If Elon Musk was right about one thing when it comes to Twitter it would be about its potential as a town square. No other social media platform allows everyday folk to interact with celebrities, CEOs, and multi-millionaires/billionaires the way Twitter does. For that reason, one may find several instances where influential figures on the platform voice their opinions in a candid non-corporate-like manner.
On August 17th, Twitter became home to a daring statement by Charles Hoskinson, CEO of Cardano. Hoskinson quote-retweeted a user who outright mocked Cardano, Hydra, and Hoskinson. The CEO then responded by highlighting key advantages Cardano has over Ethereum, the blockchain the user seemingly preferred.
Hoskinson’s response focused both on criticizing Ethereum, and on highlighting the capabilities of his technology.
“Hydra is live on mainnet and evolving fast. Mithril is live as well and the first step towards a rich DA and light client strategy. We already designed a significantly better way of handling transactions via tiered pricing and Babel fees.
There’s been a roll-up strategy since Midnight was conceived 4 years ago. The protocols and primitives had to catch up and are getting there,” tweeted Hoskinson.
Hydra refers to the layer-2 scaling solution that uses sidechains to offload transactions from the main chain. This allows Cardano to process more transactions per second at a lower cost.
“Meanwhile Ethereum has a dumpster fire of a consensus layer, has a terrible programming model that they can’t change, and are getting eaten alive by their own layer 2 ecosystem.“
In a 2020 video, Hoskinson changed up the trend on his Youtube channel from updates about his personal life to a talk about his company’s innovations.
“Simulations have shown that each ‘Hydra head’ can currently process about 1,000 transactions per second (TPS). With 1,000 stacking pools, each of which processes 1,000 TPS, Cardano could achieve a throughput of up to one million transactions per second,” said Hoskinson in his video.
Hydra was first revealed during an AMA video on Hoskinson’s Youtube channel in 2020. When asked about updates on the layer-2 solution his company has been working on, he had this to say:
“We are going to keep adding resources to Hydra, and we’ve been trying to identify some teams so we can parallelize the workstream because it’s such a high commercial priority. And it’s going to be very important that we’ll be able to offload a large number of the transaction traffic that’s going to come from all of the apps that are coming.”
Hoskinson did not immediately respond to a request for comment.
Cardano’s native token ADA has been subject to several attacks due to its status in the eyes of the US Securities and Exchange Commission and its leader, Gary Gensler. Gensler sees any token besides Bitcoin, Bitcoin Cash, Ethereum, and Litecoin as a security. Accordingly, the SEC is willing to sue any exchange that trades in significant sums of these supposed ‘unregistered securities.’
As a result, many exchanges, such as Revolut, have been seen suspending trading of tokens such as ADA, SOL, and MATIC.
However, Cardano and Hoskinson look at the application of ADA and its corresponding blockchain as technologies beyond the simple potential of financial investment.
For example, in 2021, Hoskinson tweeted his celebration of Cardano technology being used in Ethiopian schools as a form of encrypted credentials for five million students.
On top of that, Cardano’s ADA is doing relatively well. Reports show that ADA is on an upward price trajectory and that bulls might be holding ADA in anticipation of a price increase.