Charles Hoskinson explains how Cardano will solve the main problems plaguing the DeFi ecosystem
Charles Hoskinson, CEO of Cardano Input Output developer, spoke about the pitfalls of decentralized finance during a YouTube live stream from his home in Colorado, stating that many users are incredibly tired of poor quality. production of applications within the DeFi ecosystem.
He adds that losses from scams and hacking, which took place primarily in the Ethereum space, exceeded $ 10.5 billion in 2021.
The head of Input Output says that many projects in the crypto space are based on “a hope and a prayer” rather than rigorous engineering. Therefore, he is convinced that many projects will not stand the test of time.
It is very difficult to do this type of engineering, and it is very difficult to do this type of engineering correctly and with an eye to the future.
Developing standards for DeFi
The crypto billionaire says Cardano will be able to fix this by creating a specific set of standards for DeFi in order to weed out low-quality apps.
The Ouroboros family of consensus protocols will make sure Cardano sticks around for decades, according to Hoskinson.
Cardano founder says he’s tired of
Accelerating transactions on Cardano will be possible with the help of Hydra, a scaling solution named after a mythological monster and sidechains. Hoskinson expects billions of users to become part of the ecosystem in the next few decades.
Hoskinson says a record number of developers are working on Cardano’s core infrastructure, as well as its DeFi ecosystem.
Earlier this year, Cardano came under fire after a decentralized exchange failed to transact due to the concurrency issue which Hoskinson says is “completely” made up.