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Cardano founder Charles Hoskinson said that the recent collapse of Terra confirmed the ineffectiveness of the strategy of explosive growth, when the system expands uncontrollably and, having reached a peak, collapses.
Charles Hoskinson (Charles Hoskinson) said in an interview with CoinDesk that ecosystems on the blockchain should expand slowly, playing for a perspective that is measured in years and decades, not weeks and months. As an example, he cited himself and his company IOG (formerly IOHK), saying that his team will always prefer sustainability and survival to explosive development.
He also acknowledged that cardano’s development process is “a bit slower” when compared to other projects. The Cardano network could not execute smart contracts until last year, that is, for four years after launch. This left the ecosystem far behind the rest of the similar blockchains. After the Alonzo hard fork, the network showed noticeable growth in terms of new features and updates.
Hoskinson noted that one of the main reasons for the collapse of Terra is the environment in which the network has developed, where financial incentives and market attitudes are structured in such a way that speed is more important than quality. Those who choose the slow path will eventually emerge victorious, Hoskinson said.
The head of iOS added that the company is focused on conducting only regulated business and will continue to interact with organizations such as the DCC, the Blockchain Association and others. Earlier, Hoskinson said that digital currencies will be a salvation for the world economy, which has long been in stagnation.
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