Charles Hoskinson, CEO of IOHK and co-founder of Ethereum, argued that Bitcoin (BTC) has a major competitive disadvantage due to its slow speeds and will be overcome by evidence of betting networks.

In a five-hour podcast with computer scientist and artificial intelligence researcher Lex Friedman, the founder of Cardano stated that Proof of Stake networks provide faster speed and functionality than the original cryptocurrency, noting:

“The problem with bitcoin is that it’s very slow – it’s like programming a mainframe in the past. The only reason it still remains is that a lot of money has been invested in maintaining it.”
“You need to pump this damn thing up!” Hoskinson shrieked of Bitcoin’s basic proof of the consensus mechanism of action, explaining that Bitcoin programming tools are way behind the competition.

Hoskinson has also criticized the Bitcoin community for its reluctance to innovate outside of the cryptocurrency space, and has described Bitcoin’s second layer scaling solutions as “too fragile.”

“This [Bitcoin] is its worst enemy. It has network effects, it has a brand name, it has government approval. But there is no way to change the system or even fix the obvious flaws in the system.”
However, the Cardano founder argued that Ethereum has grown to rival the Bitcoin network, but has an agile development culture that embraces evolution.

“The great thing is that Ethereum does not have this problem […] It goes to the point of having the same network effect as Bitcoin, but the community has a completely different culture. They love to develop and renew themselves.” He added:

“If I had to just place a bet between two systems, I would say that nine times out of ten Ethereum will win the battle with Bitcoin.”
However, Hoskinson acknowledged that the battle for crypto dominance is a “more difficult game” than the competition between Bitcoin and Ethereum, and stated that many other blockchains are now battling to capture large shares of the blockchain market, and it is not surprising that among the others his name is from by Cardano.

Source: CoinTelegraph

LEAVE A REPLY