In an interview with Maria Bartiromo of Fox Business, Charles Hoskinson, the founder of Cardano, a smart contracting platform; and lead of Input-Output (IO) Global, pointed out various limitations of Bitcoin, specifically highlighting the network’s restricted functionality.
Hoskinson said Bitcoin is not programmable and can only carry out restricted activities, primarily value transfer. The founder also discussed the achievements of Cardano, a blockchain network whose native currency, ADA, is held by over 3.5 million users. Hoskinson, also one of the co-founders of Ethereum, said ADA was created to solve the limits of Bitcoin, saying Cardano provides programmable money and smart contracts, which are self-executing code.
He stressed the potential of blockchain technology to handle complicated challenges in various industries, especially when players have to come together but does not necessarily trust each other.
Hoskinson recognized a worldwide trend toward global, decentralized frameworks when asked about the possibility of countries adopting blockchain technology.
He stated that blockchain might offer a compromise solution without a norm set by a single country. Blockchain, he added, would also provide a global, decentralized framework with better laws for everyone, ensuring equal treatment and inclusion.