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BCH $627.97 (1.12%)
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Cardano’s CEO Answers Questions, Talks About Lowering Fees

Cardano’s CEO Answers Questions, Talks About Lowering Fees
  • Cardano’s CEO — Charles Hoskinson, held an ask-me-anything session.
  • He went on to answer questions in a live online session.
  • One of the topics was about a possible increase in fees on the platform.

In a surprise live ask-me-anything (AMA) online session, Cardano’s CEO — Charles Hoskinson, takes a crack at answering questions from an open audience. He starts the session by expressing his gratitude for the community’s continued support.

At the moment, Hoskinson says that all current plans are going very well and that he is very happy on this front. Although, he does mention that Cardano is still getting started and there is so much more to do. He adds that this is nothing but exciting news for the future.

To highlight, one of the key points that came up during the AMA is the possibility of lowering Cardano’s fee. One of the listeners asked Hoskinson what would happen if the fee goes high as ADA price keeps rising.

On this matter, Hoskinson says that that will be up to the community to decide. Only the community will be in charge of this. This is true, as Cardano stakeholders will be placing votes in order to make decisions for the Cardano blockchain and all it has to offer. Specifically, Hoskinson says that this decision can be made by the community during the Voltaire era.

To elaborate, the Voltaire era is the final step in ADA’s current roadmap. By this time, ADA’s proof-of-stake blockchain should be a self-sustaining system. Here, only ADA users can initiate the governance process. They will conduct and decide what happens next.

In addition, Hoskinson also mentions the imminent arrival of Hydra — the layer 2 solution. He says that while fees are not the best option to control congestion, Hydra will help mitigate it. High fees are the bane behind Ethereum’s congestion issues. Perhaps this is what will make or break the decision for users to choose between the two blockchains.

Ethereum’s 2.0 launch will bring proof-of-stake to its blockchain. Meanwhile, Cardano’s Alonzo hard fork mainnet launch on September 12, will bring smart contracts to all its users. Their competition will reach its peak soon. We may soon see which community comes out stronger.     

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