- Altcoins have been on the rise quite a bit in the market and many have been printing their new ATHs on the charts recently. Cardano is one such alternative, whose cryptocurrency’s value has risen to a level last seen in January 2018. Besides, Ethereum (ETH), the leading altcoin in the crypto market, reached its all-time high of $ 1,700 yesterday.
Altcoins have been on the rise quite a bit in the market and many have been printing their new ATHs on the charts recently. Cardano is one such alternative, whose cryptocurrency’s value has risen to a level last seen in January 2018. Besides, Ethereum (ETH), the leading altcoin in the crypto market, reached its all-time high of $ 1,700 yesterday.
Charles Hoskinson, the founder of Cardano, believes that despite the combination of the market, Ethereum is basically not as strong as his project. Hoskinson, co-founder of Ethereum, criticized ETH 2.0’s scaling model in a recent interview with Ben Armstrong.
Ethereum is working on ETH 2.0 to migrate its consensus protocol to Proof of Stake [PoS]. It aims to make Ethereum more scalable and receive a higher number of transactions per second on the network. But ETH has “reached a position where they bet on optimistic Zk aggregations and other things,” according to Hoskinson.
In the interview in question, Hoskinson compared Cardano to scaling and claimed that it could easily increase transactions per second [TPS]. Talking about Cardano’s scaling model, the founder said,
We chose completely different scaling models. And I actually think they both have the potential to work, but Vitaliks are a bit more risky in terms of engineering and research. So it is very difficult for them to remove Eth 2.0. They chose to smash all this.
And he continued as follows:
We don’t have to smash it. At the basic level we can get a thousand TPS and by adding Hydra we can get what we want. […] Because UTXO Cardano is much easier to break down.
Hoskinson also claimed that ETH 2.0’s approach is not scientifically sound and therefore risky. The system put forward by ETH developers is a complex system and it can be very difficult to get higher efficiency.
Science is not good yet. There is a lot of trade-off. They actually go from half a third to a Byzantine fault tolerance, have viability issues, and may be subject to various new attacks that will likely occur. So, the bottom of the hood is much more complicated. So it is not clear to me how such a complex system will result in such high efficiency and scalability.
As Ethereum 2.0 developers try to unravel the scaling of the network over 2.0, the Cardano network is also seeing huge improvements. The testnet is officially in the very wealthy era following the successful use and implementation of Goguen “Mary” local token upgrade. The team is also in the phase of moving to the mainnet, scheduled for the end of February.