As a researcher with experience in the blockchain industry, I find Hoskinson’s proposal of a partnership between Cardano and Bitcoin Cash intriguing. The potential benefits for Bitcoin Cash, as highlighted by Hoskinson, are significant. Upgrading Bitcoin Cash with Proof of Work Leios, NiPoPoWs, and Ergo tech could make it the fastest and most useful PoW chain. This would be a game-changer for Bitcoin Cash, especially considering its already known advantages over Bitcoin.
Charles Hoskinson, the founder of Cardano (ADA), has proposed a potential collaboration between Cardano and Bitcoin Cash. According to him, such a partnership could bring substantial benefits to Bitcoin Cash, positioning it favorably against other cryptocurrencies like Bitcoin.
What Cardano’s Potential Partnership With Bitcoin Cash Is About
Hoskinson initiated a thought experiment on his X platform, querying his followers about their preference for Bitcoin Cash to be integrated as a partner chain with Cardano. He emphasized that this collaboration would bring about enhanced features such as Useful Proof of Work Lemmas, NiPoPoWs, and Ergo technology for Bitcoin Cash.
Hoskinson asserted that the collaboration would make Bitcoin Cash the “swiftest and most practical proof of work (PoW) chain ever constructed.” As of now, more than 13,000 individuals have cast their votes in the poll, with approximately two-thirds (67.7%) expressing their approval for the partnership. Ben Scherrey, founder and CTO of blockchain firm Biggest Lab, also endorses this move, pointing out the resemblances between the two chains.
In a recent post on the X forum, he expressed his belief that there has always been a harmonious relationship between the two blockchains due to their similar UTXO model, which ensures both high scalability and decentralization. It’s important to mention that Bitcoin Cash currently outperforms Bitcoin in terms of speed, affordability, and scalability.
As a crypto investor, I can see Hoskinson’s argument that Bitcoin Cash could become the fastest and most effective PoW (Proof of Work) cryptocurrency with its upgrades to Leios and Ergo tech. These enhancements allow for faster transaction processing and more efficient smart contract functionality. However, the idea of making Bitcoin Cash a “partnerchain” to Cardano is still murky to me, given that they employ distinct consensus mechanisms.
Cardano Also Set To Undergo Two Major Upgrade
Cardano is set for two major improvements in the upcoming months. The first one is the Chang hard fork, scheduled for implementation this quarter. This upgrade aims to enhance decentralized decision-making on the blockchain as Cardano transitions towards a community-led governance structure. With concerns over centralized control being raised against Hoskinson, this shift could significantly alter the perspective of the network.
As an analyst, I would rephrase Tom Dunleavy’s statement about Charles Hoskinson being a “megalomaniac” unwilling to change or adapt to the ecosystem as follows:
This year, we will implement the Ouroboros Leios protocol as part of Cardano’s second update. This innovation aims to boost both the scalability and efficiency of the Cardano blockchain. According to Hoskinson, this advancement signifies a significant stride towards resolving the challenge of achieving security, scalability, and decentralization in a single blockchain system.
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2024-05-07 09:32