In live held on Monday (3), Charles Hoskinson once again brought strong opinions to the table. According to Cardano’s founder, Bitcoin mining must stop and Bitcoin must be converted into an Ethereum token.
At the beginning of the video, Hoskinson even praises Bitcoin before attacking it again, as he has done on previous occasions when he called the technology obsolete.
“You hear a lot about Bitcoin as digital gold, and to your surprise, I agree. I think Bitcoin is not just digital gold, it also has real use cases.”
Cardano founder wants to convert BTC into Ethereum token
Among some proposals to reduce Bitcoin’s energy consumption, we can mention a migration to the Proof-of-Stake model. However, almost all users believe that the Proof-of-Work model is still the safest in the industry, both for standing the test of time and for other aspects related to censorship and decentralization.
However, Cardano’s founder came up with an even more controversial proposal on the energy issue this Monday (3). According to Charles Hoskinson, Bitcoin wouldn’t even need its own network.
“What if we just shut down Bitcoin tomorrow? And what we did was we removed all BTC from the Bitcoin network and basically created the packaged Bitcoin (wBTC) on other blockchains.
For Hoskinson, Bitcoin’s value is not in mining, as it is with gold. He goes on to point out that wBTC not only already exists in the market, but its price is identical to BTC itself.
Of course your thinking has some flaws. After all, these wBTCs can be exchanged for BTC at any time and their price is strongly related to the security that Proof-of-Work provides. In addition, wBTC could also be created on Cardano, as Hoskinson himself points out, which is a major conflict of interest.
Bitcoin would have more use cases, says Charles Hoskinson
Finally, Charles Hoskinson points out that Bitcoin could have more use cases, such as within the decentralized financial (DeFi) ecosystem.
“Bitcoin is currently optimized only to be a gold mine. It is not optimized to be a complex payment or transaction network and run dApps […]”
“I believe that in 5 years there will probably be more bitcoins outside the Bitcoin mainchain and then it will be used in all kinds of dApps and smart contracts”concludes Cardano’s Hoskinson. “It could potentially be used by nation states to create a medium of exchange and unit of account to actually have a stable currency that they can use for day-to-day transactions.”
Finally, wBTC already exists and is available to anyone who wants to use it, but there are only 244,856 tokens in circulation, against more than 19 million native BTC. So Hoskinson’s story seems a bit far-fetched as most investors are concerned about security over use cases.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
