The co-founder of Ethereum and the creator of Cardano Hoskinson said that the fate of the entire cryptocurrency industry is entirely dependent on the Bitcoin. According to him if the Bitcoin falls down, the cryptocurrency will fail as a result.
Hoskinson is also the founder of the Hong Kong-based tech firm called Input Output Hong Kong (IOHK). He passed these comments over the strong relationship between bitcoin and altcoins when during the podcast with Anthony Pompliano, the co-founder of Morgan Creek Digital Assets.
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Bitcoin could not replicate the Financial System
He said there are certain problems linked with Bitcoin and these must be noticed and modified as its failure can lead to a disaster in the cryptocurrency markets. He challenged the design of Bitcoin and called it:
One of the biggest problems with Bitcoin is that it’s blind, deaf and dumb and that was by design.
He criticized the existence of digital gold by saying that it unfit to replace the financial framework of the finance industry because it is not in its capability. And the worshipers of it considered it a sin to deviate from the track and blindly following the Satoshi product.
According to Hoskinson:
You don’t solve your decentralized reality, your decentralized dream, by centralizing it. That’s philosophically incompatible. To replicate the world financial system and also be fully compliant with that system, this was not in its scope.
Bitcoin is a Brand
Bitcoin is like a brand and we cannot ignore or avoid this truth. We have to surrender before it as it can affect the whole markets and puts them in danger. If one cryptocurrency is achieving a good reputation and hurriedly going in the crypto market but it is totally dependent on the BTC. If BTC fails, it will automatically fail.
He concluded by saying that:
“Bitcoin frankly is the brand of cryptocurrencies. We can’t say, oh, I’m going to succeed but Bitcoin Will fail. if Bitcoin fails, the whole industry’s probably in for a really bad time.”
PoW needs to be Evolved
There is confusion prevailing in the minds of crypto enthusiasts whether Proof-of-Work or the Proof-of-Stake will survive in the future. The IOHK founder said that Proof-of-work will only be lived in the future if the computation becomes useful and successful in developing a ‘marketplace for distributed computation.’ He concluded by saying that POW needs to be updated and evolved in order to survive.