- Cardano’s founder has unveiled the plans to topple Bitcoin in the near future.
- He believes in giving developers the tools to create usable tools that can add value.
Cardano (ADA) founder Charles Hoskinson is highly optimistic about the blockchain taking up Bitcoin (BTC) position as the leading digital asset. The founder hinted at the disclosure, ADA鈥檚 growth movement, and the upcoming Chag Hardfork upgrade in an interview on Altcoin Daily.
Hoskinson Touts Cardano as a Major Bitcoin Contender
The Cardano founder said his interest in crypto stems from the profound effect it has on the economic, and socio-political systems of the world. Hoskinson highlighted that Cardano has lived up to what Satoshi started with the creation of Bitcoin. According to him, the Cardano ecosystem is built on a growth engine that continuously adds people, absorbing the technology of its competitors.
鈥淎t some point, you just outgrow, and then you wake up, and it鈥檚 a multi-trillion-dollar ecosystem with trillions of dollars of value moving around every single day,锟?he added.
Hoskinson claims the key to flipping Bitcoin is to enable various teams within the Cardano community with the tooling necessary to get to the next level. He emphasized that Bitcoin has stalled over the years, the only valuable proposition being its size.聽
鈥淚t’s not some new technology, it’s not some new capability, it’s not the fact that it鈥檚 super easy to use for something interesting; it’s big and successful,锟?Hoskinson stated.
He drew historical comparisons between the rise of more flexible and inventive solutions and the demise of companies like Yahoo, Microsoft, MySpace, and BlackBerry. He also cited how Artificial Intelligence (AI) search engines are becoming a huge threat to the usability of Google.
Challenge With Bitcoin Flexibility
Furthermore, Hoskinson claims Bitcoin鈥檚 relevance over the last 10 years is due to the simplicity of its model, but like Gold, Bitcoin cannot grow above a certain floor. Cardano, on the other hand, seeks to provide the foundation for international payment networks, credit, and voting systems, offering a higher utility.
The Cardano founder says the way to remain relevant is to embrace decentralization, preserve the integrity of systems, create the right incentives for users, and embrace new ideas.
Per blockchain, Hoskinson says Ethereum (ETH) is currently suffering from its inflexibility to innovation, with Layer-2s emerging as a major competitor.聽
鈥淵eah, I do believe we can do this, this is why we are so focused on the fundamentals because you can鈥檛 stop that once it is going fast enough,锟?stated Hoskinson.
Update on Cardano鈥檚 Chang Hardfork Upgrade
Hoskinson also highlighted the relevance of good governance in guaranteeing the long-term viability of blockchain initiatives. His words coincide with anticipation of the Chang Hardfork, which is scheduled for later this year.
He went into further detail on the pros and cons of on-chain governance, highlighting the need for a system that allows for quick decision-making. Hoskinson noted that the Hardfork will be initiated as soon as 70% of stake operators upgrade to the final version of Node 9.0.
Meanwhile, ADA, the native coin of the Cardano blockchain, is currently trading sideways. At press time, ADA declined by 5.6% in the past day to trade at $0.3955, with the market cap pegged at $14 billion. Nonetheless, Cardano鈥檚 Total Value Locked (TVL) recently surged by 38%, as noted in our earlier article.
