Charles Hoskinson, the founder of Cardano and CEO of Input Output, claimed in a YouTube live broadcast that many users are very tired of the low production quality of applications in the DeFi ecosystem. He added that the losses caused by scams and hacking attacks that mainly occurred in the field of Ethereum exceeded US$10.5 billion in 2021. He believes that many projects in the field of encryption rely on “hope and prayer” rather than strict engineering.
Therefore, he is convinced that many projects cannot stand the test of time. Hoskinson said that Cardano will be able to solve this problem by creating a specific set of standards for DeFi to eliminate low-quality applications.
The Ouroboros series of consensus agreements will ensure that Cardano can continue to exist for decades. Hoskinson said he is tired of “tribalism” and “extremism” and encourages cooperation in the field of encryption.