Cardano’s Charles Hoskinson Says Amount of Funds Raised Doesn’t Equal Success of Project
There are different cryptocurrency-related projects in the market. Some of them have more innovative features than others, but most of them gathered funds from investors in order to develop their products and services. One of the most successful fundraising campaigns in the market was the one carried out by EOS. The project gathered around $4 billion dollars during a year-long Initial Coin Offering (ICO).
Charles Hoskinson, Cardano’s creator, decided to hold an AMA on October 17 in a hotel in Toronto. He talked about the cryptocurrency space and the developments that are being done behind Cardano (ADA).
Cardano is one of the most valuable and interesting projects currently in the cryptocurrency market. It is known as a third-generation blockchain with an important potential to solve several of the challenges faced by many different virtual currencies and blockchains. This is why there is a community behind it that is following the project and how it evolves.
During the AMA he has also made a comparison between Cardano and EOS. It is important to remember that Cardano was able to gather $60 million dollars. This is a big difference compared to the $4 billion dollars that EOS was able to receive.
However, Hoskinson explained that projects do not succeed because of the funds they receive. Cardano has a specific philosophy that seems to be working. Hoskinson and those developing on Cardano pay close attention to details. The project moves slow, but it has very few mistakes and bugs that can be found.
For example, he explained that Bitcoin did not receive any funds and is the number one virtual currency in the market. Ethereum, the second most valuable cryptocurrency has received $18 million dollars and it has been very successful. Indeed, EOS and its $4 billion dollars seem to be very inefficient.
On the matter, Hoskinson commented:
“It’s kind of funny that the number two cryptocurrency raised 18 million to get where it’s at, and the number one cryptocurrency raised nothing. So if you think about that, there is strong evidence in the space – the amount of money you raise doesn’t really have a lot to do with your ability to succeed.”
During the AMA someone asked if EOS could be attached to Cardano. He said that it is possible but it would not be a good idea for people to lose money. In general, Cardano and the team behind it do not mention how their currency is evolving in the market. In general, they talk about specific developments and things that are being achieved.
EOS is currently having some issues with its governability. It will have to solve some of these issues if it wants to continue growing in the market.
At the moment of writing, EOS is the fifth virtual currency by market capitalization with $4.9 billion dollars. Each EOS token can be bought for $5.4 dollars. Cardano, instead is the 9th most valuable blockchain in the market with a market capitalization of $1.98 billion dollars. Each ADA token can be purchased for $0.076 dollars.