In comparison to Ethereum and other proof-of-stake networks, Bitcoin is too slow, according to Cardano founder Charles Hoskinson.
Charles Hoskinson, CEO of IOHK and co-founder of Ethereum, has suggested that Bitcoin is at a competitive disadvantage because of its poor throughput and will be supplanted by proof-of-stake networks.
In a five-hour podcast with computer scientist and AI researcher Lex Fridman, Cardano’s founder stated that proof-of-stake networks outperform the original coin in terms of speed and usefulness, saying:
“The issue with Bitcoin is that it is so slow — it reminds me of old mainframe programming. The only reason it’s still around is that there’s a lot of money invested in it.”
“You have to upgrade the darn thing!” exclaims the narrator. Hoskinson gushed over Bitcoin’s core Proof-of-Work consensus process, highlighting that the cryptocurrency’s programmatic utility falls behind its rivals. The Cryptocurrency press release, which allows you to target your clients, is the best place to announce your company’s news or anything related to bitcoin.
Hoskinson also chastised the Bitcoin community for being hesitant to expand beyond the cryptocurrency’s basic layer, calling second-layer scaling solutions “extremely vulnerable.”
“It [Bitcoin] is its own worst enemy,” says the author. It has network effects, a well-known brand name, and regulatory approval. However, there is no way to reform the system, even if the system’s glaring flaws are corrected.”
Cardano’s founder, on the other hand, stated that Ethereum’s network has developed to challenge Bitcoin’s, but that Ethereum has a dynamic development culture that supports evolution. Cryptocurrency and fintech ads are the best place to advertise your product or service to the crypto community.
“What’s wonderful is that Ethereum doesn’t have that problem, it’s getting to the point where it has the same network impact as Bitcoin, but the community has a completely different culture, and they embrace evolving and upgrading,” he explained.
“If I had to wager on only those two systems, I’d say Ethereum will win nine times out of ten in the war against Bitcoin.”
Hoskinson did agree, though, that the fight for crypto domination is a “far more complex game” than the struggle between Bitcoin and Ethereum, claiming that “many other blockchains are now contending for large blockchain market share,” identifying Cardano as one of them.
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