By Tobi Loba
The CEO of IOHK, Charles Hoskinson, has recently set the record straight in defense of the proof of stake (PoS) protocol while responding to Bitcoin maximalists and Cardano (ADA) critics.
This came about moments ago after a crypto enthusiast identified on Twitter as ‘minimum Big Brother’ criticized the functionality of Cardano (ADA), stating that what the community based its interest on is Staking Rewards. He then challenged Hoskinson to show other use cases embedded in Cardano.
He wrote:
“The more I learn about Cardano … the more I understand the only thing that interests the community is Staking Rewards …Charles Hoskinson pretty hard to see someone in your community speaking about other uses cases for ADA.”
The post later became a thread of tweets after a host of Cardano community members, including the CEO of IOHK Charles Hoskinson weighed in to defend the cryptocurrency project.
A supposed Cardano community member responded:
“There’s always going to be someone hating… Cardano has multiple stages of its roadmap being worked on in parallel. Shelley is perhaps one of the longest stages…once this is complete Goguen will bring about the use cases.”
Another community member added:
“Cardano is a 3rd gen blockchain. It is soon to be 50-100x more decentralised than Bitcoin. Bitcoin can only do 7 transactions a second… Cardano has the potential to scale to 1 million transactions a second. PoS is just as secure and far less energy consuming than PoW.”
Contrary to the claim that Cardano will be 50 to 100 times more decentralized than Bitcoin, Brad Mills, a popular Bitcoin maximalist, said:
“100X more decentralized than Bitcoin. How do you even quantify that, nevermind the fact that the founder is so public and admitedly wants to be the steve jobs of crypto. He’s not gonna decentralize himself, his ego is too big for that.”
Why Cardano (ADA) Would Be 50 To 100 Times More Decentralized Than Bitcoin (BTC)
The CEO of IOHK, Charles Hoskinson, weighed in to clarify why Cardano (ADA) would be 50 to 100 times more decentralized than Bitcoin (BTC), in order to correct Brad Mills’ notion.
“It’s not rocket science. I’m quantifying that by the amount of independent entities making blocks. Less than 10 control more than 51% of Bitcoins power. We have hundreds right now and will eventually have thousands of unique stake pool operators. Thanks for the personal Attack,” Charles Hoskinson responded.
It's not rocket science. I'm quantifying that by the amount of independent entities making blocks. Less than 10 control more than 51% of Bitcoins power. We have hundreds right now and will eventually have thousands of unique stake pool operators. Thanks for the personal Attack
— Charles Hoskinson (@IOHK_Charles) July 19, 2020
Brad Mills then shared his point of view regarding other projects powered by blockchain. In his statement, he said it’s obvious that many new cryptocurrencies are majorly created to enrich the holders.
He wrote:
I can understand lots of use cases for different blockchains. The only use case for new tokens though is enrichment, especially when they are presold. Why not just use Bitcoin and then raise equity rounds for the centralized company running the blockchain.
re: pools, you know that the pools represent lots of individual owners right? Seems intellectually dishonest to suggest proof of stake makes something more distributed. You say there can be thousands of “small businesses” (nice propaganda term lol) starting pools.
There’s no reason that there can’t be thousands of Bitcoin pool operators either…it’s not like anything in Bitcoins design deters that. Also with Matt Corallo’s FIBRE and Betterhash, it decentralized pool mining even more by giving more control to the individual miner.
In ETH style proof of stake, Gini coefficient gets worse over time as the major stakeholders get a bigger supply of the tokens with no work.
I apologize for being rude, I just noticed you have become very rude to Dan Held lately & have switched to attacking Bitcoin … which offends me. You used to defend Bitcoin, but now you are on the attack against Bitcoin. Been watching ego get the better of OGs since 2011…
Charles Hoskinson Sets the Record Straight, Says Proof of Stake (PoS) Is Not a Scam
Reacting to Brad Mills’ critical point of view, Charles Hoskinson, said he has been mostly criticized by Bitcoin maximalists to the point of calling him a criminal in more than one occasions.
He recalled how early he joined the crypto space, coupled with the number of people that became a member of the crypto community through his Bitcoin education. Conclusively, he pointed out that proof of stake protocol is not a scam, contrary to the opinions of most Bitcoin maximalists.
Charles Hoskinson noted:
“Let’s be clear about something. I have been called repeatedly a Criminal by the Bitcoin maximalists. I’ve been in this space since 2011. I got started with Bitcoin education and brought over a hundred thousand people into the space. Proof of stake is not a scam”