Cardano’s founder Charles Hoskinson said in an interview that Cardano has a better proof-of-stake (PoS) approach than Ethereum. Charles Hoskinson shared his insights on Cardano launch, Vasil hardfork upgrade, Dapp rollout, LACE lite wallet, decentralization, CBDC, metaverse, etc.
Cardano’s Vasil hard fork was successfully activated by the IOG/Cardano Foundation team on September 22 at 21:44 UTC. The ADA price increased by more than 4% after the upgrade went live.
Charles Hoskinson Claims Cardano Is Better Than Ethereum
Cardano founder Charles Hoskinson answered questions about Cardano, Vasil Hard Fork and the latest developments related to the Cardano ecosystem in an interview with Cheeky Crypto on Vasil Hard Fork Day.
Charles Hoskinson said the need for a Layer-1 programmable blockchain, since Bitcoin is not programmable, prompted him to work on Ethereum. However, Ethereum was like a proof of concept and lacks scalability, which prevents its use in enterprise-level and government-scale applications. In fact, people have been pushing off-chain developments like Alchemy and Amazon for web3 projects.
Ethereum needs to have a better PoS system and programming model to make off-chan and on-chain work seamlessly. Hoskinson believes that the Ethereum PoS model is leaning towards “hypercentralization” and its economic importance is weak. It inspired him to build the Cardano ecosystem in 2015 with a better PoS model, decentralization and economy.
“We had to invent a whole new way to do proof of stake, which is great because it’s self-preservation and you don’t have tokens locked or anything like that. So you can move your money at any time and you don’t have to trust anyone.”
Cardano now has over 3,000 betting pools and mechanisms to increase decentralization. It also has a GitHub community, over 1,000 upcoming projects, over 150 papers, and 10,000 citations.
Ethereum needs to have a better design and move in the right direction. Also, it is unusual for two addresses to make up 46% of the blocks after the merge.
The Vasil hard fork introduces capabilities including Plutus v2 scripts, diffusion pipelining, reference input, inline dates, reference scripts, and primitive data serialization. It will improve the functionality, performance, scalability and interoperability of the Cardano network.
Charles Hoskinson also criticizes the CBDC concept that gives governments more power. He claims a mega bear market could emerge if people like SEC chairman Gary Gensler are given more powers.
ADA Price Jumps After Vasil Hard Fork
The Cardano (ADA) price jumped after the Vasil hard fork. ADA made 24-hour lows and highs of $0.446 and $0.479, respectively. Experts believe a move above USD 0.55 will be bullish for the ADA price, leading the rally towards USD $1.
At the time of writing, Cardano price is trading above $0.46, up nearly 5% in the past 24 hours. This is how the Cardano price may move after the Vasil hard fork.
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