IOHK CEO and Ethereum co-founder, Charles Hoskinson, has argued that Bitcoin sits at a major aggressive drawback because of its sluggish speeds and will probably be usurped by proof-of-stake networks.
In a five-hour Podcast with laptop scientist and AI researcher, Lex Fridman, the Cardano founder argued that proof-of-stake networks providing superior velocity and performance over the unique cryptocurrency, stating:
“The issue with Bitcoin is that it’s so sluggish — it is just like the mainframe programming of the previous. The one cause it is nonetheless round is as a result of there’s a lot invested in holding it round.”
“You need to improve the rattling factor!” Hoskinson exclaimed relating to Bitcoin’s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its rivals.
Hoskinson additionally criticized the Bitcoin group for being reluctant to innovate past the cryptocurrency’s base-layer, additionally describing Bitcoin’s second-layer scaling solutions as “extremely fragile.”
“It [Bitcoin] is its personal worst enemy. It has the community results, it has the model identify, it has the regulatory approval. However, there’s no method to change the system, even correcting apparent downsides in that system.”
Nonetheless, Cardano’s founder argued that Ethereum has grown to rival Bitcoin’s community, however has a nimble growth tradition that embraces evolution.
“What’s actually cool is that Ethereum doesn’t undergo that drawback […] it is attending to the purpose the place it has the identical community impact as Bitcoin, however the group has a very totally different tradition, they love evolving and upgrading,” he mentioned, including:
“If I needed to wager between simply these two techniques, I’d say 9 instances out of ten Ethereum goes to win the struggle towards Bitcoin.”
Hoskinson did nonetheless acknowledge the battle for crypto dominance is a “far more complicated sport” than competition between Bitcoin and Ethereum, asserting that many different blockchains are actually vying for main blockchain market share, unsurprisingly naming Cardano amongst others.