Ethereum

Cardano Founder Reveals the Crypto Project That Nearly Eclipsed Ethereum

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Founder of Cardano (ADA) Charles Hoskinson recently revealed the crypto project that nearly eclipsed Ethereum (ETH) for his beginnings. This revelation follows Hoskinson’s remarks about his biggest fear while serving as CEO of Ethereum.

The Crypto Project That Almost Eclipsed Ethereum

In a interview with Altcoin daily, Hoskinson mentioned NXT as the crypto project that could have replaced Ethereum while it was still in its infancy. He claimed that NXT scared him the most among other cryptocurrencies while he was still CEO of Ethereum between 2013 and 2014.

He further explained that he was afraid of the crypto project because it came out of nowhere and achieved impressive growth in less than 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-focused assets.

Interestingly, NXT was already on proof-of-stake (while Ethereum was still running a proof-of-work mechanism) and had planned to implement smart contracts on their network. THE Founder of Cardano ” seemed intrigued by the growth of NXT when 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 that good, although he quickly added that this could have been fixed. The Cardano founder mentioned that the most “important” thing that “killed” the project was that they did not have a good governance system, which caused the team to fracture and break up into several other new projects.

Hoskinson remarked that Ethereum ‘wouldn’t exist’ if NXT had the right to do so governance system, because the latter would have been “number one” and would have simply continued to grow enormously. He added that NXT would have absorbed everyone and was a “sexy project” because it was new and had interesting technology.

Governance matters a lot

After explaining what led to the downfall of NXT, Hoskinson further highlighted the importance of governance in the crypto ecosystem, stating that it is the “key differentiator between the success or failure of a project.” He added that poor governance would kill a project and highlighted how poor governance was causing Microsoft to fall behind Google, Apple and Facebook.

Interestingly, Hoskinson also alluded to decentralized governance, suggesting that this was a better way to run a crypto ecosystem, as everyone having a say would make things work better. He said that this is what they hope to achieve with Cardano, and this is why Cardano stands out from the rest of the pack.

Cardano is about to undergo the Chang hard forkwhich will inaugurate the “The Voltaire era, which focuses on decentralized government. Once this network upgrade is completed, the Cardano ecosystem will become community-driven. Hoskinson boasts that Voltaire would be the “most advanced blockchain governance system.”

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