In an interview, Charles Hoskinson, the founder of Cardano stated that Cardano had a superior proof-of-stake (PoS) strategy over Ethereum, in light of the change in consensus mechanism from PoW to PoS.
Charles Hoskinson discussed the launch of Cardano, the upgrade to Vasil’s hard fork, the launch of Dapps, the LACE light wallet, decentralization, CBDC (Central Bank Digital Currency), as well as the metaverse.
The IOG/Cardano Foundation team effectively initiated Cardano’s Vasil hard fork on Thursday. When the change went live, the ADA price increased by more than 4%. Charles Hoskinson, the founder of Cardano, responded to queries about Cardano, the Vasil hard fork, and the most recent changes to the Cardano ecosystem after Cheeky Crypto invited him to an interview on Thursday when the hard fork took place.
According to Charles Hoskinson, his work on Ethereum was motivated by the necessity for a Layer-1 configurable blockchain because Bitcoin (BTC) does not have it. Ethereum’s limitations of scalability and status as a proof of concept, though, exclude its usage in enterprise-grade and large-scale government application scenarios or use cases. In reality, off-chain developments like Alchemy and Amazon were pushed for web3 initiatives.
To make off-chain and on-chain operations smooth, Ethereum needs a stronger PoS system and system design. According to Hoskinson, the Ethereum PoS paradigm has a tendency toward hypercentralization and has poor staking economics. As such, Hoskinson was motivated to create the Cardano ecosystem, which has an improved PoS architecture, staking economics, and decentralization in 2015, as a way to mend these issues as he saw fit.
“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,” noted Charles Hoskinson.
Cardano currently has more than 3,000 stake pooling and decentralization features. Additionally, it has 10,000 references, over 1000 planned initiatives, over 150 articles, and a GitHub community.
The CBDC idea, which grants governments more power, is also criticized by Charles Hoskinson. If individuals like SEC Chair Gary Gensler are given more power, he claims, a huge bear market might occur.
Following the Vasil hard fork, the price of Cardano (ADA) increased. ADA had a low and a high for the previous day of $0.446 and $0.479. The surge for ADA, according to analysts, will be driven to $1 if the price moves over $0.55.
The price of Cardano (ADA) is currently hovering around $0.46, increasing about 5% over the previous day. Following the Vasil hard fork, the Cardano price could change.