Hoskinson: Bitcoin's Governance Could Be Its Downfall Against Quantum Threat

Charles Hoskinson, founder of Cardano, believes that Bitcoin's rigidity in governance mechanisms could lead to its loss of dominance due to the quantum threat. According to him, making changes to the Bitcoin blockchain is extremely difficult, which may hinder its ability to counter this threat in a timely manner.

Hoskinson pointed out that Bitcoin's conservatism could work against it, as it has already led to the creation of alternative projects like Ethereum, where he was one of the co-founders. He emphasized that the quantum threat is not hypothetical but a real risk, and that Bitcoin will only endure if its network governance ensures meaningful progress.

He noted that while Bitcoin has withstood serious threats in the past, including the departure of Satoshi Nakamoto, it may struggle to overcome the challenge posed by quantum computers. Hoskinson believes that Cardano's formal on-chain governance is a key advantage, as it allows ADA holders to vote for necessary changes and automatically migrate to new versions.

Preparations for the quantum threat have already begun in the Bitcoin community, with the launch of a $15 million security consortium involving nine companies, including BlackRock and Coinbase. However, Hoskinson also stated that implementing protection against quantum attacks would slow down blockchains tenfold.