Cardano Founder Reveals The Crypto Project That Almost Overshadowed Ethereum | Bitcoinist.com



Cardano
(ADA)
founder


Charles
Hoskinson


recently
revealed
the
crypto
project
that
almost
overshadowed
Ethereum
(ETH)
during


its
early
stages
.
This
revelation
followed
Hoskinson’s
remarks
about
his
greatest
fear
while
he
was
the
Chief
Executive
Officer
(CEO)
of
Ethereum. 

The
Crypto
Project
That
Almost
Overshadowed
Ethereum


In
an


interview


with


Altcoin
Daily
,
Hoskinson
mentioned
NXT
as
the
crypto
project
that
could
have
displaced
Ethereum
while
it
was
still
in
its
early
stages.
He
claimed
that
NXT
scared
him
the
most
among
other
cryptocurrencies
while
he
was
still
the
Ethereum
CEO
between
2013
and
2014. 

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He
further
explained
that
he
was
scared
of
the
crypto
project
because
it
came
out
of
nowhere
and
achieved
impressive
growth
in
under
three
months.
He
noted
that
NXT
was
built
on
Java
and
had
an
“incredibly
engaged
community.”
Hoskinson
added
that
NXT
was
also
adding
features
to
its
product
offering
and
had
user-driven
assets. 


Interestingly,
NXT
was
already
on
proof-of-stake
then
(while
Ethereum
was
still
running
a
proof-of-work
mechanism)
and
had
made
plans
to
implement


smart
contracts


on
their
network.
The


Cardano
founder


sounded
intrigued
by
the
NXT’s
growth
as
he
mentioned
how
they
were
“running”
and
going
“so
fast.”
However,
things
didn’t
end
well
for
NXT,
with
Hoskinson
mentioning
what
he
believes
led
to
the
project’s
downfall.


Hoskinson


claimed
that
their
token
distribution
wasn’t
so
good,
although
he
quickly
added
that
that
could
have
been
fixed.
The
Cardano
founder
mentioned
that
the
more
“important”
thing
that
“killed”
the
project
was
that
they
didn’t
have
a
good
governance
system,
which
caused
the
team
to
fracture
and
break
out
into
several
other
new
projects. 

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Hoskinson
remarked
that
Ethereum
“wouldn’t
exist”
if
NXT
had
the
right


governance
system
,
as
the
latter
would
have
been
“number
one”
and
had
just
continued
to
grow
immensely.
He
added
that
NXT
would
have
absorbed
everybody
and
was
a
“sexy
project”
because
it
was
new
and
had
an
interesting
technology. 

Governance
Matters
A
Lot


Having
explained
what
led
to
NXT’s
downfall,


Hoskinson


further
highlighted
the
importance
of
governance
in
the
crypto
ecosystem,
stating
that
it
is
the
“core
differentiator
between
whether
a
project
is
successful
or
a
project
will
fail.”
He
added
that
poor
governance
would
kill
a
project
and
noted
how
poor
governance
made
Microsoft
fall
behind
Google,
Apple,
and
Facebook. 


Interestingly,
Hoskinson
also
alluded
to


decentralized
governance
,
suggesting
that
it
was
a
better
way
to
run
a
crypto
ecosystem,
as
everyone
having
a
say
would
make
things
run
better.
He
stated
that
this
is
what
they
are
hoping
to
achieve
with
Cardano,
and
this
is
why
Cardano
stands
out
from
the
rest
of
the
pack. 


Cardano
is
on
the
verge
of
undergoing
the


Chang
Hard
Fork
,
which
will
usher
in
the
Voltaire”
era
,
which
focuses
on
decentralized
government.
Once
this
network
upgrade
occurs,
Cardano’s
ecosystem
will
become
community-driven.
Hoskinson
boasts
that
Voltaire
would
be
the
“most
advanced
blockchain
governance
system.” 

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Author: Scott Matherson


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