By Solomon Odunayo
The CEO of IOG, Charles Hoskinson, who is the creator of Cardano (ADA), has stated that the Cardano might beat the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), to become the first efficient cryptocurrency, regardless of the emergence of the much-awaited Ethereum 2.0.
Hoskinson said this in a Livestream on his YouTube channel. The blockchain expert thinks Bitcoin and Ethereum are not sustainable, interconnected, and scalable enough for crypto users. So, this might make get them attracted to the best alternatives, such as Cardano.
Read Also: Charles Hoskinson: We Are At the Cusp of Deals That Will Bring Millions of Users to Cardano
Charles Hoskinson admitted that the Cardano blockchain is still a work in progress with three upcoming phases including, metadata, tokens, and innovative smart contract platforms such as Plutus.
He said the team is also working on designing side-chains and converters to transfer tokens from Ethereum to Cardano, which makes him optimistic that the future of the emerging smart contract platform is bright.
Charles Hoskinson Shares His Opinion on the Progress of Dapps
Charles Hoskinson also aired his opinion on the progress of decentralized applications (Dapps) in the crypto ecosystem.
According to Cardano creator, the Dapps ecosystem still has a very long way to go in achieving its potential. He referred to its current status as “unhealthy” due to the fact that most of them operate off-chain.
In the live broadcast, Hoskinson pointed out that only a few hundreds out of 3800 available Dapps on the Ethereum network have handled financial transactions to date, stating that the rest are ghost chains.
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He further revealed that in 2020, only 31% of new Dapps were built on the Ethereum network. According to Cardano creator, this happened due to the plague of high gas fees on the Ethereum network, which he thinks would continue this year.
Charles Hoskinson noted:
“If the goal is just random speculation, Ponzi schemes, and no real use and utility and no ability to scale millions and billions of people, I want nothing to do with that if the goal is to build things that people use long term and have sustainable economics, okay sign me up.”
Bitcoin’s Zero Dapps Shows Crypto Pricing Has No Correlation with Dapps
In the course of the Livestream, Hoskinson cited the valuation of Bitcoin that has no Dapps as a good example. He said the fact that Bitcoin has no Dapps despite its current value shows that these apps have no impact on crypto price trends.
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Hoskinson also showcased his excitement on the current progress in the Cardano ecosystem. He claimed that the Cardano network currently moves almost the same economic value as Ethereum despite the huge difference in market capitalization of the two blockchain projects.
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