The battle for supremacy between top blockchains like Bitcoin, Ethereum, and Cardano is heating up, and this time around, Charles Hoskinson is taking the lead. This comes after the Cardano blockchain was moved to a completely new governance structure following Chang’s long-awaited hard fork. This should give it an edge over its fiercest competitor in the game so far, which happens to be Ethereum.
Cardano solves major problems
Cardano founder Charles Hoskinson attended the Token2049 conference in Singapore, which hosts some of the brightest minds in crypto. interview Speaking to CoinTelegraph at the conference, the founder explained the benefits of Cardano compared to other currencies like Bitcoin and Ethereum.
According to him, the new governance model of the Cardano network shifts the balance of power from the few to the many, which he acknowledges is a problem with Ethereum Network. Hoskinson explained that the Ethereum network is heavily dependent on its founder Vitalik Buterin. However, in the case of Ethereum, 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” where Buterin is “the only person with enough power to rally people.” In contrast, he suggests that Chang’s promotion helped Cardano Network To solve the dilemma of efficiency, effectiveness and integrity, allowing it to avoid major problems such as “Bitcoin chaos or Ethereum dictatorship”.
Speaking about the new governance model of the Cardano network, the founder praised the new features of the network that make it possible to have a more collaborative model through delegate representatives. “They can talk to each other, vote, come up with a blockchain-based government and use it to ratify a roadmap on a regular basis,” Hoskinson stressed. “Charles, dead or alive, it doesn’t matter. There is still innovation going on every day.”
The “Problem” with Ethereum
Charles Hoskinson’s history with the Ethereum network goes back to the beginning as one of the original eight founders of the blockchain. However, after a disagreement with Vitalik Buterin over the network’s profit model, Hoskinson was promptly fired, prompting him to develop his own blockchain.
Hoskinson launched Cardano in 2017, two years after Ethereum, and it has generated fierce competition. So far, both networks and their native tokens have performed well, ranking among the top 10 networks in the space. However, in terms of adoption, Ethereum still leads the way, while also remaining in 11th place. The second largest cryptocurrency in spacewith Cardano in 10th place.
Featured image created using Dall.E, chart from Tradingview.com