IOHK CEO Charles Hoskinson made a case for Tesla adopting Cardano instead of Bitcoin
As AZCoin News reported, Kraken CEO Jesse Powell believes that Bitcoin is greener than critics said. And he thinks Elon Musk has some more studying to do, especially about Bitcoin mining. However, contrary to Powell, IOHK CEO Charles Hoskinson thinks Tesla should adopt Cardano instead of Bitcoin.
Hoskinson also reveals his plan for Cardano in the next 90 days.
Here’s my conversation with Charles Hoskinson (@IOHK_Charles) about Cardano, Ethereum, Bitcoin, Dogecoin, @elonmusk, mathematics, life, and much more. This was a fascinating conversation, setting the record for the longest one on the podcast at 5 hours. https://t.co/cczHij4xsZ pic.twitter.com/VVRelejOTY
— Lex Fridman (@lexfridman) June 16, 2021
Charles Hoskinson believes Tesla should adopt ADA as a payment method instead of BTC
In a conversation on the Lex Fridman podcast, Hoskinson announced that Cardano’s native token, ADA, is one of the greenest and most eco-friendly cryptocurrencies. Hoskinson highlighted the benefits of Cardano, noting that the Proof-of-Stake system is much better in terms of energy consumption than current competitors.
Therefore, he emphasized that Tesla should choose ADA if they really care about environmental sustainability.
Hoskinson stated:
“Well, if they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there’s no built-in mechanism to constrain the energy consumption. You know, with proof of stake, energy consumption is negative. You wanna minimize it.”
As an alternative energy project, Hoskinson stated that Tesla should focus on the greenest cryptocurrencies, such as ADA, not the energy-intensive Bitcoin. In addition to the ecological damage it causes, the main digital asset lacks many other qualities. Before, Hoskinson estimated that Cardano was 1.6 million times more efficient compared to Bitcoin.
He added:
“Bitcoin is the least programable of all the cryptocurrencies and if you want to do interesting, sexy, and unique things there is just no real way to do that.”
For instance, if Tesla wants vehicles to communicate with each other, Bitcoin won’t be suitable for having an Internet-of-Things (IoT) layer.
The Cardano creator stated:
“You need a fundamentally different infrastructure to create such a token and regulate such a system…You need DEXes and stablecoins, and all kinds of mechanics to make something like that possible. Well, that’s really beneficial to Tesla if they can figure this out.”
Hoskinson pointed out that all crypto projects are an experiment and hide their risks. Although Cardano has enjoyed considerable success in recent times, it is not 100% certain that in the future it will fulfill its goals.
He believes that the only reason the flagship cryptocurrency is still around is because of all the money that has been invested in it.
This is not the first time Hoskinson has made critical comments about opponents. At the end of May, he criticized Ethereum by calling it overrated and outlining its lack of important qualities.
However, we also disagree with his approach. Cardano is a project, whether good or bad, let the community judge, the team should focus on their work.
Read more:
- Input Output Hong Kong Has Announced That It Has Launched AlonzoBlue 2.0 To The Cardano Testnet
- Cryptocurrency Bull Mike Novogratz Is Shocked By Cardano Mammoth Valuation But Thinks It Won’t Die Easily