Charles Hoskinson, Cardano Founder’s Perspective on Bitcoin Layer 2 Opportunities
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Charles Hoskinson, the founder of Cardano, has emphasized the challenges associated with Bitcoin Layer 2 advancements in contrast to Ethereum and Cardano. Charles Hoskinson, believes that Bitcoin’s Layer 2 lacks sufficient potential, particularly when compared to the Ethereum and Cardano ecosystems.
Bitcoin Layer 2s: Identifying the Bottleneck
In response to an update from Muneeb Ali, co-creator of the Stacks protocol, regarding the Satoshi Round Table in Dubai, Charles Hoskinson strongly contends that Bitcoin lacks the capacity to sustain the dynamism of a Layer-2 scaling solution.
He elaborated on the inflexibility of the BTC network to adapt to the evolving Layer 2 landscape. Reinforcing his stance on Bitcoin Layer 2, Hoskinson highlighted how Ethereum and Cardano consistently undergo targeted upgrades.
These enhancements are aimed at empowering developers to deploy efficient, reliable, and secure Layer 2 solutions. An example of such an upgrade is the BLS support currently being integrated into Plutus V3 within the Cardano protocol.
Various updates are underway for the Cardano Mithril and Hydra projects. The Hydra team has made noteworthy advancements, tackling issues in smoke tests and website publishing workflows.
The objective is to establish a more resilient development environment, incorporating increased ‘dogfooding’ by utilizing Mithril to synchronize nodes in smoke tests.
Impending Bitcoin Halving Event
According to Charles Hoskinson, discussions around Bitcoin Layer 2 are merely part of the narrative that typically accompanies a standard BTC halving event. He asserts having observed such scenarios on three separate occasions.
The widely known information about the upcoming Bitcoin halving event in April lends credence to the Cardano founder’s assertion. Numerous innovators are looking to leverage the anticipated hype surrounding the halving event to introduce a range of Bitcoin Layer 2 solutions.
Hoskinson’s statement has triggered responses from the crypto community on X, with many expressing support for Bitcoin. They argue that the leading network can achieve what other networks do without the need for additional features or functionalities.
Regarding Mithril, the team is working on releasing the initial version of the Mithril client NPM package, a crucial step in meeting technical requirements for progress. In contrast, Ethereum boasts a lively community of Layer 2 developers, well-supported within Ethereum’s core protocol.
Charles Hoskinson remains skeptical about Bitcoin’s potential for numerous upgrades or the addition of additional functionalities, suggesting that it might become a stagnant environment for Layer 2 solutions.
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