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Bitcoin’s [BTC] problem is that it’s blind, deaf and dumb, you can’t really do much with it, says Charles Hoskinson

Priya

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'The problem with Bitcoin is it's blind, deaf and dumb; you can't really do much with it', says Charles Hoskinson
Source: Unsplash

Charles Hoskinson, the CEO of IOHK and Co-founder of Ethereum, spoke about Cardano’s progress since IOHK released ‘Cardano whiteboard and overview with Charles Hoskinson’ video in October 2017, in an interview with Ivan on Tech, on 9 April 2019.

The interview began with Hoskinson stating that the actual inception of Cardano was in 2015, when it was an “aspirational project”. He stated that the team identified three different areas that required focus in order to compete with Bitcoin and Ethereum, while also being unique. This was followed by Hoskinson stating that Bitcoin’s idea was to be decentralized money and to create a decentralized ledger. He said,

“[…] it wasn’t until 2013 that that really solidified and we reached a billion dollar market cap and people said oh cryptocurrencies are here to stay. The problem with Bitcoin is it’s blind deaf and dumb you can’t really do much with it […]”

He stated that even “minor things” such as issuing another asset was a “big, exhaustive effort”. Hoskinson added that Ethereum was created in 2013 using a concept that enabled people to implement “whatever they want on top of that” by adding a programming language to a blockchain. He went on to state,

“[…] the problem is that a definitely scale, it’s not really interoperable with all the other systems, there are over a thousand different cryptocurrencies that matter. And finally, there really is no governance notion with it, there’s no sustainability. So then, who pays and who decides […]”

Hoskinson stated that the 2017 video where he presented the roadmap and overview of Cardano laid out a “collection of ideas” that the team came up with two years earlier. He further stated,



 “[…] what we did is we said alright, let’s launch a cryptocurrency, let’s build a big community  in a big support base around these concepts and then let’s gradually roll the fruits of that research into that cryptocurrency […]”

He added that ever since the release of that video, Cardano has launched its first version, Byron, which got listed on more than 25 cryptocurrency exchange platforms. He added,

“[…] we’ve done five major updates to the network, we have ledger support, mobile wallets, a browser-based wallet. we have a few hundred thousand people floating around our community and we’ve now produced over 40 research papers about 20 of which of got through peer review […]”

Hoskinson further stated that Cardano was “right at the cusp” as the team would be rolling out major innovations on the Mainnet, including the Ouroboros Genesis which, according to him, “would allow to fully decentralize the network” and also be the “best-in-class” Proof-of-Stake [PoS]. He further stated that Plutus was also one of the major updates coming up for Cardano, adding the smart contract programming language to the blockchain.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand

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EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.



The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.





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