Ethereum Co-founder Says Bitcoin Was Also Centralised In The Initial Phase

Charles Hoskinson slammed the Bitcoin maximalists for ditching top cryptocurrencies and explained how Bitcoin was similar to Cardano, Ethereum-like blockchain networks.

Charles Hoskinson is the founder of the Cardano blockchain and in the past, he contributed to the Ethereum (ETH) project as a co-founder but later he left the Ethereum project because of some dispute with Ethereum core co-founder Vitalik Buterin. Later he worked on Proof-of-stake (PoS) consensus-based blockchain code & finally, he launched Cardano in 2017 as the biggest rival of Ethereum.

On 30 Nov 2023, Charles Hoskinson appeared in a new live video session via his personal X (formerly Twitter) account to support the criticism against Bitcoin maximalists who keep criticising Ethereum, Cardano, like crypto networks as a centralised network to praise the decentralised nature of Bitcoin.

Hoskinson said that Bitcoin creator Satoshi Nakamoto was anonymous to the public because the US regulators were unaware of the cryptocurrencies, in absence of a regulatory landscape for this sector.

According to Hoskinson in the initial phase, Bitcoin was under the control of Nakamoto because he was the only person to mine Bitcoin. In short, the 100% Bitcoin network hashrate was in Nakamoto’s hand. 

Hoskinson noted that Nakamoto was not able to introduce any kind of new decision for the Bitcoin blockchain because he was only the controller of the whole network, as other people were unaware of Bitcoin & also about Bitcoin mining.

Furthermore, the Ethereum co-founder brought attention to surging regulatory pressure by the US authorities on this innovative sector. He said that US regulators’ war against the crypto sector is a guarantee that they will miss out on a multi-trillion dollar revolution that is the future of the global economy.

According to Hoskinson, the crypto sector can solve several problems related to different sectors including politics, medicine, finance, security, and more but this sector needs to get full freedom to evolve.

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Hoskinson noted that the US authorities are trying their best to degrade the people’s interest from this sector. Indirectly, he said that a small group of people who control the country’s power know the potential of this sector very well and they don’t want to allow the world to take control in their hands.

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