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Cardano CEO Challenges Bitcoin’s Role in the Future of Blockchain
Charles Hoskinson, CEO of Cardano, recently stated that he does not believe in Bitcoin and its future scalability, and believes it is more of a symbol of culture rather than a functional system.
Hoskinson highlighted the fact that the blockchain industry is a progressive field and there must be constant evolution. She also noted that while Bitcoin has the advantage of being a pioneer, it must adapt to survive. She insisted that Bitcoin is not self-sustaining and that the industry no longer needs it to survive.
“It’s a religion, not an ecosystem,” Charles said and went on to question whether Bitcoin is capable of evolving and meeting the needs of the contemporary world in terms of technological infrastructure.
Hoskinson also highlighted that Cardano has been working on the scientific foundations of blockchain and that the company has created a Proof of Stake protocol that can help solve the blockchain scalability problem, which will be important for cryptocurrency in the future.
This development process is remarkable and is in stark contrast to the current state of Bitcoin, which according to him has not made much progress in terms of technology. Furthermore, Cardano’s CEO stated that despite Bitcoin’s importance in the development of the industry, the industry could thrive without it.
Hoskinson’s view is that it is possible to get trapped focusing only on Bitcoin as this could hinder the invention and adaptation needed for blockchain technology.
The industry is continually expanding, and Hoskinson’s comments suggest a growing concern that Bitcoin must change or it will become obsolete.
However, new platforms like Cardano are constantly exploring the capabilities of blockchain technology and envisioning a world where functionality and productivity could be the dominant factors that differentiate market leaders from others in terms of conventional dominance.
Read also: Historical trends suggest that Bitcoin could quickly reach $140,000