Founder of Cardano and CEO of IO Global Charles Hoskinson talked about Bitcoin’s primary drawback in an interview with Fox Business’ Maria Bartiromo.
According to Hoskinson, Bitcoin lacks programmability and can only carry out a certain number of operations, such as moving value.
Hoskinson, a co-founder of Ethereum, said that by integrating smart contracts and programmable currency, Ethereum was created to remedy the shortcomings of Bitcoin.
He compared it to how web browsers developed once JavaScript was added, allowing users to interact with online pages and sparking the creation of websites like YouTube and Facebook.
Hoskinson also discussed the success of Cardano, which was introduced in 2017 and has more than 3.5 million users globally, in the interview.
He emphasised the potential of blockchain technology to handle complicated issues in a variety of industries, especially when a group of players has to collaborate but may not always have confidence in one another.
Hoskinson noted a worldwide trend towards transnational, decentralised frameworks when discussing the use of blockchain technology by foreign economies.
He stated that in the absence of a single national norm, blockchain may act as a middle ground, offering a global, decentralised framework with more equitable standards that would guarantee inclusion and equal treatment for all.
