Cardano, the eighth-largest cryptocurrency network by market capitalization, continues to be the target of Fear, Uncertainty, and Doubt (FUD) attacks.
Recently, concerns have centred on the new Midnight project, a privacy-focused sidechain, sparking significant interest in the crypto community. While Cardano founder Charles Hoskinson had attempted to shed light on Midnight’s industry impact earlier this month, some in the crypto community still found key details unclear.
Particularly, questions have arisen regarding the launch of Midnight’s native coin, DUST, and the partners collaborating with IOG to ensure the sidechain’s legality. The lack of responses from the network’s developers has led to heightened criticism.
However, popular Cardano evangelist Dan Gambardello has come to the network’s defence with a comprehensive write-up aimed at addressing these concerns.
In a Twitter post on Tuesday, Gambardello began by asserting that the concerns surrounding Cardano and Midnight have been significantly inflated. Gambardello emphasized that these concerns stem from either over-analyzing or under-analyzing the situation, urging the community to take a closer look.
Addressing the inception of the Midnight project, Gambardello pointed out that it’s not a sudden pivot to replace Cardano. Cardano founder Charles Hoskinson has described Midnight as a meticulously crafted project that has been in the works for over four years. Notably, the project emerged due to IOHK’s exploration of proof-of-work and proof-of-stake mechanisms.
Gambardello also clarified that Midnight’s role is not to overshadow Cardano but to complement it as a sidechain. Midnight brings new capabilities to the Cardano family, such as private smart contracts written in TypeScript.
Additionally, Gambardello stressed that Midnight doesn’t just serve as a side project; it amplifies Cardano’s potential, strengthening its network effect and technological prowess.
Notably, critics have levelled various accusations against Cardano, including claims of a lack of development on the blockchain and unsuitable protocols for real-world applications. Personal attacks against Hoskinson have also been part of the criticism.
In response to this, earlier his month, Hoskinson proposed a strategy to mitigate these attacks by enhancing marketing and branding initiatives. He suggested allocating more funds to marketing to change the perception of Cardano and dampen the FUD surrounding the project. Hoskinson further expressed the belief that dedicated marketing specialists will be more effective than the developer team in this regard.
Hoskinson also mentioned Cardano Improvement Proposal 1694, which aims to make the Cardano network self-sustaining and transition to a community-driven ecosystem. This transition, once fully implemented, is expected to alleviate concerns and negative sentiments toward Cardano.
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