After Warning of a Potential Collapse, Cardano’s Founder Now Says Cardano Can Beat Bitcoin.
Cardano (CRYPTO: ADA) founder Charles Hoskinson argued this week that his blockchain will overtake Bitcoin (CRYPTO: BTC) despite Bitcoin’s 70% decline over the last 12 months. That claim comes on the heels of Hoskinson taking a break earlier in June after warning of a “wave of failures” of crypto projects in Cardano’s ecosystem. He also said that his chain has meaningful advantages over Ethereum (CRYPTO: ETH), especially in terms of decentralization.
So, what exactly is it that Hoskinson is getting at here, and more importantly, is he right about the future of Cardano? What Hoskinson is actually claiming Hoskinson framed Cardano’s edge as stemming from its “verifiable reflexivity,” which refers to the chain’s ability to generate transactions that carry their own proofs of validity rather than relying on a trusted third party for certification. His main thrust in raising the issue is that systems featuring verifiable reflexivity can be more readily scaled to larger sizes, especially with regard to transaction throughput, as there’s no risk of too much influence becoming centralized in a middleman (which could harm trust in the system’s neutrality).