Charles Hoskinson, the prominent crypto entrepreneur behind Cardano, has said he wants to add decentralized finance (DeFi) features to Bitcoin. Looking back on his long history with Bitcoin and its foundational code, Hoskinson described his renewed focus on the cryptocurrency, viewing it as a chance to revisit its design and expand its potential.
Alex DovbnyaThe idea is to create an ecosystem where users can interact with decentralized apps (dApps) by spending Bitcoin directly. Hoskinson thinks this could make things easier for users while also adding new features to Bitcoin's existing setup.
Bitcoin + DeFi = Cardano?
One of the main things about this vision is using Cardano's Babel fees, which let you pay transaction fees in different tokens. This could be the technical foundation to support hybrid apps powered by BTC.
Hoskinson stressed the need to make sure that the development of the ecosystem stays true to Bitcoin's original ethos. He said he wants to work with the people who helped get Bitcoin off the ground and focus on new ideas that do not get bogged down by unnecessary distractions or misaligned motivations.
The aim is to create a seamless and efficient integration that aligns with both Bitcoin's strengths and the broader blockchain landscape.
Godfrey BenjaminNew developments like Bitcoin's Taproot upgrade were shown to be key steps in making it easier to use more advanced features. Taproot, which was adopted in 2021, improves privacy and scalability within the Bitcoin network, which is great for integrating new layers of innovation.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov