main network but run it in a different network.”
However, Hoskinson was faced with allegations of deceit regarding the Hydra project. To demonstrate Cardano’s throughput potential, he unveiled a TPS graphic that showed roughly 1,000 TPS, yet the narrative built that Hydra could lead to 1 million TPS. A Cadano developer has refuted this.
The ambiguous nature of Hydra’s potential and the narrative that built around its incredible TPS led many to question the founder of the project, yet he has come out in defense of Hydra and what has been said previously.
Hoskinson responded to the most recent skepticism and false information on their initiative. He claims that the majority of people spread misinformation online to damage Cardano’s reputation.
“Every time a lie is said, it takes ten times as much effort to undo that in people’s memory. So, when people run around and say Hydra’s failed, we lied about Hydra, there’s no way to achieve any of these performance claims…then what they’re really doing is they’re taking the hard work of dozens of people and everybody building on it,” he stated .
He added this is not okay, and it’s not fair, and it has to stop.
“You know the internet has become a cesspool where everything goes, and misinformation spreads, and people absorb it and does have an impact,” he said .
Hoskinson emphasized that Cardano is a credible project thanks to extensive study, open-source contributions from worldwide developers and engineers, and peer-reviewed fundamentals. Additionally, the ongoing initiatives to enhance the blockchain and provide cutting-edge solutions suggest a promising future for cryptocurrencies.
Hoskinson has often been a controversial figure and recently made a risky statement on Twitter by outlining some of Cardano’s greatest advantages over Ethereum.
In his response, Hoskinson primarily criticized Ethereum while also showcasing the advantages of his own system.
As part of the team that launched Ethereum, Hoskinson has a good understanding of the project, but he has been a long-time skeptic of the second-largest cryptocurrency by market caps and its potential to be a ‘World Computer.’ His outspoken attacks on Ethereum may be at the heart of some of the backlash he is getting for positioning Hydra as a superior offering.
Despite the backlash he faces for Hydra, Hoskinson stated in a recent interview that he doesn’t think the American Securities and Exchange Commission (SEC) will pursue the project’s native coin, ADA, as a security.
He emphasized that despite the fact that ADA was listed as a security in a complaint against a cryptocurrency exchange, there hasn’t been any enforcement action taken against it thus far, and that won’t change.
The SEC recently declared approximately 12 tokens, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polygon (MATIC), and Filecoin (FIL), to be securities and demanded that they be registered before being listed on exchanges in two lawsuits brought against the world’s two largest cryptocurrency exchanges, Coinbase and Binance.
Hoskinson highlighted that the SEC’s activities have not affected ADA in answer to a query about why the agency has been acting “somewhat antagonistically towards Cardano” and other blockchains.