Charles Hoskinson discussed how he got started with Cardano, the Vasil hard fork upgrade, Dapp rollouts, the LACE light wallet, decentralization, CBDC, the metaverse, etc.
On September 23 at 3:30 IST, the IOG/Cardano Foundation team successfully initiated Cardano's Vasil hard fork. The ADA price increased by more than 4% after the upgrade went live.
Charles Hoskinson Claims ADA Is Better Than ETH
In an interview with a local media outlet on the Vasil hard fork day, Cardano founder Charles Hoskinson answered questions on Cardano, the Vasil hard fork, and the current advancements in the Cardano ecosystem.
The necessity for a Layer-1 programmable blockchain, which Bitcoin lacks, motivated Charles Hoskinson to work on Ethereum. However, Ethereum was designed as a proof of concept and lacks scalability, preventing it from being used in enterprise-grade or government-scale applications. In fact, for web3 initiatives, people pushed innovations off-chain, such as Alchemy and Amazon.
Ethereum requires a stronger PoS mechanism and programming paradigm to make off-chain and on-chain transactions operate seamlessly. According to Hoskinson, the Ethereum PoS paradigm leans toward "hypercentralization," and staking economics are weak. It motivated him to create the Cardano ecosystem in 2015, which included a superior PoS mechanism, decentralization, and economics.
Cardano now has over 3k stake pools and decentralization mechanisms. It also has a GitHub community, with 1k projects in the works, over 150 publications, and 10,000 citations.
Ethereum needs to improve its design and develop in the right direction. Furthermore, two addresses accounting for 46% of blocks after the Merge is unusual.
The Vasil hard fork adds Plutus v2 scripts, diffusion pipelining, reference inputs, inline datums, reference scripts, and data serialization primitives. It will enhance the Cardano network's functionality, performance, scalability, and interoperability.
ADA Price Jumps after Vasil Hard Fork
The price of Cardano (ADA) increased following the Vasil hard fork. The 24-hour low and high for ADA were $0.446 and $0.479, respectively. At the time of writing, the Cardano price is trading at $0.45, up nearly 4% in the last 24 hours.