The CEO of IOHK, Charles Hoskinson, who created the emerging smart contract platform, Cardano (ADA), has recently stated that Ethereum is killing itself by deciding to replace the current proof-of-work (PoW) algorithm with Ethereum 2.0, a new consensus protocol.
In a new interview with Yahoo Finance, Hoskinson stated that Cardano, the third generation blockchain platform, is currently the market leader in proof-of-stake (PoS) and leading the tussle for supremacy.
Charles Hoskinson noted:
“We are leading that fight. We were first to the market…Engine doesn’t make a BMW a BMW. It’s a part of it, but you need a whole ecosystem, a whole collection of things.”
“It’s important to say Ethereum is killing itself. They’re replacing Etheruem with Ethereum 2.0. So, Ethereum 2.0 will kill Ethereum 1.0. So, I think that’s the Ethereum killer.
“We try to do more holistic things. It’s not just can you process smart contracts. It’s also can you do that with identity and compliance? Can you do that with metadata? Can you do that with automated regulation? Can you do that at a scale for billions of people? Can you do that with some notion of governance that doesn’t require a custodial entity to always be around to take care of it?
In terms of governance, the creator of Cardano (ADA) stated that Ethereum 2.0 has bowed out, which he said would cut short the existence of the ecosystem once the founders retire or lose importance.
He also compared Bitcoin (BTC), the largest cryptocurrency by market capitalization to a wood-powered steam engine due to its slow evolvement.
“You have those Bitcoin core developers who desperately want to evolve the system: even though core developers want to implement multiple improvements like smart contracts and side-chains, they can’t get anything done.”
Interoperability of Ethereum (ETH) Compared To Other Protocols
Charles Hoskinson has repeatedly stated that enabling on-chain governance is a vital part of the Cardano (ADA) development roadmap. So, he pointed out that Ethereum is not as interoperable as other blockchain projects such as Cardano, Polkadot, and others that made sidechains available on their network.
Conclusively, he said Ethereum 2.0 and Cardano (ADA) have different focuses and user bases, stating that both are built on different technologies and philosophies.
Cordano Founder Charles Hoskinson discusses the climate impact on cryptocurrency, pivoting to sustainability, interactions with Mark Cuban and more: pic.twitter.com/pp7XsHsYh7
— Yahoo Finance (@YahooFinance) May 26, 2021