Founder of Cardano (ADA). Charles Hoskinson It recently revealed a cryptocurrency project that nearly overwhelmed Ethereum (ETH) during… Its early stages. This revelation came on the heels of Hoskinson's statements about his biggest fear when he was the Chief Executive Officer (CEO) of Ethereum.
The crypto project that almost eclipsed Ethereum
in interview with Daily altcoinsHoskinson mentioned that NXT is a cryptocurrency project that could have replaced Ethereum while it was still in its early stages. He claimed that NXT scared him more than other cryptocurrencies while he was still CEO of Ethereum between 2013 and 2014.
He also explained that he was afraid of the cryptocurrency project because it came out of nowhere and achieved impressive growth in less than three months. He noted that NXT was built on Java and had an “incredibly engaged community.” Hoskinson added that NXT was also adding features to its product offerings and had user-based assets.
Interestingly, NXT was already in the proof-of-stake phase at the time (while Ethereum was still running the proof-of-work mechanism) and had plans for implementation. Smart contracts On their network. the Founder of Cardano He seemed fascinated with NXT's growth as he mentioned how they were “running” and progressing “very quickly.” However, things did not end well for NXT, with Hoskinson stating what he believes led to the collapse of the project.
Hoskinson He claimed that their token distribution was not good, though he quickly added that this could have been fixed. The founder of Cardano stated that the “most important” thing that “killed” the project was that they did not have a good management system, which caused the team to disband and split into many other new projects.
Hoskinson noted that Ethereum “would not exist” if NXT had the rights regime, because the latter could have been “number one” and continued to grow tremendously. He added that NXT was going to accommodate everyone and was an “exciting project” because it was new and had interesting technology.
Governance is of great importance
After I explained what led to the downfall of NXT, Hoskinson He also highlighted the importance of governance in the cryptocurrency ecosystem, stating that it is “the fundamental difference between whether a project succeeds or a project fails.” He added that mismanagement would kill the project, and pointed out that mismanagement made Microsoft fall behind Google, Apple, and Facebook.
Interestingly, Hoskinson also alluded to this Decentralized governanceWhich suggests that it was a better way to run the cryptocurrency ecosystem, as everyone with an opinion would make things work better. He stated that this is what they hope to achieve with Cardano, and this is why Cardano stands out from the rest of the pack.
Cardano is about to undergo Chang Hard Forkwhich will begin in “The era of Voltaire., which focuses on decentralized government. Once this network upgrade occurs, the Cardano ecosystem will become community driven. Hoskinson boasts that Voltaire will be “the most advanced blockchain management system.”
Featured image created with Dall.E, chart from Tradingview.com