Have the technologies used by Ethereum and Bitcoin reached a dead-end? Cardano co-founder Charles Hoskinson explains
Cardano co-founder, Charles Hoskinson, gave his view on important aspects of the crypto market, how different Cardano is from Ethereum in a recent interview with Andrew McDonald at the Blockchain Futurist Conference in Toronto.
Cardano vs Ethereum
Hoskinson, while discussing about his project reveals that Cardano is very similar to Ethereum but uses Proof-of-Stake [PoS] consensus mechanism to enhance the speed of the blockchain without compromising on the decentralization or security components.
The interview posted by cryptobriefing mentioned that Hoskinson believes that the technology involved in current blockchain platforms like Ethereum and Bitcoin have reached a dead-end. Moreover, he explains that there is ‘a trilemma at play’ where each blockchain is trying to balance the triangle of speed, decentralization, and security but can pick only two with current technology.
Giving the example of Ethereum, he pointed that to scale with current innovations, Ethereum will either have to sacrifice its security, or its decentralized nature. Hoskinson, who was a co-founder alongside Vitalik Buterin and Anthony Di Iorio said, “Design decisions that went into Ethereum were counterproductive to being a world computer, such as treating every transaction the same. The DAO was treated the same way as every other smart contract.”
Hoskinson points out that Ethereum needs a scaling solution in order to facilitate more applications. “In poker, do we really care about putting every step of that game onto the chain? Poker is a fair game and there is conservation of value, but you don’t care about every hand you’ve ever played dating back 7 years with time stamping and immutability – this is too high of a burden [for a blockchain],” He further added, “Inventors of TCCIP had no idea about wifi or 4G or other layers we have today, but their protocol is the bedrock for these technologies because of the design. You can gracefully add things into the system, and that’s what we’re trying to build at Cardano.”
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