ETH PoS Approach Lags Compared to Cardano’s Says Charles Hoskinson
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In an interview, Cardano founder Charles Hoskinson stated that Cardano had a superior proof-of-stake (PoS) strategy compared to Ethereum, given the shift in consensus mechanism from PoW to PoS.
Charles Hoskinson discussed Cardano’s release, Vasili’s hard fork update, Dapps launch, LACE light wallet, decentralization, CBDC (Central Bank Digital Currency) and metaverse.
The IOG/Cardano Foundation team effectively started the Vasil hard fork of Cardano on Thursday. When the change took effect, the ADA price increased by more than 4%. Charles Hoskinson, founder of Cardano, answered questions about Cardano, Vasili’s hard fork, and the latest changes in the Cardano ecosystem after being invited by Cheeky Crypto to interview on Thursday when the hard fork happened.
According to Charles Hoskinson, his work on Ethereum was motivated by the need for a Layer-1 configurable blockchain, as Bitcoin (BTC) does not have one. However, the limitations of Ethereum’s scalability and space as a proof-of-concept preclude its use in enterprise-level and large-scale government application scenarios or use cases. In reality, off-chain developments such as Alchemy and Amazon were forced into web3 initiatives.
In order for off-chain and on-chain operations to run smoothly, Ethereum needs a stronger PoS system and system design. According to Hoskinson, the Ethereum PoS paradigm tends to be hyper-centralized and has a poor investment economics. As such, Hoskinson was motivated in 2015 to create a Cardano ecosystem with improved PoS architecture, financials, and decentralization to address these issues as he saw fit.
“We had to come up with a whole new way of proof of stake, which is great because it’s self-sustaining and you don’t have tokens locked or any of that stuff. So you can transfer your funds at any time and you don’t have to trust anyone. remarked Charles Hoskinson.
Cardano currently has over 3,000 stake pooling and hashing features. Additionally, it has 10,000 references, over 1,000 planned initiatives, over 150 articles, and a GitHub community.
Ethereum needs to improve its layout and act the right way. Also, it is rare for two addresses to make up 46% of the blocks after merging.
Charles Hoskinson also criticizes the idea of a CBDC, which gives governments more power. If people like SEC Chairman Gary Gensler are given more power, he argues, a huge bear market could emerge.
After Vasili’s hard fork, the price of Cardano (ADA) increased. ADA’s lowest and highest price was $0.446 and $0.479 the previous day. According to analysts, ADA’s rise will accelerate to $1 if the price moves above $0.55.
Cardano (ADA) is currently trading around $0.46, up about 5% from the previous day. After Vasili’s hard fork, Cardano’s price may change.