Bitrabo Editorial
The competition among leading blockchains like Bitcoin, Ethereum, and Cardano is intensifying, and Charles Hoskinson is making headlines with his comments. This comes in the wake of the recent Chang hard fork, which has transitioned Cardano to a new governance system aimed at elevating its status against Ethereum, its most significant rival in the blockchain arena.
Cardano Tackling Key Issues
Charles Hoskinson, the creator of Cardano, participated in the Token2049 Conference held in Singapore, gathering some of the brightest talents in the cryptocurrency world. In an interview with CoinTelegraph during the event, he highlighted the advantages of Cardano compared to Bitcoin and Ethereum.
Hoskinson pointed out that Cardano’s updated governance framework redistributes power from a select few to a broader group, an issue he sees with Ethereum’s structure. He noted that Ethereum is overly dependent on its founder, Vitalik Buterin. Nevertheless, with the Chang hard fork, Cardano is positioned to foster ongoing innovation, independent of Hoskinson’s involvement.
He characterized Ethereum’s governance as a “dictatorship,” citing Buterin’s unique authority to mobilize support. In contrast, he argued that the Chang upgrade empowers the Cardano network to address issues of efficiency, effectiveness, and reliability, thereby steering clear of the “anarchy of Bitcoin or the dictatorship of Ethereum.”
Delving deeper into Cardano’s new governance approach, Hoskinson praised its enhanced features that enable a cooperative model with delegated representatives. He emphasized that these representatives can interact, vote, and establish a blockchain-based governance system to regularly update the network’s roadmap. He concluded, “Whether Charles is alive or dead, innovation will continue every day.”
The Tension with Ethereum
Charles Hoskinson’s involvement with Ethereum dates back to its inception, as he was one of its original eight founders. However, a disagreement with Vitalik Buterin regarding the network’s profit strategy resulted in Hoskinson’s dismissal, prompting him to create his own blockchain.
In 2017, Hoskinson launched Cardano, just two years after Ethereum’s debut, which sparked a fierce competition between the two. Both blockchains and their associated tokens have achieved significant success, ranking among the top ten cryptocurrencies. Nevertheless, Ethereum still leads in adoption and retains its position as the second-largest cryptocurrency, while Cardano ranks 10th.