Tuesday, July 7, 2020
No menu items!
  • News
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    Charles Hoskinson Speaks About Limitations in Bitcoin and Ethereum that Birthed Cardano (ADA)

    Must Read

    Cardano (ADA) Displaces Litecoin (LTC) After a Notable Price Spike

    Cardano (ADA) has been in a positive trend over the past few weeks. The digital token has managed to...

    After a TikTok Challenge, Dogecoin (DOGE) Surges By Over 15%

    Dogecoin (DOGE), the 33rd largest digital currency by market capitalization, experienced over 15% price upsurge over the last 24...

    Cardano’s New Daedalus for Shelley Testnet Released. Users Can Now Test Shelley Features

    IOHK, the firm behind the development of Cardano (ADA) led by Charles Hoskinson, has announced the release of a...
    Tobi Loba
    Tobi Loba
    Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    The CEO of IOHK Charles Hoskinson has explained the limitations in the largest and second-largest cryptocurrencies by market capitalization, Bitcoin (BTC), and Ethereum (ETH) that gave birth to Cardano (ADA), the 10th largest digital currency.

    The creator of Cardano (ADA) shared this in a recent interview with Layah Heilpern of Altcoin Buzz. During the interview, Hoskinson spoke about the initial plan for inventing Bitcoin (BTC).

    “With Bitcoin, this was the first mover. This was the first-generation. Really it was the concept of can you have decentralized money, decentralized transfer value, decentralized ledger and somehow, someway, a dynamic and decentralized network will maintain that.

    This was not the case before Bitcoin. No one had ever pulled anything like this off… The problem with Bitcoin is that it’s very simplistic in what it can do. It’s not a criticism. It was a design feature that the architects of that system were trying to push.”

    The Limitations of Bitcoin (BTC) Brought About Ethereum (ETH)

    According to Charles Hoskinson, the limitations in Bitcoin (BTC) birthed Ethereum (ETH). He listed important features that the leading cryptocurrency does not possess, which gives room for Ethereum to thrive.

    “With Bitcoin, you can’t issue assets. You can’t do a complex contractual relationship. You can’t do DApps and DeFi and all of these things.

    So the point of Ethereum, which was the first second-generation cryptocurrency, was to try to understand what that model looked like. So it took everything from the prior generation – the decentralized ledger, the dynamic, and decentralized control. But then it said ‘hey now all of a sudden your transactions are programmable’.”

    Limitations in Bitcoin (BTC) and Ethereum (ETH) Birthed Cardano (ADA)

    Despite the advantages Ethereum (ETH) has over Bitcoin (BTC), the founder of Cardano (ADA), Charles Hoskinson, thinks the second-largest digital currency is limited due to its inability to scale and share data with traditional systems.

    Charles Hoskinson further pointed out that the limitations in both Bitcoin (BTC) and Ethereum (ETH) brought about the creation of Cardano (ADA).

    He said:

    “It’s not good enough to just say ‘hey we’re gonna build a system that’s blind and deaf and it doesn’t really understand or see the world around it’. We need to build a system that’s aware that there are other systems and can communicate with them and move value and information.”

    “So when you bundle these three things together – interoperability, scalability, and sustainability – that functionally creates what we call a third-generation cryptocurrency.

    Now to do this, we’ve had to embrace a very different way of designing things. We went back to first principles so we assumed nothing… We basically, slowly but surely, built up a corpus of capabilities whether it be consensus capabilities, or ledger capabilities and programmability, or voting systems and governance capabilities. When you string them all together that’s basically what Cardano is.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Cardano (ADA) Displaces Litecoin (LTC) After a Notable Price Spike

    Cardano (ADA) has been in a positive trend over the past few weeks. The digital token has managed to...

    After a TikTok Challenge, Dogecoin (DOGE) Surges By Over 15%

    Dogecoin (DOGE), the 33rd largest digital currency by market capitalization, experienced over 15% price upsurge over the last 24 hours, and approximately 20% this...

    Cardano’s New Daedalus for Shelley Testnet Released. Users Can Now Test Shelley Features

    IOHK, the firm behind the development of Cardano (ADA) led by Charles Hoskinson, has announced the release of a brand new Daedalus for the...

    Visa Looks Out To Hire Ethereum and Ripple Developers to Build Global Payments Network

    Visa, the world’s payment processing giant, is looking out to hire Ethereum and Ripple developers, to help build a global blockchain payments network. This was...

    Visa’s Head of Crypto Reveals What Bitcoin (BTC) Would Benefit From Central Bank Digital Currencies

    The head of crypto at Visa, Cuy Sheffield, has described what Bitcoin (BTC) and other cryptocurrencies would benefit from the emerging central bank digital...

    More Articles Like This