Bitcoin is “its own worst enemy” and will lose to Ethereum: Charles Hoskinson

IOHK CEO and Ethereum co-founder Charles Hoskinson argued that Bitcoin is at a significant competitive disadvantage due to its slow speed and will be usurped by the proof-of-stake network.

In five hours podcast Together with computer scientist and artificial intelligence researcher Lex Fridman, Founder of Cardano Argued that the proof-of-stake network provides higher speed and functionality compared to the original cryptocurrency, and pointed out:

“The problem with Bitcoin is that it is too slow—just like mainframe programming in the past. The only reason it still exists is to invest a lot of money to keep it alive.”

“You have to upgrade this damn thing!” Hoskinson praised Bitcoin’s underlying workload proof consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its competitors.

Hoskinson also criticized the Bitcoin community’s reluctance to innovate beyond the basic layer of cryptocurrency, and described Bitcoin’s Second-tier scaling solution As “highly vulnerable”.

“it [Bitcoin] Is his own worst enemy. It has a network effect, a brand name, and regulatory approval. However, there is no way to change the system or even correct the obvious shortcomings in the system. “

However, the founder of Cardano believes that Ethereum has developed to be comparable to the Bitcoin network, but has an agile development culture that embraces evolution.

“The really cool thing is that Ethereum didn’t encounter this problem […] It has reached the point where it has the same network effect as Bitcoin, but the community has a completely different culture and they like to grow and upgrade,” he said, adding:

“If I had to bet between these two systems, I would say that 9 out of 10 Ethereum will win the fight against Bitcoin.”

However, Hoskinson does admit that the fight for the dominance of cryptocurrencies is a “much more complicated game.” Competition between Bitcoin and Ethereum, Asserting that many other blockchains are now competing for the main blockchain market share, and it is no surprise that Cardano is named one of them.