- Cardano will be an extension of the Bitcoin network after the latest integration.
- The community showed mixed reactions as market sentiment around ADA dropped lower.
The latest addition of Cardano [ADA] within the Bitcoin [BTC] system has sparked debate once more concerning its originator, Charles Hoskinson.
In their most recent announcement, the Bitcoin Operating System (Bitcoin OS) asserted that the integration of Bitcoin and Cardano will effectively make Cardano an upper layer or extension of Bitcoin, similar to a Layer 2 solution for Bitcoin. They explained this by saying…
Through linking to the BOS Grail bridge, Cardano could soon be regarded as an authentic expansion of Bitcoin.
The text implies that the Grail Bridge system will enable networks like Cardano, as well as others, to benefit from the robust security provided by the Bitcoin network and its substantial liquidity pool of approximately $1.3 trillion.
Community reacts
Nevertheless, the reference to Cardano being a continuation of Bitcoin wasn’t met positively by the community, considering the criticisms made by its creator in the past.
In September, a popular video emerged featuring Hoskinson expressing doubts about the future necessity of Bitcoin within the industry and questioning its longevity.
He added that,
“I just don’t see how it (Bitcoin) survives. It’s a religion, not an ecosystem.”
Some users swiftly noted that the Bitcoin OS update suggested a more accommodating viewpoint from Hoskinson towards Bitcoin. A user mentioned this specifically.
Charles Hoskinson, the creator of Cardano, has changed his previous opinion about Bitcoin and declared that the mainnet of Cardano will shift its focus to becoming a layer-2 solution for Bitcoin.
From Austin Federa’s perspective at the Solana Foundation, he expressed criticism towards the move and pondered the potential depths that Cardano might reach.
“Just when I thought Cardano could not get any slower.”
But Romain Pellerin, CTO at IOHK, the research firm behind Cardano, clarified the update and said,
Cardano will provide Ordinals with the ability for smart contracts, something Bitcoin currently lacks. However, this doesn’t mean that Cardano is transitioning into a Layer 2 of Bitcoin. Instead, it’s referred to as UTXO-enabled interoperability, which allows two Layer 1 networks to interact seamlessly.
From my perspective as an analyst, I would rephrase that statement as follows: Essentially, what we’re looking at is not so much a second layer for Bitcoin (BTC), but rather a highly decentralized integration between the two chains that doesn’t require explicit trust from one party to another.
It seems that most users did not agree with the update or the concept of Cardano being a ‘Bitcoin Layer 2.’ This was clearly shown by a significant drop in positive opinions, moving them into the negative zone.
Bitcoin OS expressed optimism that the integration would significantly benefit Cardano (ADA) over the long term, particularly from 2025 onwards. Nevertheless, at the present moment, ADA is facing challenges in surpassing the significant resistance level (represented by the white line) along its long-term trendline.
The value stood at approximately 0.36 dollars, representing a roughly 4% increase over the past week’s data. The future performance of ADA in 2025 is yet uncertain.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-10-29 23:36