Friday, September 25, 2020
No menu items!
  • News
  • Bitcoin
  • Cryptocurrency
  • Contact Us
More

    Charles Hoskinson Explains How Bad Governance Led to the Creation of Bitcoin Cash (BCH)

    Must Read

    Cambridge Study: 100M People Worldwide Now Hold Bitcoin and Other Crypto-Related Assets

    As a notable indication that cryptocurrency is going worldwide, the research conducted by the Cambridge Centre for Alternative Finance...

    XRP Ledger Foundation Officially Launched

    According to a latest information, XRP Ledger Foundation has been launched officially. This update was shared via the official Twitter...

    Chainlink (LINK) Now Available To Users in Over 2.2M Hotels and Homes

    In a tweet shared on 23rd September 2020, Travala.com, a crypto-friendly traveling booking service, informed the cryptocurrency community about...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    The CEO of IOHK, Charles Hoskinson, who doubles as the co-founder of Cardano (ADA) and Ethereum (ETH) has opined that bad governance on the side of Bitcoin, led to the emergence of Bitcoin Cash (BCH).

    Hoskinson shared this in a recent interview credited to the major crypto news outlet, Cointelegraph. In the conversation, the co-founder of Cardano (ADA) showcased his belief in complex cryptographic technique, which he believes could have helped avoid the Bitcoin governance failure that led to the creation of Bitcoin Cash (BCH).

    Charles Hoskinson Suggests Solution to Bitcoin (BTC) Scalability Problems

    Charles Hoskinson suggested that recursive snarks could be a solution to the scalability problems Bitcoin (BTC) is facing. He also believes that there was a lot of intellectual dishonesty in the block size argument that resulted in the creation of Bitcoin Cash (BCH).

    He said:

    “Just an insane argument. And this is the intellectual dishonesty of that argument. So that’s like saying: ‘network capacity, CPUs and hard disks are never going to increase in size. I mean, what is it? You created Bitcoin in 2009? What was the average bandwidth of a network connection? What was the average amount of disk storage and the CPU power person has? My cell phone today is as powerful as the most powerful gaming PC you could buy in 2009.”

    Speaking about Roger Ver, he said he’s not a bad actor, stating that failure to accommodate him and the split that followed is an example of bad governance.

    He said:

    “Governance fails when your country splits apart and you have the civil war or when your project splits. So the fact that Bitcoin Cash exists is an example of a failure of governance. Roger is not a bad actor. He’s a principled actor and he believes very firmly in his viewpoints. He should have been accommodated to an extent where he didn’t feel the need to actually create his own cryptocurrency.”

    Suggesting a possible solution to Bitcoin (BTC) scalability problems, Charles Hoskinson said:

    “For example, you could use recursive SNARKs and have a light client experience, but still have full node security. You can have a backbone that has large blocks and it’s huge and it’s mostly enterprise grade and that’s where power users and then the everyday user uses the light client, but they still have full node security and they have inclusive accountability.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Cambridge Study: 100M People Worldwide Now Hold Bitcoin and Other Crypto-Related Assets

    As a notable indication that cryptocurrency is going worldwide, the research conducted by the Cambridge Centre for Alternative Finance...

    XRP Ledger Foundation Officially Launched

    According to a latest information, XRP Ledger Foundation has been launched officially. This update was shared via the official Twitter handle of the newly launched...

    Chainlink (LINK) Now Available To Users in Over 2.2M Hotels and Homes

    In a tweet shared on 23rd September 2020, Travala.com, a crypto-friendly traveling booking service, informed the cryptocurrency community about the integration of Chainlink (LINK)...

    Ethereum 2.0: User Outlines Why He Would Not Stake ETH at Launch, Danny Ryan Weighs In

    There have been concerns over the risks of staking the digital token ETH on Ethereum 2.0 at launch. In this regard, a supposed Ethereum...

    New Version of VeChain Thor Released with a Major Improvement

    As a report has it, v1.3.6, the updated version of the popular software in the VeChain ecosystem, VeChain Thor, has been released with a...

    More Articles Like This