Charles Hoskinson, the founder of Cardano has stated the possibility of Ethereum flipping Bitcoin sooner or later. While talking about cryptocurrencies, he cited categorically the speed of Bitcoin transactions compared to other blockchains as a possible fallout to make other cryptos flip Bitcoin. Hoskinson also noted that Ethereum has performed better than Bitcoin in a number of ways.
Hoskinson seems to have joined the bandwagon of Ethereum fans. The second largest cryptocurrency by market capitalization after Bitcoin has gained a lot of momentum in recent times and there have been speculations on its possibility of flipping Bitcoin. The founder stated that the digital asset is far better than Bitcoin because of its flexibility in terms of development.
Also, the Ethereum network is flexible because no problem is permanent with the network. Any issues found on the blockchain can be fixed. This is evident in the development of the Ethereum 2.0 which has been in the works for a while now. The upgrade is to address the issues on the current Ethereum blockchain such as high transaction fees among others. It will ensure the efficiency and scalability of the network.
Hoskinson underlined the rigidity of the Bitcoin network. That is, changes cannot be made to the blockchain and it is subjected to effects from the network such as traffic on the Blockchain. Traffic on the Bitcoin network will slow down transactions and increase fees. The CEO outlined this problem as making improvements on the network not possible.
Issues of high transaction fees have been an issue in the crypto space for a while. Being supportive of Ethereum is not being oblivious of its high fees but the founder said he’ll choose Ethereum over Bitcoin in a bet. Cardano’s network is cheap in sending transactions compared to both Bitcoin and Ethereum.
Closing on, the Chief executive stated that the cryptocurrency industry is still in the early stages. Bitcoin and Ethereum are the leading digital assets. Despite the emergence of a number of blockchains in the space, Cardano remains a great competitor to the rising blockchains according to Hoskinson.
What do you think? Share your comments below
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Carlifornian Resident Files Lawsuit against Dfinity Over ICP Sale
At Huge Valuations, these Two Companies Are the Largest In Crypto
See Why OpenSea Has Becomes the First NFT Unicorn
Largest English Media in Hong Kong to Turn its Archives to NFTs
Nigeria Startup Bill Website Goes Live
The Nigerian Crypto Startup Bill: What To Expect
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
How Blockchain Technology Can Transform Governance In Africa
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...