Charles Hoskinson Highlights Reasons Why Elon Musk’s Tesla Should Choose Cardano over Bitcoin
The CEO of IOG, Charles Hoskinson, has highlighted major reasons why Elon Musk’s Tesla should adopt Cardano (ADA) rather than the flagship cryptocurrency, Bitcoin (BTC). During the much-awaited interview on the Lex Fridman podcast first reported by U.Today, Hoskinson...
The CEO of IOG, Charles Hoskinson, has highlighted major reasons why Elon Musk’s Tesla should adopt Cardano (ADA) rather than the flagship cryptocurrency, Bitcoin (BTC).
During the much-awaited interview on the Lex Fridman podcast first reported by U.Today, Hoskinson pointed out that the electric car manufacturing company shouldn’t reconsider Bitcoin (BTC) if it indeed cares about sustainability, carbon reduction, and carbon neutrality.
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Charles Hoskinson noted:
“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 a negative. You wanna minimize it.”
According to the mathematician, apart from the climate change concerns, Bitcoin (BTC) is the least programmable cryptocurrency, which prevents it from being used to perform interesting, unique, and sexy things.
For having an Internet-of-Things (IoT) layer, Bitcoin (BTC) won’t be suitable if Tesla wants vehicles to communicate with each other, Hoskinson said.
“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.”
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In the course of the interview, Cardano (ADA) creator stated that the only reason why Bitcoin (BTC) is still existing is because of all the money already invested in it:
Describing Bitcoin’s shortcomings, he said, “You have extremely long sentiment time, you have extremely low programmability, it is not aware of any other system, there is no native way of issuing an asset…You cannot do anything that is interesting or unique.”
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