The contest for dominance among leading blockchains like Bitcoin, Ethereum, and Cardano intensifies, and Charles Hoskinson is making some bold statements. This follows the much-anticipated Chang hard fork which has successfully transitioned the Cardano blockchain to a new governance model. This shift is claimed to grant Cardano an edge over its primary competitor thus far, Ethereum.
Cardano Addressing Key Issues
Charles Hoskinson, the founder of Cardano, participated in the Token2049 Conference in Singapore, a gathering that features some of the most brilliant minds in cryptocurrencies. In an interview with CoinTelegraph during the event, he elaborated on the advantages of Cardano in comparison to Bitcoin and Ethereum.
He stated that the new governance structure of the Cardano network redistributes power from the few to the many, acknowledging this as a flaw in the Ethereum network. Hoskinson pointed out that the Ethereum platform is overly dependent on its founder, Vitalik Buterin. Conversely, with the new Chang hard fork, innovation on the Cardano network will persist regardless of Hoskinson’s presence.
He characterized the Ethereum model as a “dictatorship,” suggesting that Buterin holds exclusive power to mobilize the community. In contrast, he claims that the Chang upgrade has enabled the Cardano network to tackle the trilemma of efficiency, effectiveness, and integrity, helping it to evade significant issues like the “chaos of Bitcoin or the dictatorship of Ethereum.”
Discussing the new governance model of Cardano further, Hoskinson commended its enhanced functionalities that facilitate a more collaborative approach through delegate representatives. He emphasized that “They can communicate, vote, and implement a blockchain-based governance system to regularly approve a roadmap.” He added, “Whether Charles is alive or dead, innovation will continue daily.”
The Rivalry with Ethereum
Charles Hoskinson’s connection with the Ethereum network dates back to its inception as he was one of the original eight founders. However, after a disagreement with Vitalik Buterin concerning the network’s profit model, Hoskinson was dismissed, leading him to create his own blockchain.
In 2017, he launched the Cardano network, two years following Ethereum’s launch, igniting a fierce rivalry. To date, both networks and their native tokens have performed admirably, remaining among the top 10 largest in the industry. Nevertheless, in terms of user adoption, Ethereum still leads the pack and is the second-largest cryptocurrency in the market, while Cardano holds the 10th position.
Featured image created with Dall.E, chart from Tradingview.com
