By Best Owie
Cardano founder Charles Hoskinson has predicted a quick victory of Ethereum over Bitcoin.
Charles Hoskinson talked about cryptocurrencies and why he believes ethereum is poised to overtake bitcoin in the near future. He started by talking about the speed of bitcoin transactions. Pointing to the sluggishness of the network and how slow it is in comparison to other proof of stake networks.
Focusing on ethereum in particular, he said that the coin outperformed bitcoin in so many ways.
Ethereum has been gaining popularity over the years as digital currencies become more popular. It is the second most popular coin behind bitcoin currently. With lots of investors throwing their hats in the ring with the coin. Believing that the coin is bound for greatness much higher than that of bitcoin. And Hoskinson seems to be a part of this crowd.
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One of the ways Hoskinson said that eth was better than bitcoin was the flexible development culture associated with it. A good depth evolution was one of the advantages he referred to amongst others.
Any faults found in the ethereum network are fixable. There are no issues that are locked into the network. This is what makes development in the blockchain so flexible.
An example of this is Ethereum 2.0. A development that has been in the pipeline for a while now. It is meant to replace the current network. And in doing so, solve the bottlenecks that come with using the network. Making it cheaper to send coins even in high traffic times.
The upgrade is also going to help with scalability and security. Making the whole network much more secure for users.
This is being developed by teams across the entire eth ecosystem.
Continuing on, Hoskinson called out bitcoin for being its own worst enemy.
Ethereum price | Source: ETHUSD on TradingView.com
The CEO pointed out that bitcoin is riddled with network effects. But pointed out that there was no way to change the system. This means that improvements on the network are not possible. This makes fixing the obvious flaws associated with bitcoin near impossible.
The high network fees associated with sending bitcoin have always been a debated issue in the crypto space. This was meant to be solved with lightning technology. But even with this new technology, high network fees continue to be the norm.
This is not to say that ethereum does not have the problem of high network fees during high traffic times. But compared to bitcoin, it still remains a much better alternative in a match between the two.
Cardano beats out both in this regard. The coin costing only about a penny or two to send on the network.
But with ethereum, these were not issues. Network flaws can be fixed in the network without a problem due to its development flexibility. Because of this, there are always improvements being carried out on the network. Developments are always underway to make the network better and easier to use.
The Cardano founder went on to say that in a battle, his money was on ethereum. As against bitcoin, ethereum is always bound to come out better 9 out of 10 times.
Closing out, Charles Hoskinson clarified that the battle of cryptocurrencies is still in its early stages. There are already several blockchains struggling for a major share in the blockchain market.
Ethereum and bitcoin lead the race in the battle. But Hoskinson noted that despite this, Cardano is still a serious competitor to all the other blockchains in the space.