Mark Cuban recently showed an interest in the Cardano blockchain project via Twitter. In response, IOHK CEO and founder of Cardano hosted a live Twitter feed to explain the qualities of the Cardano network. The Dallas Mavericks owner has recently changed his stance on cryptocurrencies. He has invested in Bitcoin as well as Dogecoin thus far. However, Cuban noted that more people seem to take an interest in Cardano.
Due to this massive social media inflow, he decided to contact Hoskinson and asked him directly about his brainchild project. Hoskinson’s Twitter feed cleared up many good points, including the proof of stake (PoS) transition. Many investors are waiting eagerly for the Ethereum switch from proof of work (PoW) to PoS. However, Hoskinson claims that Ethereum has been failed to make the jump and, as a result, affords very high gas fees.
Hoskinson Claims that Cardano is the Future of Blockchain Projects
Charles Hoskinson, the man behind Cardano, claimed in his Twitter feed that Cardano is a third-generation blockchain system that would replace Ethereum eventually. He iterated that with the help of Shelley Network, the Cardano ecosystem was already compliant with PoS since 2020. This makes the ecosystem more energy conservative and improves it in terms of scalability and lower gas fees.
He also added that with Ethereum, the users are under the constant threat of risk; it is evident from historical records that the Ethereum network has been hacked several times; resulting in the theft of billions of dollars worth of digital assets; meanwhile, Cardano is more secure. Hoskinson is one of the co-founders of Ethereum 1.0. According to him, Cardano was designed for hunting Ethereum and replacing it altogether eventually.
Can Cardano Replace Ethereum?
The Cardano system is not all talks only. It is compatible with the ERC-20 token converter. This capability puts Cardano one step ahead in the game since the developers would be able to transfer their applications from Ethereum to Cardano without any hassle. Another way Ethereum is lagging in its limitation is via Solidity.
Solidity is the coding language that is needed to create projects on Ethereum. There are only 80,000 Solidity developers in the world. On the other hand, developers are free to use an array of coding languages to assemble their projects on Cardano that make it a universal blockchain technology. This all-inclusive OS would perfectly accommodate the Cardano blockchain system, and it would allow Cardano to host a trillion-dollar group of applications that are developed in the last 40 years.