In an interview yesterday, Cardano and Ethereum co-founder Charles Hoskinson expressed concerns about Bitcoin’s governance model and limitations in development.
The discussion, organized by crypto YouTuber Coin Bureau, offered insights into the contrasting governance models between Cardano and Bitcoin.
The concept of governance on blockchain platforms is gaining more and more attention as the industry matures. Governance mechanisms dictate how decisions are made and implemented in a blockchain ecosystem and directly impact the adaptability and long-term viability of that ecosystem.
During the interview, Hoskinson pointed out that the governance approach is one of the key differences between Cardano and Bitcoin. Noting Bitcoin’s “inability to upgrade”, he stated: “Bitcoin’s lack of governance has held it back in many ways. update.”
Hoskinson cited specific examples where Bitcoin governance led to missed developmental milestones. For example, he mentioned Bitcoin’s failure to implement colored coins and sidechains.
Colored coins are a concept that involves tagging certain Bitcoin transactions to represent ownership of external assets and are often referred to as the early precursor to modern Non-Fungible Tokens (NFTs), while sidechains are separate blockchain ledgers that run in parallel to a primary blockchain, allowing asset transfer and different rule sets without affecting the main network.
According to him, these are examples of missed opportunities resulting from the current developer structure of cryptocurrency.
Source: https://cryptonews.com/
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
