Recently, Charles Hoskinson, the creator of Cardano, refuted a study that criticized the reputation of the cryptocurrency’s blockchain network. The report states that compared to other prominent cryptocurrencies such as Bitcoin and Ethereum, the network in question presently offers virtually no practical application in the real world. The study highlighted that although Cardano processes a significant number of transactions each day, the primary use of its native cryptocurrency, ADA, appears to be for speculative purposes. Hoskison Rejects Critical Evaluation of Cardano. Cardano has expanded to emerge as one of the leading cryptocurrencies by market capitalization. Nevertheless, a comprehensive analysis conducted earlier in the week by K33 Research suggested that the network activity was entirely falsified. The study, called “Reasons to Completely Unload Your ADA (Cardano) Holdings,” evaluated the transactional behavior on the Cardano platform against that of alternative cryptocurrencies such as Ethereum, Solana, and Avalanche. In other news, a former CEO of IcomTech received a five-year prison sentence for defrauding investors in a cryptocurrency scam. The report suggested that although Cardano records an average of 90,000 transactions daily, the majority are likely being artificially generated by a handful of holders. The report highlighted that there is little evidence of any real-world use of the network beyond the transaction data on the blockchain and its trading activities on various exchanges. Additionally, the report criticized the lack of a substantial stablecoin market within the Cardano ecosystem. The report indicates that the absence of USDT and USDC stablecoins on the Cardano network implies that the issuers, namely Tether and Circle, recognize the shortfall in genuine transactions on the platform. The findings have caught the attention of those investing in ADA, with several questioning the credibility of the report.