The Input Output (IOHK) CEO who also doubles as the Ethereum cocreator; Charles Hoskinson has asserted that amongst the cryptocurrencies, altcoins such as Ethereum is at a better advantage in comparison to Bitcoin because it uses the proof of stake network. According to him, this has put Bitcoin in an unfavourable position because of the slow pace of its operations.
During a Podcast session with the computer scientist and artificial intelligence researcher, Lex Fridman, Cardano said that proof of stake has made the Ethereum process very efficient and speedy. The CEO made an analogy by comparing Bitcoin processes to the obsolete programming methods of mainframe computers used before now. He said that there was an urgent need to build Bitcoin to match up with other altcoins standards as evidenced by the need to improve its proof of work network to proof of stake. Charles also cast aspersions on Bitcoiners for not being proactive as regards improvement of Bitcoin scalability.
According to the Ethereum cocreator, the inability to change the observable negative methodologies of the Bitcoin network is the coin’s undoing. In the CEO’s assessment, Ethereum ecosystem has been built and developed to the point of being a major competitor of Bitcoin. Another plus to Ethereum stems from the fact that its base are made up of change enthusiasts who are always changing and improving the altcoin’s system. He further said that Ethereum will likely overshadow Bitcoin in time to come because of the aforementioned factors.
Charles nonetheless acquiesced to the fact that the raging war for cryptocurrency acceptance is more intricate than the rivalry between the two cryptocurrencies viz Ethereum and Bitcoin. He stated that other cryptocurrencies apart from the aforementioned two also aim to achieve notable presence in the blockchain market. Cardano according to its creator is not left out on this list.
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