Charles Hoskinson explains why Cardano’s price continues to fall

The price of Cardano (ADA) nearly hit an annual low just after the implementation of the Vasil hard fork. There are a number of reasons for the price drop and Charles Hoskinson has already found a solution for one of these reasons.

Daedalus Turbo Wallet

Cardano founder Charles Hoskinson believes that the Cardano network needs a certified wallet to improve decentralization and sync speed.

Cardano’s founder Charles Hoskinson shared the proposal for the Cardano wallet Daedalus Turbo in a YouTube video on September 28. The proposal claims that the Daedalus Turbo algorithm has 10x the sync time than the current Daedalus wallet.

The proposal shows that the Daedalus wallet is currently too slow, taking a whole day to sync and hours to re-sync when used only occasionally. This is bad news for Cardano users.

Hoskinson hopes to get rid of the idea of ​​an official wallet. He wants to use the standards as a guideline for developers to release certified wallets.

We hope to get rid of the idea of ​​an official wallet altogether and instead have a certified version versus an uncertified one. According to the certification standards, you can set functional and non-functional requirements, including benchmarking and user experience performance requirements. It would be really cool to build some protocols to make things faster. That’s what it was all about.

– Said Hoskinson

The community is disappointed with the adoption of the proposal to build a technically unfeasible Daedalus wallet.

Price drop after the Hard Fork

Cardano (ADA) price has failed to build momentum after the Vasil hard fork on September 22-27. In fact, the ADA price nearly fell to a year-low of $0.42.

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Historically, the ADA price always falls after a hard fork. Analyst Peter Brandt warned that the ADA price has formed a bearish triangle. That indicates that the price could fall below $0.33.

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