Is third-generation encryption technology doomed? Hoskinson's major statement sparks industry reflection

The crypto circle has come up with a new narrative again. Cardano founder Charles Hoskinson bluntly stated in a recent video that third-generation encryption technology is dead. As soon as these words were released, they immediately sparked a lot of discussion.

Where exactly is the problem?

Hoskinson pointed out that the entire industry is now filled with false advertising, Ponzi schemes, all kinds of brainless Meme coins, and short-term speculative behaviors. In plain terms, many projects don’t care about what the technology itself can do; they only think about how to blow bubbles and harvest the leeks. When these issues accumulate to a certain extent, they lead to the failure of the entire “third generation” paradigm.

Hoskinson believes that the real problem lies in the fact that the crypto industry has lost its direction. Originally, blockchain technology was meant to solve real-world problems, but now it has become a pure gambling platform. From technological innovation to hype tools, it has only taken a few years.

Where is the hope for “Fourth Generation”?

Since the diagnosis has been made, a remedy must be proposed. In the video, Hoskinson introduced his new project Midnight, positioned as a new generation privacy blockchain solution, representing his vision of “Fourth Generation” encryption technology.

What is the core concept of this “Fourth Generation”? Simply put: return to the essence. No longer for hype’s sake, but focusing on the value of blockchain in real application scenarios—such as privacy protection, data security, and other tangible, implementable needs.

Can the industry listen?

Hoskinson’s remarks, to some extent, hit many people’s pain points. But the question is, how many participants in the entire ecosystem are truly willing to pay for practicality and long-term value? This might be a more worthwhile question to ponder.