During an interview with Forbes, the Founder of Cardano, Charles Hoskinson, praised Cardano for its efficiency. Charles has claimed that the Cardano Blockchain has better efficiency over the crypto king Bitcoin, saving around a 1.6Million times the energy in comparison to Bitcoin.
Hoskinson focused on the advantages of using POS (Proof of Stake) over POW (Proof of Work). He said that Proof of Stake lets you utilize precious resources and power to other stages because there is no existence of huge amounts of overhead and energy costs for deciding who will construct a block. Unlike this method, the crypto giant Bitcoin uses Proof of Work, which is an extremely energy-hungry system.
Charles is not the only one that has criticized Bitcoin for its low energy efficiency. Co-founder of Ripple, Chris Larsen, also highlighted this issue by suggesting solutions to Bitcoin, saying that although this seems to be an impossible move, Bitcoin should follow the footsteps of Ethereum and should let go of proof of work to keep its crown in the market.
Despite the criticism, Bitcoin’s advocates still disagree with critics, proving their points by highlighting the study in charge of Square and Ark investment. The study shows that Bitcoin might actually speed up the adoption rate of green energy alongside profit mining, enabling it to become an affordable choice. As of now, Bitcoin’s energy consumption rate is increasing at a constant speed, which seems to contradict this claim made in the study, so it still unsure who is right and wrong in this matter.
Furthermore, Charles also said that Cardano has successfully been able to handle over 10,000 native tokens after the Mary hard fork, which happened back in March. Cardano is also looking to initiate smart contracts feature in partnership with Alonzo. It will then power up governance components which already have over 20,000 registered participants.
Charles is also interested in the commercialization of Cardano, which will further attract millions of new users to the project. Charles commented that, after the release of smart contracts and governance components, the way for commercialization would be clear for Cardano, bringing millions of more users and traders into the system.