Charles Hoskinson says ADA will establish its worth soon as Cardano continues to bolster its utility and help more people. 

Many investors are not impressed with the current price of ADA, the native cryptocurrency of Cardano, and have continued to vent their frustrations across various social media platforms. 

Heightened Investors’ Frustration 

ADA, which spiked to a high of $3.1 in November 2021, has dipped more than 85% till date, plunging many investors into significant losses. 

The cryptocurrency is trading at $0.44 across major crypto exchanges, including Binance, and KuCoin, among others.

While many investors are still optimistic that ADA prices will soon rally again in the near future, others do not seem to have much patience as they want the cryptocurrency to give them nice gains as soon as possible. 

Hoskinson: Boosting Cardano’s Utility Will Boost ADA Price

Charles Hoskinson, the founder of Cardano, has sent a message to investors who are eager to make fast gains on ADA. 

Hoskinson noted in an interview with the London media outlet City AM that the best way Cardano can bolster the value of ADA is by solving real-world problems and increasing the blockchain’s utility. 

He highlighted Cardano’s main focus, which he believes is capable of boosting the value of ADA to higher levels. 

“We’re focused on the growth of our on-chain metrics such as transaction volume, which is still increasing month on month, so it’s looking incredibly positive.” 

Cardano Suffers Major Criticism

The Cardano project has come under heavy scrutiny since its inception, with many derogatory names such as “Ghost Chain” used to describe the project. 

The major frustration stems from the pace the blockchain’s development team has taken to roll out significant upgrades, which are considered relatively slow. 

However, Hoskinson and other Cardano developers are not bothered by these criticisms as they continue to follow a measured and careful approach in a bid to protect investors. 

Hoskinson said Cardano usually writes code slowly in order to avoid making similar mistakes made by other blockchain projects in the past, which ended in disaster. 

Regardless of the shades aimed at Cardano, the team is not prepared to change its mode of operation, which has the possibility of ruining everything that has been built in years. 

“We have always pursued a defined, clearly-staged roadmap to deliver on Cardano’s capability and fulfill its long-term potential,” Hoskinson said. 

Recall that Cardano postponed the launch of Vasil Hard Fork from its initial deployment date of late last month to the end of July. 

Hoskinson said the postponement was necessary as it would help its development team and other projects to check for bugs and provide relevant fixes before it could be rolled out. 

The Cardano founder had no issue choosing his stand-out moments for 2021 and this year.

Cardano has continued to introduce significant upgrades and features since it was launched in 2017 that it would be difficult for users to select their favorite stand-out moment.

While members of the Cardano community will have a tough time choosing what their last year’s stand-out moment was, Charles Hoskinson, the founder of the blockchain project, does not seem to be facing that challenge.

For Hoskinson, the Alonzo Hard Fork remains his stand-out moment from last year. “The Alonzo hard fork for sure,” Hoskinson was quoted as saying in his interview with City AM.

Alonzo Feature

The Alonzo upgrade introduced significant features to Cardano, which ushered the network into the realm of smart contract compatibility. Alonzo fused two most important features of the two largest cryptocurrencies – Bitcoin’s UTXO model and Ethereum’s smart contract functionality.

Following the fusion of the two important features, Cardano was able to offer increased scalability while also maintaining maximum security.

Vasil Upcoming Features

Interestingly, despite the fact that the second phase of the year just started, Hoskinson has already weighed up his most defining moment for the whole of 2022 and it is no other but the Vasil Hard Fork.

“It’s always difficult to define one key moment but the Vasil hard fork is pretty significant,” Hoskinson said.

Hoskinson considers Vasil the most complex Hard Fork the blockchain Cardano team has made since its inception.

While the upgrade was originally scheduled to launch by June 2022, it was later rescheduled to go live later this month. Vasil Hard Fork is already live on Cardano testnet and the mainnet deployment is set for later this month.

Vasil is tipped to improve on key features including smart contract functionality, speed, and scalability, among others.

Cardano Is Always Focused on the Future

Cardano has always tried to be different from what is considered the norm in the cryptocurrency and blockchain community. For instance, while most cryptocurrency projects are overwhelmed with their present status, Cardano’s lead developer, Input Output Global (IOG), is always focused on the next big moves that would usher in significant improvements to the network.

Hoskinson has already highlighted what the blockchain will focus on by next year. In an interview with London’s most-read newspaper City AM, Hoskinson said while the development arm of Cardano is generally focused on boosting Cardano’s performance to increase its adoption in 2022, the project will focus more on governance by next year.

Hoskinson added that the fact Cardano will concentrate more on governance next year does not mean it will also not improve the overall blockchain’s performance.

The Vasil upgrade has taken a significant step toward its mainnet launch scheduled for later this month. 

Cardano’s research and development team has announced the launch of Vasil Hard Fork on the network’s testnet. According to an announcement made by Input Output Global (IOG), the project’s lead developer, Vasil Hard Fork, was deployed on the blockchain’s testnet yesterday at around 20:20 UTC, in a move considered an important step toward the launch of the upgrade on mainnet.

The testnet launch of Vasil Hard Fork, according to the IOG, will allow cryptocurrency exchanges, stake pool operators (SPOs), and developers to conduct rigorous testing for the upgrade in order to ensure everything is working as expected.

The testing of Vasil will be done within the next four weeks, and after the relevant parties are sure that the upgrade is working flawlessly, Vasil will finally go live on mainnet by the end of this month, the announcement adds.

Requirements to Test Vasil

All projects are requested to check backward compatibility and SPOs will also be required to make some adjustments to their scripts. The process is expected to be seamless. However, the IOG and Cardano Foundation team will be available to guide projects during the testing period.

“The teams at [Cardano Foundation] & IOG will be working closely with exchanges and DApp/tool developers throughout this process. As soon as we are confident that ecosystem partners are comfortable & ready, we’ll submit an updated proposal to upgrade the #Cardano mainnet to #Vasil,” IOG adds.

Expected Features of Vasil

Charles Hoskinson, the founder of Cardano, described Vasil as the most complicated Hard Fork the network’s development team has embarked on. In a bid to avoid mistakes, the IOG postponed the launch of Vasil from last month to the end of this month.

Vasil is tipped to enhance different aspects of Cardano, including the network’s scalability, high throughput diffusion pipelining, script performance and the blockchain’s efficiency among others.

“The Vasil upgrade will also include Cardano cryptographic primitive improvements (enabling greater interoperability options for other blockchains), a tuned Plutus interpreter, and a new cost model, which are all part of Plutus V2 scripts,” the IOG said.

The Vasil upgrade is the most ambitious program of work we’ve undertaken. And the whole community is involved. Our prime concern is ensuring we manage this upgrade in a way that is safe and secure.

9/10

— Input Output (@InputOutputHK) July 3, 2022

If the Vasil test is successful, the upgrade will go live on Cardano Mainnet by the end of this month.

ADA Soars Only 0.1%

Meanwhile, news of Vasil Hard Fork’s launch on Cardano Testnet had no impact on the price of ADA, the native cryptocurrency of Cardano. ADA is still trading around $0.45, the price level it changed hands for most part of the weekend.

The cryptocurrency is up 0.1% at the time of writing this line.

Charles appears on City Am London.

.@CityAM is 'London’s most-read financial and business newspaper' enjoyed by thousands of workers across the capital each weekday. Great to see @IOHK_Charles feature in the paper's spin-off sister magazine launch edition, @CityAM_Crypto https://t.co/nNubBxHVZD

— Input Output (@InputOutputHK) July 2, 2022

Cardano’s Charles Hoskinson has been featured in Crypto AM Magazine, a subsidiary of City AM, London’s most-read business newspaper, as revealed in a tweet by IOHK on Saturday.

The Cardano founder is featured on the cover of the online magazine alongside Binance co-founder Yi He and vocal crypto supporter and British MP Matt Hancock. In the magazine, Hoskinson sums up his plans for the Cardano network for 2022. 

“2022 is the year of governance,” says Hoskinson, as he clarified, “This doesn’t mean we’ll stop working on building a better, faster and cheaper blockchain, but each year has a theme.”

The developer names the long-anticipated Vasil hard fork as the key moment to watch out for this year. Hoskinson asserts that the upgrade expected at the end of July will boost the network’s capacity and improve Plutus, its smart contract programming language.

“So on the one hand you’re going to have a big throughput increase. On the other hand, you are going to have new ways of developing Cardano contracts that don’t require high throughput,” says Hoskinson.

The Vasil hard fork has been long-awaited by members of the Cardano community as it promises to usher in about 1000 DApps in development. Notably, the IOG team reached an important milestone on June 25 by completing Cardano node 1.35.0, the final node for the Vasil hard fork.

The Crypto Basic has since reported that the upgrade is set to launch on the Cardano testnet on July 3, as revealed by Hoskinson, with a mainnet launch expected at the end of the month.

Notably, in 2022, crypto creators have seen increased recognition by mainstream publications. For example, in April, Ethereum’s Vitalik Buterin covered TIME magazine as he discussed his dreams for the crypto space.

At the time of writing, ADA, Cardano’s native token, is trading at the $0.4468 price point. It is down 2.71% in the last 24 hours and 11.12% in the last seven days. It is the 7th largest crypto asset by market cap.