The world’s largest cryptocurrency is Bitcoin and has been the linchpin of the market for over a decade.
Though it continued to keep up its reputation and control in the market during this period, the past few months and years have also sparked more questions about the evolution of BTC, its location, and feasible future issues.
Owing to the advent of third-generation cryptocurrencies, these topics have become more imperative lately. These cryptocurrencies don’t only focus on speed, resilience, and economics, but also concentrate on governance. He emerged in the most recent version of the Lex Fridman podcast.
As stated by the creators of Cardano, the best projects and cryptocurrencies in the economy are best systems that can evolve themselves. However, Bitcoin is progressing steadily, and the CEO of IOHK added:
“The problem with Bitcoin is it is so slow, like the mainframe programming of the past. And, the only reason why it is still around is because there is so much invested in keeping it around.”
Bitcoin’s tardy resolution times, low programmability, and no native way to distribute assets, while an “incredible, first-generation thing,” requires a “damn upgrade,” Says Hoskinson.
By this, the exec is now just the most recent to underscore the slow pace of Bitcoin’s progress over the past few years, something that has become even more salient on the back of the progress of other projects in the industry.
However, what is the solution?
Although Hoskinson did not yield to the extremist vision of the “God Protocol” and the “Winner Takes All” approach, he believes that some crucial changes at the protocol level, including improvements to the network PoW, will be altered in an “incredible way” Competing system for Bitcoin”.
On the other hand, what the exec believes is happening is that while Bitcoin’s base layer isn’t developing at all, layer 2 stuff that is “usually highly fragile and centralized” is being worked on instead.
“It [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, there’s no way to change the prevailing system, even when they concern downsides.”
More importantly, Hoskinson also faced many people who attended the Miami Bitcoin conference recently. IOHK executives commented that most people in the community “do not know what Bitcoin does” and “lack commitment and focus.”, and he just said, “Don’t worry, just buy and hold.”
Interestingly, the creators of Cardano quickly wedge Ethereum here in a rather enthusiastic way.
Although Hoskinson has encountered problems on the platform and Buterin in the past, the former believes that Ethereum and its community do not have many of the problems or resistance to evolution in the Bitcoin community.
In fact, Hoskinson also went as far as to claim,
“If I had to bet on just those two systems, Bitcoin or Ethereum, I would say 9 times out of 10, Ethereum would win the fight.”
This is an interesting point, specifically when it comes to other people’s views on Ethereum. For example, 1inch’s Mich Tomaino recently became news after alleging that Ethereum is “slowly developing” and may face threats from Polkadot in the future.
