Cardano will replace Bitcoin as number one by end of 2020

Cardano will replace Bitcoin as number one by end of 2020

  • Charles Hoskinsion, the CEO of IOHK, has predicted that Cardano will be the market leader by the end of 2020.
  • In an AMA, Hoskinson explained how the crypto project intends to achieve this goal.

The CEO of Input Output Hong Kong (IOHK), the company behind Cardano, Charles Hoskinson, has announced in a recent Ask me Anything (AMA) on YouTube that Cardano will replace Bitcoin as the number one cryptocurrency by the end of 2020. However, he did not commit himself to a specific the metric by which he wants to judge success (market capitalization, number of users, transaction volume, etc.).

In order to achieve market leadership, Hoskinson says that the major parties in the Cardano ecosystem (IOHK, Emurgo and the Cardano Foundation) will focus on commercializing the project. As CNF reported, the Cardano Foundation recently announced a collaboration with McCann Dublin. Together with the advertising agency, which has also worked with Microsoft and LinkedIn, a gigantic marketing campaign is planned for 2020. Hoskinson said:

This year in particular we really gonna start hitting the commercials hard. I have announced to my company that we are on a Cardano first strategy. […] We gonna get very aggressive about the commercialization of the technology as Shelley turns on and as Goguen turns on.

Hoskinson goes on to describe how Cardano aims to reach over 1 billion users over the decade and aims to become “a true social operating system”:

We are particularly interested in investing resources at IOHK and our partners ar EMURGO and the Cardano Foundation are investing a lot of time to make sure we fully understand. And as we finish 2020 and go through the decade, this is something that we are continuously researching, and the better we get, the better the feedback loop, the faster we can grow and get to those billions of users and become a true social operating system that benefits everyone in the world.

Commercialization, incentives and technology are key

According to Hoskinson, these three things are crucial to displacing Bitcoin and becoming the number one cryptocurrency: Commercialization, incentives and technology. At the same time, he also showed his appreciation for Bitcoin, stating that the oldest cryptocurrency will always be valuable. He further stated that Bitcoin is now accepted by governments worldwide. Accordingly, Bitcoin is a gateway to smooth the acceptance of Cardano.

Hoskinson further noted that Cardano is a commercial project. Accordingly, all parties involved are interested in the network growing and being used by many people.

Commercialization, technology and incentives are the three things which need to be line for us to achieve that number one spot. […] We build Cardano not as a academic project. It’s a comercial product so we want to see it grow.

He attributed Bitcoin’s growth to the mining incentive system. Accordingly, staking is a key success factor for Cardano:

In terms of incentives we look at Tokenomics […]. The reason why Bitcoin were so succesful was that […] Satoshi created an incentive for mining. […] So with the launch of the testnet we are learning a lot about the business of stakepools and we are learning a lot about maintaning a cryptocurrency and creating stability there. We have already over 500 stakepools registered.

A focus in 2020 will be on cooperation to create new use cases for Cardano.

One thing we gonna be focused on a lot this year is collaboration and to learn from other people, work with other people. Whether that will be through standard groups like Hyperledger or W3C or that will be through direct relations to other cryptocurrency projects. For example, Horizen I felt we always had a good relationship with. But there are many more.

You can watch the complete AMA session below.

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