Cardano’s co-founder, Charles Hoskinson, has said his blockchain could overtake Ethereum in the long run.
During a Yahoo Finance interview, Hoskinson denounced Ethereum’s bottlenecks like throughput and gas fees. “It’s overrated,” he added, saying that the largest DeFi ecosystem will rather fall behind Cardano.
Comments came after Hoskinson said his team will soon work on the Alonzo upgrade, bringing smart contracts for developers and competing with other DeFi networks like Binance Smart Chain (BSC) Ethereum, and Polkadot.
Ethereum is “Killing Itself”
While ETH 2.0 is on the way to solve some of the issues with the original network, Hoskinson said it will only replace ETH in the long run:
”First of all Ethereum is killing itself. They are replacing Ethereum with Ethereum 2.0. In the end ETH 2.0 will kill ETH 1.0.”
Hoskinson’s said that Ethereum could only process smart contracts, while Cardano can do that with “governance and compliance.” He added that Cardano could operate with metadata besides automated regulation.
After denoucing Ethereum’s capabilities, he went on to critizice Bitcoin maximalists, comparing the required energy usage to “clear cutting of the forests in Europe in the 19th century.”
Cardano Providing Digital Identities with Blockchain
Hoskinson outlined how Cardano is helping to bring identity through blockchain, something that Ethereum “has never done,” citing Africa as an example.
IOHK, the company behind Cardano, partnered with several countries in the African continent, including Tanzania and Ethiopia. Their goal is to provide quality internet connection, after these countries are experiencing large internet shutdowns, and to create digital identities through blockchain technology.
Join in the conversation on this article’s Twitter thread.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
