Co-founder of Ethereum and Creator of Cardano Charles Hoskinson believes that if Bitcoin fails, then it will suffer failure and the entire cryptocurrency industry. This remark of Hoskinson made during a podcast Off the Chain, hosted by the longtime Bitcoin enthusiast Anthony Pompliano.
From the point of view of the design of Bitcoin blind, deaf and dumb
Charles Hoskinson — mathematician, cryptographer, and entrepreneur who gained experience in creating Ethereum in 2015 founded the firm Input Output Hong Kong (IOHK) that focuses on peer to peer technology. As the General Director of IOHK Hoskinson in 2017 has created and launched a cryptocurrency Cardano, which uses the PoS algorithm called Ouroboros.
During the interview, Hoskinson was thinking about the origins of Bitcoin, the parameters that it sets for future projects, so-called Bitcoin maximalism, and how the survival of Bitcoin is critical to the fate of the entire industry.
One of the main problems of Bitcoin is that its structure and idea he’s deaf, dumb and blind. And it was appropriate at the stage of its origin. When it was not clear whether the Bitcoin model PoW to develop in a decentralized system, and whether the coin to gain value.
In turn, condemns Hoskinson Bitcoin maximalists. He believes that one should not “blindly” believe in the vision of Satoshi Nakamoto as a dogma and categorically reject any deviations. In his view, maximalists should recognize that Bitcoin really is not suitable for all purposes immediately. So in some cases it is necessary to go beyond the chains and to solve some issues in the side.
As you can realize the dream of decentralization, in fact personally centralise all the work and management? In this philosophy, an obvious contradiction.
The bitcoin is the brand of all cryptocurrencies
Comments Hoskinson about the importance of Bitcoin for all Cryptoprotected resulted from the opposition of PoW and PoS. And still it is not clear which of the model viable.
Speaking of Proof-of-Stake. Yesterday Vitaly Buterin told how Ethereum will go to stage 2.0. Read more about this is in this article, read.
He concluded that the PoW system will survive only in case if they will find a way to evolve so that the work — computing — began to benefit. That is, we can at least monetize excess computing capacity and to create a separate “market of distributed computing”.
Of course, Bitcoin is the brand of the cryptocurrency industry. Not to say that some of us will succeed, if you fail Bitcoin. If Bitcoin fails, then for him and the whole cryptocurrency industry.
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