Charles Hoskinson has recently explained what Cardano is and what the difference is between Cardano in comparison to Bitcoin and Ethereum. To simplify and draw a difference between the given three cryptos, Hoskinson, while comparing in common parlance, said that Bitcoin is the first mover in the crypto space.
To splurge in any particular space or branch, there has to be a certain first mover. In this regard, Bitcoin is the first mover in the crypto space, and back then, people knew cryptocurrency from the sole name of Bitcoin.
In general, Bitcoin is a first mover to proof check and confirm if we can have a decentralized money system. To maintain this decentralized network, Bitcoin was the very first inception and the prototype of the first generation to push the concept of decentralization and the idea of digital money. Cryptocurrency turned out to be the only domain wherein the users were free to join, invest, and mine without any interference or rules.
Bitcoin—the first decentralized network is the simplest model that the executors have just pushed throughout the decade and are still by way of mining. Hoskinson added that a few years ago, Bitcoin was valued around $0 and recently has spiked to $10k leading to 5000 more cryptocurrencies in the global crypto market. Therefore, Bitcoin did not encourage dApps, DeFi, cannot issue assets and complex contractual relationships. Read More...