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Cardano Creator Charles Hoskinson Blasts the ‘Biggest Lie’ in Crypto: The Network Effect

June 21, 2020

Cardano creator Charles Hoskinson says the “biggest lie” in the crypto space is that any one platform has achieved dominant levels of adoption.

In a new interview with Messari’s Ryan Selkis, Hoskinson says the claim that Ethereum has built a significant network effect is far from accurate.

“It’s the biggest lie ever told in [the] space. It makes sense why that lie is so propagated, that Ethereum has achieved the network effect.”

The CEO of Input Output Hong Kong (IOHK), who also co-founded Ethereum, says it may take ten years or so before any smart contract platform manages to build a commanding lead in the space. He believes it’s useless to speculate on Ethereum’s network effect now because the blockchain industry is just getting started.

“They say ‘we’re the dominant platform’. Yes, you’re the dominant platform. It’s like saying you’re the biggest fish in a very tiny pond next to the ocean. No one has won. We’re all fighting right now in a small pond.”

Hoskinson says the focus should be on more substantive metrics for winning in the blockchain race, such as solving real-life problems.

“To win, you have to think in terms of utility and experiences and what is actually going to help your user. Now, where are the killer applications for this? Supply chain, medical records, identity solutions, voting solutions.”

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