Recently when Charles Hoskinson, founder of Cardano, stated that his platform “makes Bitcoin pale in comparison”.
His words, spoken shortly after the completion of the Change Hard Fork update of Cardano, raised criticisms from the Bitcoin community, which saw this statement as not only an unjustified attack but also degrading towards the world’s most well-known cryptocurrency.
The tension between the supporters of Bitcoin and those of Cardano reflects the philosophical divergences between the two networks, both powerful, but with different objectives.
Charles Hoskinson and the statements on Cardano and Bitcoin
On September 1, 2024, Cardano completed the initial phase of its Change Hard Fork upgrade, a significant milestone for the platform, which continues to focus on the evolution of decentralized governance.
The update has introduced new features that strengthen the decentralization of the network and pave the way for further developments. In an enthusiastic speech, Charles Hoskinson praised the Cardano community for the important milestone achieved, calling this update “one of the greatest technical achievements in the history of cryptocurrencies”.
However, the part that raised eyebrows in the Bitcoin community was his claim that “Cardano makes Bitcoin pale in comparison”.
This comment immediately sparked a debate among Bitcoin and Cardano enthusiasts. Many Bitcoin supporters perceived Hoskinson’s statement as an attempt to undermine Bitcoin, which remains the most influential and secure cryptocurrency.
The supporters of Bitcoin did not waste time in responding to Hoskinson’s words. Some of them pointed out that Bitcoin is deliberately simple in its structure and primarily focused on network security. Bitcoin was designed to be a decentralized store of value, and its minimal architecture is considered one of its greatest strengths.
Philosophical differences between Cardano and Bitcoin
Unlike other blockchains such as Cardano (ADA), which focus on a wide range of decentralized applications and autonomous governance, Bitcoin is often described as a “digital gold” network.
This philosophy, according to the supporters of Bitcoin, is what has guaranteed the network an unparalleled security. The fact that Bitcoin has not evolved to include a wide range of smart contract functionalities or decentralized governance is considered an intentional choice that reduces the risks of vulnerability.
In response to Hoskinson’s statements, Bitcoin supporters pointed out that Cardano, while being an innovative platform, cannot compete with the stability, security, and global adoption of Bitcoin.
In their opinion, the Bitcoin network does not need to “pale” in front of anyone, as it was designed with a very specific purpose: to be a secure network for the transfer and storage of value.
The divergences between Cardano and Bitcoin are rooted in very different philosophies on the design and use of the blockchain. Bitcoin, created by Satoshi Nakamoto, was born with the intent of becoming a decentralized, secure, and censorship-resistant store of value. Its structure is deliberately simple, to ensure that security remains the main strength.
Cardano, on the other hand, founded by Charles Hoskinson, aims to be much more than a simple store of value. Cardano was designed to be a multi-purpose platform, which includes smart contracts, decentralized governance, and a long-term vision to solve complex problems, such as scalability and interoperability.
The objective of Hoskinson is to create a blockchain network that can be used not only for decentralized finance, but also for a wide range of applications, including sectors like education and healthcare.
Hoskinson’s Vision: Is Cardano a Rival to Bitcoin?
This different approach has led the two projects to develop in radically different ways. While Bitcoin focuses on simplicity and long-term security, Cardano aims for greater complexity and a wide variety of uses, with a strong emphasis on technological evolution.
It is not the first time that Charles Hoskinson has made statements that have sparked controversy.
However, with the Change Hard Fork, it seems that the founder of Cardano wants to clarify that his vision for the blockchain goes beyond that of Bitcoin. Hoskinson has repeatedly emphasized that Cardano does not simply want to be a platform for financial transactions, but a network that can solve complex problems through innovative solutions.
As ambitious as this vision is, many believe it is too early to claim that Cardano has “surpassed” Bitcoin. While Cardano continues to grow and develop new features, Bitcoin remains the most secure and widely adopted cryptocurrency in the world, with a market capitalization that Cardano cannot yet match.
Conclusion
The statements of Charles Hoskinson claiming that Cardano “dwarfs Bitcoin” have sparked a heated debate in the cryptocurrency world. While Cardano continues to make significant strides in terms of decentralized governance and technological development, Bitcoin remains steadfast in its mission to be the most secure and decentralized network for value transfer.
The rivalry between Bitcoin and Cardano reflects the different visions and philosophies behind the two networks. While Bitcoin continues to maintain its position as the undisputed leader as a store of value, Cardano seeks to establish itself as an innovative platform with a focus on decentralization and technological innovation.