Cardano creator Charles Hoskinson has revealed he sees several differences between Cardano and Ethereum and that these differences mean Ethereum 2.0 is not going to be stopping the momentum Cardano’s ADA picked up over the last few months.
During an interview with Yahoo Finance, Hoskinson, who heads Input Output Hong Kong (IOHK), revealed that he believes there’s little chance Ethereum 2.0 is going to be taking down Cardano as while it has a Proof-of-Stake consensus algorithm and not a Proof-of-Work algorithm, Cardano is “leading that fight” as it was the “first to market with Proof-of-Stake over Ethereum.”
Hoskinson, who claimed last month he had become a cryptocurrency billionaire ahead of the crypto market crash, noted there are major differences setting Cardano apart. Per his words, one of the big things “that ETH 2.0 has bowed out on is governance,” as it isn’t “clear how you evolve and abate the system after the founders retire or lose prominence.”
Per the founder of Cardano, the bigger these systems get the slower they evolve, and as Ethereum 2.0 does not have “an obvious on-chain governance system” that is not in its roadmap, Cardano has one as “a core part” of its roadmap.
Moreover, Hoskinson argued interoperability is essential as platforms like Cosmos, Polkadot, and others have special permissions for sidechains, while Ethereum currently does not have a proper solution. He added:
[Ethereum and Cardano] are very different when you look under the hood. Even if they were the same there are different userbases. We’re bringing millions of people in Africa and Ethereum doesn’t seem to care about it because we never run into their guys.
He noted he believes Cardano can “scale to much higher levels” and that the firm is looking to be a leader in micropayments and identity. Hoskinson concluded that everybody is “free to disagree and that’s what makes it fun.”
As reported, Input Output Hong Kong (IOHK) has recently announced the launch of Alonzo Blue 2.0’s testnet for the cryptocurrency’s blockchain, in another step forward to bringing smart contracts to Cardano.
The upgrade provides an important update to the command line interface that will allow future smart contracts to be built upon on the network. Alonzo’s full integration is expected to be complete in around 90 days, around the end of August.
It will include a converter to allow ERC20 tokens from the Ethereum blockchain to run on Cardano.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
