The Cardano community has rallied in defense of its blockchain after Forbes published an article. It happened after the media house labeled the project as “Ethereum clone” and Charles Hoskinson, as a “cult leader.”
The piece, authored by Forbes’ crypto research director Steven Ehrlich, sparked widespread backlash within the Cardano ecosystem. Supporters argue that the platform’s technological distinctions set it apart from Ethereum.
Forbes’ article portrayed key figures in the cryptocurrency landscape, comparing Bitcoin’s creator, Satoshi Nakamoto, to a mythical figure. Also says that Ethereum’s founder, Vitalik Buterin, is an intellectual pioneer.
The description of Hoskinson as a “cult leader.” As well as the mention of Cardano as merely an Ethereum offshoot was seen as a significant mischaracterization by its community. Cardano is valued at approximately $12.4 billion. However, it was dismissed as lacking innovation—a claim that its supporters strongly dispute.
Cardano Community Quick to Defend
The Cardano community was quick to point out the blockchain’s unique technological advancements. Unlike Ethereum, Cardano implemented a proof-of-stake (PoS) model years before Ethereum’s transition to PoS.
Additionally, the ADA community argued that Cardano’s eUTXO (extended unspent transaction output) model differs from Ethereum’s account-based model, offering advantages such as more predictable transaction fees and enhanced security.
The recent criticism comes at a pivotal moment for Cardano, as it nears the completion of a significant network upgrade. Chang hard fork’s second phase is set to introduce a new governance model proposed by the Intersect organization.
This upgrade will include the formation of a seven-member interim constitutional committee, featuring community representatives, and marks a shift toward greater decentralization and community-driven governance.
Forbes’ Ongoing Criticism of Altcoins
Forbes has previously been criticized for its harsh stance on altcoins. Earlier this year, the publication branded XRP as a “zombie crypto,” claiming it lacked utility and had failed to fulfill its promise of revolutionizing global remittances.
Ripple Labs was described as falling short of its ambitious goals despite significant interest from financial institutions. These critiques highlight the ongoing debate over the viability and impact of various blockchain projects.
In response to the latest article, Hoskinson has publicly challenged Ehrlich’s portrayal, arguing that the article oversimplifies and misrepresents the Cardano project. The community has also rallied on social media, emphasizing Cardano’s unique features and the progress made since its launch.
Chang Hard Fork Nears Completion
As Cardano approaches the final stages of the Chang hard fork, the upcoming upgrades are poised to further differentiate the blockchain from its competitors. With a total supply of 45 billion ADA, the network’s treasury holds 1 billion ADA reserved for community-driven initiatives, ensuring resources are allocated based on community votes.
The Chang hard fork is designed to boost decentralization and improve coordination among nodes without relying on central oversight. Although many exchanges have already updated their nodes, the community still awaits significant platforms like Coinbase and Binance to complete their upgrades.
