IOHK CEO and Cardano (ADA) founder, Charles Hoskinson, during his participation in the Lex Fridman podcast highlighted the main reasons why Tesla CEO Elon Musk should invest in Cardano instead of Bitcoin. For his part, he also indicated that Dogecoin could fade.
The first argument about putting Cardano on Bitcoin was sustainability and carbon neutrality. «If you really care about alternative energy, sustainability, carbon reduction and carbon neutrality. It cannot be in a system where there is no built-in mechanism to restrict power consumption. You know, with proof-of-stake, the power consumption is negative».
Hoskinson, however, accepted that there is “some truth” to the argument that Bitcoin could use energy that would otherwise go to waste. He also said that the proliferation of Bitcoin will also cause solar and wind power to proliferate, but if not, Tesla should focus on a greener cryptocurrency.
“Bitcoin has programming limitations”
Another reason he highlighted putting Cardano on Bitcoin was that BTC has “programming limitations” which prevents it from doing “interesting, unique and attractive things.” If Tesla wants vehicles to communicate with each other, Bitcoin will not be suitable for having an Internet of Things (IoT) layer.
«You need a fundamentally different infrastructure to create such a token and regulate such a system … You need DEX and stablecoins, and all kinds of mechanics to make something like that possible. Well that’s really beneficial for Tesla if they can figure it out“, large.
«It has extremely low programmability, it is not aware of any other system, there is no native way to issue an asset … It cannot do anything that is interesting or unique“, He explained and about the relevance of the first cryptocurrency he said that it is” for all the money that has been invested. “
DOGE needs a full overhaul to stay
During the development of the program, Charles Hoskinson also took the opportunity to reiterate once again that the cryptocurrency meme Dogecoin needs a complete review of the code to remain relevant in the long term. According to Hoskinson, as a third-generation cryptocurrency, DOGE needs a similar overhaul to other assets like Solana.
Hoskinson’s sentiments are in line with his May advice to Musk on how to improve Dogecoin. In a Twitter video, the Ethereum co-founder stated that DOGE needs a system similar to Bitcoin.
In May, Musk had asked the crypto community to share ideas on how to improve Dogecoin. The Tesla founder also revealed that he is working with crypto developers to improve the network.
Following the rise of the coin, concerns were raised about its sustainability, considering that it lacks a real-world use case. Hoskinson claims that Dogecoin’s lack of utility highlights how the currency differs significantly from Bitcoin.
Could Dogecoin disappear?
Hoskinson also warned that with Dogecoin’s wealth concentrated in a few wallets, the cryptocurrency risks disappearing if this group decides to sell. However, he believes the impact will be significant for most retail investors who have invested money in the asset.
Furthermore, Hoskinson also shared his willingness together with the Cardano team to work with Dogecoin in the future.