The crypto industry no longer needs Bitcoin to survive – it is a religion, not an ecosystem, and is doomed in the long run, Cardano founder Charles Hoskinson has said.
Cardano CEO: I don’t see how #Bitcoin survives, it’s a religion not an ecosystem… hashrate will fall and it will die a slow heat death 🤔
— Bitcoin News (@BitcoinNewsCom) September 1, 2024
The entrepreneur cited the situation around Windows as an example. In his opinion, Microsoft has stopped striving for innovation. As a result, users have gadgets and operating systems Android and iOS. He is convinced that the same prospects are emerging for Bitcoin – attention will switch to other digital assets.
Hoskinson noted that 98% of changes in the industry occur outside the first cryptocurrency. For this reason, in the future, he sees a scenario of a decrease in the hash rate of the digital gold blockchain and its slow transition to “heat death”.
The Cardano founder noted that he encouraged Bitcoin developers to innovate and proposed various ideas, including one of the sidechains, which increase the functionality of the first cryptocurrency and its competitive position with Ethereum. But the community culture is hindering progress, he complained.
Bitcoin maximalist Tuur Demeester responded to Hoskinson’s interview. The expert noted that over the past three years, Cardano’s capitalization in relation to digital gold has fallen from 10% to 1%.
Classic projection. In just 3 years time, Cardano went from 10% of bitcoin’s market cap to a paltry 1%. pic.twitter.com/CkfQ0izHcd
— Tuur Demeester (@TuurDemeester) September 2, 2024
On September 2, Mynth founder Robert Roose proposed removing Hoskinson from the project to “increase decentralization.” He believes the network would benefit from eliminating its central figure, standing out from other blockchains.
The expert acknowledged Hoskinson’s contribution to the creation of Cardano, but stressed that the community should now be involved in the development of the project.
No. Charles leaving Cardano would be a positive. He did a great job to create Cardano. Now let him move on and let the community take over.
— SynthLuvr (@SynthLuvr) September 1, 2024
The discussion began after the activation of the Chang hard fork update.
In April, Hoskinson announced that the blockchain would see another major upgrade by the end of the year: the introduction of a new version of the Proof-of-Stake consensus mechanism.
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Source: Cryptocurrency
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