Charles Hoskinson, the inventor of Cardano (ADA), responded angrily to Bitcoin maximalists on Twitter when one of his followers suggested that he could alter the amount of ADA. There will never be more than 45 billion ADA tokens available. Hoskinson refuted the accusation and referred to Bitcoin maxis as “beyond foolish.” Additionally, the inventor of Cardano said that he was unable to even force the Vasil hard fork, which is something that everyone is requesting.
What is the Cardano ADA?
Cardano is a distributed ledger platform that is open to the public. It is decentralized and open-source, with proof of stake serving as the mechanism for reaching consensus. It uses its internal coin, which it refers to as ADA, to make peer-to-peer transactions possible. Charles Hoskinson, who was also one of the founders of Ethereum, launched Cardano in 2015.
Cardano, often known by its ticker code ADA, is a blockchain that is decentralized and uses a proof of stake algorithm, which is supposed to be a more efficient alternative to networks that use a proof of work algorithm.
Ada is the name of Cardano’s cryptocurrency, which was given in honor of Augusta Ada King, Countess of Lovelace (1815-1852), who is widely acknowledged to have been the first person to write computer code. The Proof of Stake consensus technique on the blockchain makes use of Ada. Users who take part in a stake pool are eligible to get it as a reward for the effort they have done to contribute to the blockchain.
Hoskinson’s comments
On the other hand, this is not the first time that Hoskinson has taken a swipe at Bitcoin (BTC) maxis. In July, Hoskinson referred to BTC maxis as “the most difficult, toxic, and useless people to engage with.” This was in response to a statement made by Micheal Saylor, the former CEO of MicroStrategy, who stated that everything other than Bitcoin is either a security or a fraud. Saylor said that Bitcoin is the only cryptocurrency that is not a security or a fraud.
Hoskinson rebutted this claim by arguing that Cardano is more decentralized than Bitcoin and has a great deal more applications than Bitcoin, which is solely useful as a store of money. Additionally, he said that users do not purchase ADA for the sake of speculation but rather to get a variety of items and services.
Is Cardano attempting to reach a higher platform?
Cardano has made its way into the top 10 list of coins that BSC whales have acquired. Within 24 hours, it was the cryptocurrency that was acquired the most by 2000 of the largest BSC whales. On the other hand, it is essential to keep in mind that the ADA that is being held by whales on BNB Chain is not the same thing as the native ADA coins that are being kept on the Cardano blockchain. To be more accurate, it is a tokenized version of the cryptocurrency that is built on top of that network.
The behavior of the whale is very certainly the result of two separate occurrences. To begin, the impending update to Vasil is the topic of everyone’s conversation. The update is going to happen on September 22nd, according to the timetable. Second, the Daedalus wallet, which is compatible with Vasil, was released online yesterday.
Final Thoughts
In contrast to light wallets, the full-node wallet known as Daedalus downloads a whole copy of the Cardano blockchain and independently validates each transaction that has occurred in its history (like Yoroi, Adalite, etc.). Customers are provided with the greatest degree of security and an operation that can be completely trusted thanks to this alternative to centralized servers hosted by third parties.
