The inventor of Cardano identifies weaknesses in Ethereum and Bitcoin
In an exclusive interview with Cointelegraph, Charles Hoskinson, the inventor of Cardano, reveals his critical thoughts on the two biggest cryptocurrencies.
Charles Hoskinson, the inventor of Cardano has been highlighting the vulnerabilities impacting the Ethereum protocol after its most recent update.
“The Hotel California of cryptocurrency is Ethereum. “You may check-in, but you cannot check out,” Hoskinson said in a recent interview with Cointelegraph.
This process, according to Hoskison, has a significant influence on ETH’s liquidity and might ultimately lead to a liquidity crisis.
The amount of Ether traded on the market will decrease, he said. A liquidity crisis accompanied by increased volatility is the end result.
While Hoskinson recognized the significance of proof-of-work in the creation of a new BTC, he does not feel it is effective when BTC is utilized as a financial asset. According to Hoskinson, after Bitcoin is mined, it might be transferred to a separate, less energy-intensive blockchain as wrapped assets:
“It might be used for stablecoins on that other network, as well as for DeFi loans and payments. Anything you desire.”