The main guy behind Cardano and the IOHK (parent company), Charles Hoskinson, recently covered the Cardano news and said that there are many capabilities that ADA has. As the Cardano head says, ADA can “leap frog” the Bitcoin decentralization by 100 times.
While Bitcoin was predicated on being a decentralized technology (which is true) with users, exchanges, developers, nodes and firms around the world using and influencing the protocol, the Cardano head says that Cardano may soon eclipse some aspects of this form of decentralization – by a staggering 100 times.
Hoskinson spoke to the cryptocurrency media firm Altcoin Buzz in a new interview published on June 27, where the Cardano head says that ADA can “easily” outpace Bitcoin in terms of the decentralization of mining nodes. He specifically stated:
“We can leap frog them there. We have already, on the IT end, demonstrated 100 times more decentralized then Bitcoin Core nodes — their mining nodes. We can beat them easy there as well.”
To his credit, he did take time to compliment the Bitcoin decentralization in terms of decision making and development. The founder of the cryptocurrency was largely criticizing the flagship crypto and its mining model.
The Cardano head says that ADA can definitely deliver and exceed many’s expectations in this field. As Hoskinson mentioned, once you get to the point where there are billions of transactions and millions of active users, full-scale decentralization becomes hard due to the size and bandwidth of the blockchain data.
When it comes to Bitcoin mining and people saying that it is centralized, they are often mentioning or referencing China because all crypto mining machines are made in the country and the companies running mining pools are largely Chinese. Ripple’s chief Brad Garlinghouse was in the XRP news as he explained to CNN the following:
“China controls the Bitcoin blockchain. There are four miners in China that represent the 60%+ of mining capacity and 80% of mining capacity is based in China for Bitcoin and Ether.”
Many echoed the similar concern. However, the Cardano head says that ADA is very capable. For what we know, the coin has been in 2020’s spotlight and is now among the best performing coins with gains north of 150% up until now.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]