Charles Hoskinson, the co-founder of Cardano (ADA), is responding to Michael Saylor – the CEO of MicroStrategy – who is of the view that ADA runs like a security however that is not the case with the primary crypto asset Bitcoin (BTC) and rather counts to be a commodity.
ADA Is More Decentralized Than BTC, Says Charles Hoskinson
In an exclusive session of ask-me-anything (AMA), the Cardano founder debates that the decentralization of Cardano is not more than Bitcoin, however, the asset has additional real-world use cases as the chief utility of Bitcoin is speculation. He stated that ADA is not controlled by anyone and is thoroughly decentralized even more than BTC. He added that the token is purchased by the people, not for speculation (the only thing for which Bitcoin is used frequently).
In his words, people purchase the token to utilize it for medical records, and many other things that they do, due to its real-life use cases. Hence, he mentioned, that speculation is the only thing that can be done with security, and Bitcoin (BTC) fits in that position. While appearing in an interview, it was disclosed by Saylor that the obvious status of ADA is that of security. According to him, to qualify to be a commodity network, the absence of the issuers is of great importance along with the absence of any central institution.
Cardano Is A Security
He elaborated his point of view by saying that Cardano’s history makes it clear that it is a security. As per him, all the aspects of security are covered by Cardano and it is difficult to be convinced otherwise. Hoskinson reveals that Bitcoin (BTC) maximalists, taking into account Saylor, have a considerably defensive stance in its case as they want it to be atop the rest of the crypto assets.
Hoskinson moved on to say that this is among the reasons Saylor is biased toward Bitcoin and otherwise there is a chance for him to be bankrupt. Hoskinson considers the respective discussion to be a waste of time. He also touched on the proof-of-stake consensus mechanism.
As he put it, a significantly insecure thing in such a system is that anybody can randomly collect one’s wealth and it is not right. Cardano’s co-founder thinks it not to be an operation of protocols. He concluded by saying that these people only give weightage to the thing provided by them even if it does not even do anything.