Tuesday, July 27, 2021

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    The Ethereum Network and Community Superior to Bitcoin

    Cardano founder Charles Hoskinson doesn’t have his tongue in his pocket. And for him, Bitcoin is his worst enemy.

    Who among Bitcoin and Ethereum will dominate the blockchain and cryptocurrency universe in the future? The question is recurrent. However, is there an answer to date? The two blockchains are not in competition.

    It may be different for their respective token, ETH and BTC. In terms of capitalization, Bitcoin wins by far: 569 billion euros against 218. But what about the respective merits of the two networks?

    A Bitcoin community resistant to innovation

    For the CEO of IOHK, co-founder of Ethereum, and founder of Cardano, undoubtedly, Bitcoin suffers from serious disadvantages. Charles Hoskinson had the opportunity to expand on this opinion during a podcast, reported by CoinTelegraph.

    Bitcoin’s weakness, he believes, is its Proof-of-Work consensus, which over time cannot compete with networks based on Proof-of-Stake. “  The problem with Bitcoin is that it’s so slow – it’s like mainframe programming of the past,  ” Judge Hoskinson.

    The latter, already very controversial among the Ethereum community, now risks alienating the sometimes susceptible Bitcoin community. For the creator of ADA, BTC should therefore only survive on the value of the investments it hosts.

    Charles Hoskinson is not arguing in favor of stopping the blockchain. However, he encourages it to evolve technically. So, like before him executives from Ripple (XRP), he suggests an update to his protocol.

    Ethereum given winner against Bitcoin

    But that’s where a problem arises: the Bitcoin community. For the boss of Cardano, the latter is reluctant in the matter with regard to any innovation. Bitcoin’s Layer-2 solutions would also be ”  very fragile  “, he judges.

    “It [bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has regulatory approval. But, there is no way to change the system, even correcting the obvious drawbacks of this system, ”comments Hoskinson.

    The latter, often not very tender towards Ethereum, on the contrary, underlines the strengths of its network and its community, agile and open to evolution. ETH is also engaged in migration from PoW to PoS.

    “If I had to bet between these two systems alone, I would say that Ethereum has a nine out of ten chances of winning the fight against Bitcoin,” Hoskinson slice. There is no question, however, for him to reduce the future of the crypto sector to this single rivalry.

    The founder of Cardano is sure of that. Other blockchains are now in a position to compete with the two market giants Bitcoin and Ethereum. And unsurprisingly, he considers Cardano to be capable of challenging this domination.

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