{"id":40989,"date":"2021-04-19T15:08:09","date_gmt":"2021-04-19T12:08:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=40989"},"modified":"2025-08-30T16:43:59","modified_gmt":"2025-08-30T13:43:59","slug":"charles-hoskinson-urges-move-away-from-proof-of-work-and-predicts-dogecoin-crash","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/charles-hoskinson-urges-move-away-from-proof-of-work-and-predicts-dogecoin-crash\/","title":{"rendered":"Charles Hoskinson Urges Move Away From Proof-of-Work and Predicts Dogecoin Crash"},"content":{"rendered":"<p>The CEO of IOHK, the Cardano developer, Charles Hoskinson, questioned the prospects of proof-of-work, noting Bitcoin&#8217;s hash rate fell sharply in April.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Proof of stake doesn\u2019t suffer from this problem <a href=\"https:\/\/t.co\/RksQMW4Y5z\">https:\/\/t.co\/RksQMW4Y5z<\/a> wake up people! Nakamoto consensus is a road to nowhere<\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1383784512102932487?ref_src=twsrc%5Etfw\">April 18, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Dovi Wan, managing partner at Primitive Ventures, on April 16 the total mining power in the Bitcoin blockchain <a href=\"https:\/\/u1f987.com\/en\/news\/hashrate-of-leading-mining-pools-falls-after-chinese-coal-mine-accidents\">fell by 30%<\/a>. This was the result of electricity outages due to safety checks after explosions and floods at coal mines in several Chinese provinces.<\/p>\n<p>By the morning of April 19, more than 100,000 transactions had accumulated in the Bitcoin mempool. The average daily transaction fees reached $35.<\/p>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?14\" data-telegram-post=\"forklog\/18773\" data-width=\"100%\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;People, wake up! In Proof-of-Stake such a situation is impossible. Nakamoto consensus is a road to nowhere&#8221;<\/em>, \u2014 Hoskinson said.<\/p>\n<\/blockquote>\n<p>Earlier, the head of IOHK noted the start of a <a href=\"https:\/\/u1f987.com\/en\/news\/cardano-developers-activate-shelley-update-on-mainnet\">activation of the Shelley upgrade<\/a> in July 2020 and the start of a <a href=\"https:\/\/u1f987.com\/en\/news\/cardano-developers-activate-shelley-update-on-mainnet\">big migration of value<\/a> to Proof-of-Stake networks such as Ethereum 2.0, Polkadot and others. Cardano abandoned Proof-of-Work after <a href=\"https:\/\/u1f987.com\/en\/news\/cardano-developers-activate-shelley-update-on-mainnet\">activation of the Shelley upgrade<\/a> in July 2020.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The problem with Bitcoin is that, due to its nature, it will never get better. The more successful it is, the higher the price; the higher the price, the more competition and higher energy costs to mine the first cryptocurrency&#8221;<\/em>, \u2014 explained then Hoskinson.<\/p>\n<\/blockquote>\n<p>In the latest podcast he also touched on Dogecoin&#8217;s rising popularity (DOGE). From April 15 to 16, the coin temporarily <a href=\"https:\/\/u1f987.com\/en\/news\/dogecoin-nears-0-40-mark\">entered the top-5<\/a> of crypto assets by market capitalization. This was preceded by <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-weighs-buying-a-shiba-inu-the-dog-that-has-become-dogecoins-symbol\">Elon Musk<\/a> <a href=\"https:\/\/u1f987.com\/en\/news\/mark-cuban-buys-dogecoin-for-his-11-year-old-son-for-educational-purposes\">Mark Cuban<\/a> and other celebrities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;In the DOGE industry, DOGE has always been seen as a joke. But thanks to Musk and whales, the coin&#8217;s price has soared to the stratosphere, boosting demand from new market participants. Let\u2019s be frank: this is a bubble. It will burst and deprive many retail investors of their money,&#8221; he explained.<\/em><\/p>\n<\/blockquote>\n<blockquote class=\"wp-embedded-content\" data-secret=\"0oQaLjd98C\"><p><a href=\"https:\/\/u1f987.com\/en\/news\/what-is-dogecoin-doge\">What is Dogecoin (DOGE)?<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u00ab\u0427\u0442\u043e \u0442\u0430\u043a\u043e\u0435 Dogecoin (DOGE)?\u00bb \u2014 ForkLog\" src=\"https:\/\/u1f987.com\/cryptorium\/chto-takoe-dogecoin\/embed#?secret=qCdig7QvER#?secret=0oQaLjd98C\" data-secret=\"0oQaLjd98C\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Hoskinson suggested that a drop in DOGE&#8217;s price would attract the attention of regulators. Ultimately this would lead to tighter regulatory requirements, he said.<\/p>\n<p>The head of IOHK compared Dogecoin with third-generation blockchain projects. According to him, the latter possess capital and larger teams that seek to create value in use-case scenarios. By contrast, DOGE is merely a copy of Bitcoin without original technology and developers, Hoskinson said.<\/p>\n<p><iframe loading=\"lazy\" width=\"584\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/rM9DWe3-glg\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>In February 2021, Dogecoin <a href=\"https:\/\/u1f987.com\/en\/news\/dogecoin-tops-twitter-chatter-in-february-beating-bitcoin\">overtook Bitcoin<\/a> in popularity on Twitter.<\/p>\n<p>Follow ForkLog\u2019s news on VK! <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of IOHK, the Cardano developer, Charles Hoskinson, questioned the prospects of proof-of-work, noting Bitcoin&#8217;s hash rate fell sharply in April.<\/p>\n","protected":false},"author":1,"featured_media":40990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1401,471,99,76],"class_list":["post-40989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cardano-ada","tag-charles-hoskinson","tag-dogecoin","tag-proof-of-work"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=40989"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40989\/revisions"}],"predecessor-version":[{"id":40991,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40989\/revisions\/40991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/40990"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=40989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=40989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=40989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}