As a seasoned analyst with a decade of experience in the crypto market, I have witnessed the evolution of blockchain technology from its inception to the current battle for supremacy among the top players. The latest development in this ongoing saga is the Chang hard fork on Cardano, which seems to be challenging Ethereum’s dominance.
The intense competition between leading blockchains like Bitcoin, Ethereum, and Cardano continues to escalate, with Charles Hoskinson being the latest to make bold moves. This is following the much-anticipated Chang hard fork, which has shifted the Cardano blockchain to a new governance system. Proponents claim this confers an edge over its toughest competitor yet – Ethereum, bolstering Cardano’s position in the cryptocurrency landscape.
Cardano Solving The Major Problems
At the Token2049 gathering in Singapore, where top cryptocurrency intellectuals convene, Charles Hoskinson – the mastermind behind Cardano – shared insights about his project’s advantages compared to Bitcoin and Ethereum during an interview with CoinTelegraph.
As stated by Hoskinson, the revised governance structure of the Cardano system aims to redistribute power from a select few to the majority, addressing a concern he has with the Ethereum network’s reliance on its founder, Vitalik Buterin. Hoskinson noted that Ethereum was heavily dependent on Buterin, but emphasized that even if Hoskinson is not involved, progress and innovation will persist in the Cardano network due to the Chang hard fork.
He referred to the Ethereum model as a “dictatorship” as Buterin is “the only person who has enough power to rally people.” In contrast to this, he suggests that the Chang upgrade has helped the Cardano network to solve the efficiency, effectiveness, and integrity trilemma, allowing it to avoid major problems like the “anarchy of Bitcoin or the dictatorship of Ethereum.”
Discussing the updated governance structure of the Cardano network, its founder commended the collaborative features enabled by delegate representatives within the system. Hoskinson emphasized that these delegates can communicate, vote, and collectively create and implement a blockchain-based government to approve regular roadmaps. He added that innovation will continue on Cardano regardless of Charles’ status, stating “It doesn’t matter if Charles is alive or dead – there will still be daily progress and advancement.
The ‘Beef’ With Ethereum
Charles Hoskinson’s association with the Ethereum network dates back to its inception since he was among the initial eight founders of the blockchain. However, due to a disagreement over the network’s profit model with Vitalik Buterin, Hoskinson was let go. Consequently, this event inspired him to create his own blockchain.
In 2017, Hoskinson initiated the Cardano network – a rival to Ethereum, which had been launched two years prior. Since then, both networks and their associated tokens have thrived, ranking among the top ten in the cryptocurrency market. Yet, when it comes to adoption, Ethereum maintains its advantage, retaining the position of second-largest cryptocurrency, while Cardano holds the tenth spot.
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2024-09-26 10:11