Cardano Founder Says Cardano Staking Method Better Than Ethereum
CoinEdition
Published Sep 24, 2022 04:07AM ET
Updated Sep 24, 2022 04:30AM ET
Cardano Founder Says Cardano Staking Method Better Than Ethereum
- Cardano Founder Charles Hoskinson said that Cardano’s staking strategy is better than Ethereum’s.
- He further mentioned that Ethereum lacks scalability and can’t be used for large-scale applications.
- In wake of the Cardano Vasil Hard Fork upgrade, ADA observed a 4% price surge.
During an interview with Cheeky Crypto, discussing the origin of Cardano, Vasil Hard Fork upgrade, DApps launch, CBDC, the LACE light wallet, metaverse, & decentralization, Cardano Founder Charles Hoskinson claimed that Cardano has a better proof-of-stake (POS) approach than that of Ethereum.
Hoskinson further shared that while working with Ethereum he found out that while Ethereum has a layer-1 programmable blockchain that Bitcoin lacks, Ethereum does fall short when it comes to scalability and status as a proof of concept. As a result, it is not the most ideal for usage when it comes to large-scale government-level or enterprise-level applications.
Moreover, Hoskinson states Ethereum’s POS mechanism favors “hyper-centralization” with poor staking economics. This discovery inspired him to create the Cardano ecosystem granting a superior PoS framework, proper decentralization, and staking economics.
The Cardano foundation team made the Vasil Hard Fork upgrade live on September 22. As a result of its success, ADA experienced a 4% increase in its value, currently trading at $0.4505. In addition, ADA has grown to 0.14% in price in the last 24 hours, with experts claiming if the price hits above %0.55, it can anticipate rising to $1.
Discussing Vasil’s hard fork upgrade, Hoskinson said added features including Plutus v2 scripts, diffusion pipelining, reference inputs, inline datums, reference scripts, and data serialization primitives will further improve Cardano’s performance, usability, scalability, and interoperability.
To conclude, he said he is not in favor of CBDC because of the power it gives to officials such as SEC Chair Gary Gensler. According to him, to much power to the government might result in an extremely bear market.
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