Founder of Cardano and Chief Executive Officer of IOHK Charles Hoskinson granted an interview recently, claiming that many top companies are choosing Cardano (ADA) over Ethereum (ETH).
He expressed the prospects of the platform and the ambitious developments currently going on with the platform. He revealed that more than 100 companies are in the process of shifting from Ethereum blockchain to the Cardano platform.
Potential of surpassing Ethereum
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He also added that he aspires to be a major part of the DeFi revolution, adding that his Cardano blockchain has the potential of surpassing the market leader Ethereum. Hoskinson reiterated,
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“You can take your Defi and you can run it on my system for 1/100 to 1/1000 of the cost.”
He also discussed Cardano’s (ADA) price surge in recent months and attributed its performance to the platform’s growth.
However, an article by Olga Karif was highly critical of the Cardano network. He argued that even billionaire Michael Novogratz crowdsourced information about ADA
Karif added that the network is still lacking in some areas, including many functionalities that are available on its more established rivals such as Ethereum. He went as far as comparing the ADA network to other meme stocks like GameStock which rose tremendously in price due to frivolous reasons.
Karif stated that he doesn’t know of any important application that uses the Cardano or any demand for the platform yet.
“I am truly mystified as to why it is enjoying a resurgence in popularity,” he added.
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High fees on Ethereum not feasible for developers
Hoskinson defended Cardano, stating that the high fees on Ethereum make it not feasible for developers. Additionally, he pointed out that the governance and security of Cardano are superior to that of Ethereum.
As a result, it’s suitable for applications such as supply chain tracking and voting. Hoskinson didn’t speak well of collectibles like digital cats and decentralized exchanges like Uniswap (UNI).
