The CEO and founder of the Cardano project, Charles Hoskinson, believes that in a short time Ethereum will overtake Bitcoin. According to their statements, the main of the digital currencies does not have much to offer if its quality is compared with that of Ethereum. In that sense, he assures that it is a matter of time for Bitcoin to be lowered from the top.
Both blockchains are flawed, he explains. However, those that are related to Ethereum, are all repairable. For its part, with Bitcoin, the matter is more complex. He stated that, for every 10 comparisons, Ethereum surpasses by 9 the currency created by Satoshi Nakamoto more than a decade ago.
He explains that the versatility of the Ethereum Blockchain network is such that it allows unthinkable usability for Bitcoin. In addition, it ensures that the weakness of Bitcoin in terms of the slowness and cost of transactions, makes its worst enemy is itself.
Why is the founder of Cardano betting more on Ethereum than on Bitcoin?
The Cardano founder believes that there are multiple reasons why investors should think twice before opting for Bitcoin. Although he recognizes that at the moment BTC is a better store of value, he assures that it is a phenomenon that will not last long.
As cryptocurrencies gain space among people of all stripes, Ethereum grows in popularity. It is now the second largest currency in market capitalization, second only to Bitcoin. It has the backing of hundreds of investors, both in its native ETH currency and throughout the Decentralized Finance (DeFi) ecosystem.
For this reason, Hoskinson considers himself part of that crowd of investors who opt for Ethereum over Bitcoin. Another reason he maintains his position is what he sees as a greater culture of flexibility associated with Ethereum.
In this way, the founder of Cardano believes that, with a greater openness for changes, Ethereum has the great ability to evolve and adapt. The Bitcoin Blockchain, according to his optics, is carved in stone, so in a few years it will not adapt to the needs of such a changing technological world. In this scenario, he emphasizes, Ethereum becomes important.
Cardano founder Charles Hoskinson believes it is a matter of time before Ethereum wins the battle over Bitcoin. Source: CoinDesk
Ethereum 2.0 is the beginning of the end of Bitcoin’s reign
Regarding the terms of flexibility that developers have to improve the network, the founder of Cardano, says that the best example is Ethereum 2.0. Taking into account that this project also has serious scalability problems, updating the entire network will solve them almost completely without jeopardizing security.
It should be taken into account that the resolution of the scalability problem in a Blockchain is not an easy task. Generally, scalability is interconnected with security and privacy. Meanwhile, modifying one of these values can be detrimental to the others.
One aspect that should not be overlooked is that the scalability of Bitcoin comes to be solved with the Lightning Network. It is a protocol that gives the network the ability to do tens of thousands of transactions per second. This eliminates the high transaction fees that occur in times of high traffic.
Bitcoin is harmful to itself
Another of the premises in which the founder of Cardano believes, is that Bitcoin is the worst enemy of itself. It reaffirms the weakness of the structure not very prone to changes in the Blockchain network of this digital currency. However, it downplays the updates that have come in lately.
Aside from the Lightning Network, users recently approved the Taproot update. It allows the creation of smart contracts within the Bitcoin Blockchain, which brings it closer to fulfilling tasks similar to the Ethereum network.
For now, both networks, both Bitcoin and Ethereum, have their main disadvantage in scalability. The commissions for transactions in the Ethereum network are among the highest in the crypto universe. On the other hand, Cardano, is a network similar to Ethereum in operation, but with better infrastructure. This allows your commissions to rarely exceed one or two cents on the dollar. There are other networks like Solana that go much further.