Thursday, December 5, 2019

Charles Hoskinson: ‘Bitcoin’s [BTC] Problem is That it’s Blind, Deaf, and Dumb, You Can’t Really do Much With It’

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Charles Hoskinson, IOHK’s CEO and Ethereum’s co-founder while in an interview with Ivan on Tech spoke about the progress Cardano has made so far. He also took the time to outline that Bitcoin is blind, deaf, and dumb, and there’s really nothing much anyone can do with it, reports a media outlet on April 10.

Charles Hoskinson Gives an Insight on How Cardano Began

Per the report, Charles Hoskinson gave an insight into how Cardano, the 9th largest cryptocurrency with a market capitalization of $2.3 billion came to be. According to him, the vision to develop the asset came up in 2015. The team identified three areas of focus that will help the proposed asset to compete with Bitcoin and Ethereum while still staying unique.

In the aspect of Bitcoin, the CEO said its aim is to offer decentralization. It was when the asset hit a billion dollars market capitalization that people felt the virtual asset is here to stay. However, the “problem with Bitcoin is it’s blind deaf and dumb you can’t really do much with it,” he added.

Issuing Another Cryptocurrency Became a Big Deal

For Ethereum which was created in 2013, Hoskinson outlined that issuing another virtual currency became a “big, exhaustive effort”. Ethereum was focused on creating a platform that will enable people to build other things on it just by adding a programming language to the Ethereum blockchain.

In the CEO’s opinion:

The problem is that a definitely scale, it’s not really interoperable with all the other systems, there are over a thousand different cryptocurrencies that matter. And finally, there really is no governance notion with it, there’s no sustainability. So then, who pays and who decides

Hoskinson further outlined that when it came to Cardano, the team made a decision to launch a cryptocurrency:

what we did is we said alright, let’s launch a cryptocurrency, let’s build a big community in a big support base around these concepts and then let’s gradually roll the fruits of that research into that cryptocurrency […]”

Presentation of Cardano’s Road Map in 2017

Furthermore, the CEO said when the presentation of the roadmap for Cardano was carried out in 2017, an idea had already been built by the team in 2015. Since the presentation, Byron, the first version of Cardano has been launched. It has also been listed on over 25 cryptocurrency exchanges.

Likewise, five major updates have been carried out on the network, and the virtual asset is compatible with Ledger hardware wallet, mobile wallet, and browser-based wallet. Over 40 research papers have been produced and about 20 of them have gotten through peer review, he added.

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