Cardano’s founder Charles Hoskinson in an interview said Cardano has a better proof-of-stake (PoS) approach than Ethereum. Charles Hoskinson shared his insights on starting Cardano, Vasil hard fork upgrade, Dapp rollouts, LACE lite wallet, decentralization, CBDC, metaverse, etc.
Cardano’s Vasil hard fork was successfully triggered by IOG/Cardano Foundation team on September 22 at 21:44 UTC. The ADA price jumped over 4% after the upgrade goes live.
Charles Hoskinson Claims Cardano Is Better Than Ethereum
Cardano’s founder Charles Hoskinson in an interview with Cheeky Crypto on the Vasil hard fork day answered questions on Cardano, Vasil hard fork, and the latest developments related to the Cardano ecosystem.
Charles Hoskinson said the need for a Layer-1 programmable blockchain as Bitcoin lacks programmability led him to work on Ethereum. However, Ethereum was like a proof of concept and lacks scalability, which prevents its use in enterprise-grade applications and government-scale applications. In fact, people pushed developments off-chain such as Alchemy and Amazon for web3 projects.
Ethereum needs to have a better PoS system and programming model to have off-chan and on-chain work seamlessly. Hoskinson believes the Ethereum PoS model tends toward “hyper centralization” and staking economics is weak. It inspired him to build the Cardano ecosystem in 2015 with a better PoS model, decentralization, and economics.
“We had to invent a completely new way of doing proof of stake, which is great because it’s self-custody and you have no tokens locked or any of these things. So, you can move your funds at any time and you don’t have to trust anybody.”
Cardano now has over 3,000 stake pools and mechanisms for increasing decentralization. Also, it has a GitHub community, over 1000 upcoming projects, more than 150 papers, and 10,000 citations.
Ethereum needs to have a better design and move in the right direction. Also, two addresses making 46% of blocks after the Merge is unusual.
The Vasil hard fork introduces capabilities including Plutus v2 scripts, diffusion pipelining, reference inputs, inline datums, reference scripts, and data serialization primitive. It will improve the functionality, performance, scalability, and interoperability of the Cardano network.
Charles Hoskinson also criticizes the CBDC concept that gives more power to governments. He asserts a mega bear market may happen if people like SEC Chair Gary Gensler are empowered.
ADA Price Jumps after Vasil Hard Fork
The Cardano (ADA) price jumped after the Vasil hard fork. ADA made a 24-hour low and high of $0.446 and $0.479, respectively. Experts believe a move above $0.55 will be bullish for the ADA price, pushing the rally towards $1.
At the time of writing, the Cardano price is trading above $0.46, up nearly 5% in the last 24 hours. Here’s how the Cardano price may move after the Vasil hard fork.