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FxCryptoNews

02/05/2024

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Cardano Founder Challenges Bitcoin's L2 Evolution - FXCryptoNews

Charles Hoskinson, the founder of Cardano, has shared a noteworthy observation on Bitcoin’s trajectory post-halving. Having witnessed a recurring narrative over more than a decade, he points out a recurring challenge faced by Bitcoin Layer 2 (L2) ventures – the inherent difficulty arising from Bitcoin’s limited ability to adapt sufficiently to support essential elements for […]

Cardano Founder Challenges Bitcoin's L2 Evolution - FXCryptoNews

Charles Hoskinson, the founder of Cardano, has shared a noteworthy observation on Bitcoin’s trajectory post-halving. Having witnessed a recurring narrative over more than a decade, he points out a recurring challenge faced by Bitcoin Layer 2 (L2) ventures – the inherent difficulty arising from Bitcoin’s limited ability to adapt sufficiently to support essential elements for a dynamic L2 environment.

Bitcoin’s Rigidity vs Ethereum and Cardano’s Adaptive Approach

Hoskinson draws a compelling comparison, highlighting the continuous upgrades of Ethereum and Cardano. Unlike Bitcoin, these platforms evolve consistently to offer developers a broader array of options for deploying efficient, trustworthy, and secure L2s. Notably, he underscores the recent enhancements in Cardano, including the addition of BLS support to Plutus V3, alongside the development of Hydra and Mithril projects. These endeavors are pivotal in meeting both commercial and technical requirements for Cardano’s sustained growth.

Having been around for more than ten years, I have seen this narrative thrice. It follows the halving.

Every L2 venture will learn that it's impossible because Bitcoin cannot change enough to support the things required for a vibrant L2 environment. Both Ethereum and Cardano… https://t.co/56jbfCax4U

— Charles Hoskinson (@IOHK_Charles) February 4, 2024

Emphasizing the adaptability of Ethereum, the Cardano founder acknowledges the thriving ecosystem of L2s within its roadmap. This adaptability, he implies, stands in stark contrast to the challenges faced by Bitcoin L2s, which often necessitate centralized or federated infrastructure to function effectively.

Related article: Cardano’s DJED Stablecoin Records 100% Surge in Trading Volume

Bitcoin’s Potential Limitations in L2 Development

Expressing skepticism about Bitcoin’s ability to introduce substantial changes or additional functionalities, Hoskinson implies that achieving certain goals with Bitcoin L2s might prove extremely challenging. He responds to a tweet by Muneeb, the co-creator of Stacks, a Bitcoin Layer 2, who shared insights from the Satoshi Round Table in Dubai. Discussions at the event revolved around topics such as Bitcoin L2s, BitVM, peg security, and Bitcoin DeFi.

Stacks Co-founder Shares Optimistic Outlook for Bitcoin Layer 2s

Contrary to Hoskinson’s reservations, Muneeb expresses optimism about the growth of Bitcoin Layer 2. He considers the current $100 billion market cap conservative, envisioning unlocking Bitcoin’s potential through programmable L2s. Anticipating a swift emergence of Bitcoin L2s as a top category in the next cycle, Muneeb predicts the launch of three to five new L2s within six months, followed by ten more in the subsequent 12 to 18 months.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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