Title: Unpacking Cardano's Approach: It's Not Just Another Bitcoin Clone
Cardano (ADA) has faced significant challenges amid the 2024 FUD wave. From harsh criticisms labeling it "dog sh*t" to being dismissed as a "ghost chain," the L1 blockchain has persevered through a tumultuous bull run.
But the hurdles Cardano faces extend beyond mere FUD. In a recent interview, the founder, Charles Hoskinson, shed light on the network's struggles to gain recognition from legacy media, citing various reasons.
Hoskinson pointed out Cardano's Japanese roots, which diverge significantly from the Western venture capital scene. He remarked, "Cardano was founded in Japan. That’s so radically out of venture capital, Silicon Valley, and New York circles. So it didn’t have those initial founding connection points, that were typically from Western media. So for a long time, it’s been ignored because there’s no connection point."
Moreover, Hoskinson highlighted the unique technological stack and philosophy of Cardano, distinguishing it from Ethereum (ETH) Virtual Machine (EVM) and Bitcoin (BTC). He emphasized, "Our technology is radically different; it’s not an EVM clone, it’s not a Bitcoin clone." However, he acknowledged that this divergence presented a steep learning curve, potentially dissuading adoption.
Further complicating matters is Cardano's vocal anti-globalist stance, which Hoskinson believes repels legacy media. He elaborated, "Third, it’s philosophical. Something like Cardano was a very threatening thing because it’s proving at scale, everything single thing that you hate. It’s showing people how to be their own bank, own their identity, it’s building a government, it has it own constitution. If you allow that to grow, it’s a cancer to globalist plans."
Hoskinson lamented that the limited coverage by legacy media hampers Cardano's ability to compete, especially against VC-backed L1 chains perceived as more "centralized."
