The battle for supremacy among the top blockchains such as Bitcoin, Ethereum, and Cardano waxes strong, and this time around, Charles Hoskinson is the one taking shots. This comes after the highly anticipated Chang hard fork was completely, moving the Cardano blockchain to a new governance. This supposedly gives it superiority over its fiercest rival so far in the game, which happens to be Ethereum.
Cardano Solving The Major Problems
Cardano founder Charles Hoskinson attended the Token2049 Conference in Singapore, which hosts some of the brightest mind in crypto. In an interview with CoinTelegraph at the conference, the founder explained the benefits of Cardano over the likes of Bitcoin and Ethereum.
According to him, the new governance model of the Cardano network shifts the power balance from the few to the many, which he acknowledges as a problem with the Ethereum network. Hoskinson explained that the Ethereum network was far too reliant on its founder Vitalik Buterin. However, in the case of the Ethereum network, the Chang hard fork ensures that whether Hoskinson is in the picture or not, innovation will continue on the Cardano network.
He referred to the Ethereum model as a “dictatorship” as Buterin is “the only person who has enough power to rally people.” In contrast to this, he suggests that the Chang upgrade has helped the Cardano network to solve the efficiency, effectiveness, and integrity trilemma, allowing it to avoid major problems like the “anarchy of Bitcoin or the dictatorship of Ethereum.”
Speaking further on the new governance model of the Cardano network, the founder praised the new functionalities of the network that make it possible to have a more collaborative model through delegate representatives. Hoskinson highlighted that “They can talk to each other, vote, and come up with and use a blockchain-based government to ratify a roadmap on a regular basis.” He further said that, “Charles, alive or dead, doesn’t matter. There’s still going to be innovation on a daily basis.”
The ‘Beef’ With Ethereum
Charles Hoskinson’s history with the Ethereum network goes way back to the beginning as he was one of the original 8 founders of the blockchain. However, following a disagreement with Vitalik Buterin about the profit model of the network, Hoskinson was promptly fired, which led him to developing his own blockchain.
Hoskinson launched the Cardano network in 2017, two years after the launch of Ethereum, and a fierce rivalry was born. So far, both networks and their native tokens have done well, being among the top 10 largest in the space. However, in terms of adoption, Ethereum continues in the lead, while also remaining the second-largest cryptocurrency in the space, with Cardano sitting at 10th position.
Featured image created with Dall.E, chart from Tradingview.com