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Mark Cuban calls DAO the future, takes a shot at Cardano: "I haven't seen any real-world applications"

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Mark Cuban calls DAO the future, takes a shot at Cardano: "I haven

Although he once referred to Bitcoin as being inferior to bananas, Mark Cuban, owner of the NBA's Dallas Mavericks, has been actively involved in the cryptocurrency space this year. This has led many projects to seek Cuban's favor, but apparently the efforts of Cardano's founder to promote the project have been completely futile. Cuban bluntly stated, "What can ADA actually do?"

Is DAO the Future Trend?

In a tweet on 6/1, Cuban talked about the future of DAO:

As DAO takes on traditional business models, the future of companies may be entirely the same. This is the ultimate combination of capitalism and progressivism. Entrepreneurs adopting DAO can make more money, and if the community is good at governance, everyone will benefit, which is the advantage brought by reducing the cost of trust.

Of course, there are also dissenting voices. Cuban explained that DAO will not be suitable for all companies but will exist in a certain proportion and significantly affect the way people work for companies. He also pointed out that insurance claims will be much better off in mechanisms that do not require trust.

"Decentralized Autonomous Organization," DAO in full, allows all stakeholders, that is, holders of governance tokens, to vote on protocol governance and development issues. It is a governance model followed by many DeFi protocols. Simply put, it is like a borderless shareholders' meeting and can collectively decide on matters of different levels through the internet, a more decentralized autonomous mode.

Denying Cardano

Cuban's remarks led Cardano supporters to believe that he was indirectly referencing Cardano in a tweet and tagged founder Charles Hoskinson, but Cuban immediately denied: "Haha, no."

In February this year, the developer behind Cardano, IOHK, claimed that Project Catalyst had developed into the world's largest DAO, with over 7,000 registered supporters.

Project Catalyst is a community-driven initiative of Cardano aimed at supporting early products in its future dApps ecosystem.

Founder's Efforts to Evangelize

Since mid-May, Charles Hoskinson has been explaining Cardano-related technology to Cuban, starting from Cuban's questioning of the actual application of ADA:

Do you use ADA everywhere? If the answer is yes, where do you use it? This is my question for all cryptocurrencies, can it be applied to anything of value?

Cuban emphasized that he has seen the relevant research on Cardano, which is great, but has never seen any useful applications.

Source: @mcuban

Hoskinson made a video specifically to explain Cardano-related technology to Cuban, but the video contained more criticism of Ethereum, especially regarding scalability issues.

Apparently, Hoskinson's efforts to promote were in vain. Cuban recently not only invested in Polygon MATIC but also believes that Ethereum's future performance will surpass Bitcoin and even challenge its status as a store of value.