Charles Hoskinson, CEO of IOHK and co-founder of Ethereum, has argued that because of its gradual pace, Bitcoin (BTC) has a major aggressive disadvantage and is being usurped by proof-of-stake networks.
In a five-hour podcast with laptop scientist and AI researcher Lex Fridman, Cardano’s founding father argued that proof-of-stake networks offer superior speed and performance over the unique cryptocurrency:
“The problem with Bitcoin is that it’s so incremental – it’s like the mainframe programming of the previous one. The only purpose it can have because a lot is invested to keep it going. “
“You have to improve the rattle factor!” Exclaimed Hoskinson regarding the underlying proof-of-work consensus mechanism of Bitcoin, emphasizing that the programmatic benefits of Bitcoin lag behind its opponents.
Hoskinson also criticized the Bitcoin group for being reluctant to innovate beyond the lowest tier of cryptocurrency, and described Bitcoin’s second tier scaling options as “very fragile.”
“It [Bitcoin] is his personal worst enemy. It has the community results, it has the model title, it has regulatory approval. However, there is no solution to change the system, even to remedy the obvious drawbacks of this system. “
Nonetheless, Cardano’s founder argued that Ethereum grew to compete with the Bitcoin community but has a nimble tradition of improvement that has evolved.
“It’s actually cool that Ethereum doesn’t have this disadvantage […] It will serve its purpose where it has the same impact on the community as Bitcoin, but the group has an entirely different tradition. They love to develop and replace, “he mentioned, including:
“If I just had to bet between these two programs, I would say that Ethereum will win the battle against Bitcoin 9 out of 10 times.”
Still, Hoskinson admitted that the battle for crypto dominance was a “more progressive recovery” than rivals between Bitcoin and Ethereum, claiming that many different blockchains are indeed vying for huge blockchain market share, unsurprisingly naming Cardano among others .