Charles Hoskinson, CEO of IOHK and co-founder of Ethereum, believes that Bitcoin is at a significant competitive disadvantage due to its slow speed and will be replaced by a proof-of-stake network.

In a 5-hour podcast with computer scientist and artificial intelligence researcher Lex Fridman, the founder of Cardano stated that the proof-of-stake network provides higher speed and features than Bitcoin. He said:

“The problem with Bitcoin is that it is too slow-just like mainframe programming in the past. The only reason it still exists is that it has received a lot of investment.”

“You have to upgrade this bad thing!” Hoskinson expressed dissatisfaction with Bitcoin’s proof-of-work consensus mechanism, emphasizing that Bitcoin’s program utility lags behind its competitors.

Hoskinson also criticized the Bitcoin community’s reluctance to innovate beyond Bitcoin’s base layer. He also called Bitcoin’s second-layer expansion solution “very fragile.”

“Bitcoin is its own worst enemy. It has network effects, it has a brand name, and it has regulatory approval. However, this system cannot be changed, and even the obvious shortcomings in this system cannot be corrected.”

However, the founder of Cardano believes that Ethereum has developed to be able to compete with the Bitcoin network, but Ethereum has a flexible development culture-embracing development.

“What’s really cool is that Ethereum did not encounter this problem [...] It already has the same network effect as Bitcoin, but the Ethereum community has a completely different culture, and they like to develop and upgrade,” he added:

“If I were to bet between these two systems, I would say that in all likelihood, Ethereum will win the competition with Bitcoin.”

However, Hoskinson admitted that the competition for the dominance of cryptocurrencies is “much more complicated” compared to the competition between Bitcoin and Ethereum. He said that many other blockchains are now competing for the Bitcoin blockchain market. Share, he mentioned Cardano without surprise. (Cointelegraph)

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