HomeUncategorizedCardano Founder Dismisses 'Ghost Chain' Criticisms, Emphasizing Strong Community and Ecosystem

Cardano Founder Dismisses ‘Ghost Chain’ Criticisms, Emphasizing Strong Community and Ecosystem

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  • Cardano’s founder, Charles Hoskinson, has rebuffed claims labeling Cardano as a ‘ghost chain’, drawing attention to the network’s vibrant activity and community engagement.
  • Cardano has recently launched Mithril, an innovative stake-based signature protocol aimed at enhancing node sync efficiency and furthering blockchain decentralization.

Cardano: A Ghost Chain or a Thriving Ecosystem?

As some detractors label Cardano (ADA) a ‘ghost chain’ – a term describing a blockchain with scant activity, primarily due to a decline in non-fungible token (NFT) sales on the platform – Charles Hoskinson, the network’s founder, refutes these assertions with a touch of humor and a slew of compelling arguments. He punctuated his retort with a playful, ghost-themed cartoon gif, captioned “Ghostchain gonna Ghost,” and a repost of a tweet by TapTools that dissects the ‘ghost chain’ criticisms on August 1.

Cardano’s Resounding Reality

User TapTools provided a litany of reasons that debunk the myth of Cardano being a ghost chain, including the fact that Cardano’s blockchain has processed more than 72.5 million transactions. This impressive figure substantiates the undeniable activity constantly pulsating through Cardano’s veins.

Moreover, TapTools emphasized that Cardano hosts over 8.6 million native assets. This statistic contradicts the notion of a ‘ghost chain,’ as the creation and exchange of these assets indicate Cardano is a bustling ecosystem brimming with life and innovation.

TapTools also pointed out the exponential growth of the total value locked (TVL) in Cardano, which currently stands at $185 million. This growth is a clear indication of the increasing community engagement and confidence, effectively countering the ‘ghost chain’ narrative.

The Cardano Community: Vibrant and Growing

Beyond mere statistics, the strength and unity of Cardano’s community set it apart. With over 4.2 million ADA wallets in existence, and that number increasing daily, it signifies an active and engaged user base. As TapTools eloquently puts it, these wallets are the heartbeat of a community that is far from being a ghost town.

Furthermore, the user praised the Cardano community’s shared values and vision of a decentralized future, affirming their fervor and belief as the true driving force behind Cardano’s success.

Worth noting, Cardano recently launched Mithril, an anticipated stake-based signature protocol designed to enhance the efficiency of node synchronization and increase blockchain’s decentralization.

At the time of this report, ADA was trading at $0.3056, representing a 2.34% loss in the last 24 hours, but also a modest increase of 0.65% over the previous week. Despite the day’s losses, it still marked a 5.64% gain on its monthly chart, adding further momentum to Cardano’s ongoing success story.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628