Altcoins should not imitate Bitcoin’s design, ethics and coping strategies, says Cardano’s Charles Hoskinson

  • 05 July 2019, Friday, 11:30

The global cryptocurrency space is rapidly transforming into a major financial sector. The virtual asset ecosystem is also beginning to gain recognition, not only for Bitcoin, but for other altcoins in the market as well.

Charles Hoskinson’s Cardano is deemed by many to be one of the most technically proficient and competent digital currencies in the space. According to a recent report, Cardano also had the most mentions on Twitter.

During a 4th of July AMA session, Hoskinson announced another major release regarding the Haskell wallet back-end, terming it as a “really significant piece of infrastructure.” Haskell is a programming language that is utilized to build high-assurance codes. Cardano was previously criticized for implementing Haskell owing to the fact that it is difficult to find efficient programmers for the language.

Hoskinson stated,

“It’s actually an abstracted wallet layer so it can be parameterized to work with basically any UTXO style accounting system. You could technically use it with Bitcoin or Litecoin or Dash, and what we have done is we have decoupled it from our stack so it can be plugged into the Rust node or the Haskell node.”

During the AMA, Hoskinson also opined that currently the “foundations of crypto” were quite healthy. However, the community should be ready to face tougher challenges in terms of regulations and the introduction of Facebook’s Libra, he added.

Hoskinson also said that the current growth of virtual assets was forcing governments to significantly consider the booming industry and discuss the business side of things, which included regulations and metadata and how to execute these aspects in the transactions themselves.

Hoskinson also emphasized that it was important for altcoins to move away from Bitcoin ethics and design and form their own “strategy” to cope with the crypto-market for the next 3-4 years.

He said,

“We need to have a system that’s flexible enough to replicate what Bitcoin has but if desired be able to do a lot more at the transaction level and comply with a lot more.”

Source: ambcrypto.com