On this channel,
we do everything we can to give you the most information about projects we can.
And today, we're bringing in an expert Ethereum developer
to tell us the technology side of Ethereum
and maybe some of the problems it might face in the future.
But we're also going to talk about between Cardano and DOT.
Which one's got the best chance to knock off ETH?
Let's get it!
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Hey, everybody! Today, I'm joined with a real live Ethereum developer
who also has great knowledge of Cardano.
We're gonna get the inside scoop on the battle between these two smart contract giants.
And who knows, we may talk about Polkadot.
We're joined here by Hashoshi.
How are you doing today?
Living the dream. How's it going? Thanks for having me.
Oh, it's going great. Now,
we say this every time we do a collaboration,
but we're gonna say it again here.
A lot of people don't know this.
This was my first collaboration, the first person on YouTube I ever talked to in crypto.
We were-- how many subscribers did we both have? Do you remember?
It was like-- We had like 300 subscribers.
We like got in touch via Gmail,
- in the old BitBoy, - Yeah.
- bitboyandhodl@gmail.com days - That's right. That's right.
Now, at that time, let's be fair, fair here.
I had 450 subscribers and you got 300.
- Okay? - Fair. Fair.
- Fair. - I'm just saying.
- So-- - I have-- I've always been cha--
I've always been chasing, man. And now the race is over.
You were ahead of me at one point.
- You had more subscribers. - There was a short period.
- Yeah. / - Yeah.
It was kind of like Bitcoin going above $40K, you know?
It shows you getting ahead of me and then--
except you didn't go down.
- So, so glad to be joined by you. - Yeah.
You are a developer and you got a lot of inside knowledge about things.
You know, since you're on that side of things.
Everybody knows I'm not a developer.
I don't get into the coding and that's not how I got into crypto,
but a question a lot of people have is Cardano versus Ethereum
and then, you know, we might-- can we-- do you know much about Polkadot?
We touch on that at the end maybe.
Yeah, we can touch on that. I have some knowledge of Polkadot.
Awesome. Okay, so let's start with Ethereum versus Cardano.
I did a recent video on talking about the price action of these three projects and saying how, you know,
I think Ethereum is probably the best, especially for new investors,
but this is a little more about the backend of things.
Tell us a little bit from the developer perspective of how Ethereum compares to Cardano.
That's a good question. Well, I think the first thing anyone who is an Ethereum loyal fan would say is,
"Right now, here we stand.
Ethereum has proven that it can be used to build high quality dApps.
You have DeFi, really popular things, like Uniswap, Ethereum-focused,
and the foundation of those, you know, protocols are Ethereum."
No doubt, Solidity has existed for a long time
as a programming language that you can use to build smart contracts and make cool stuff.
No doubt.
The developer tooling ecosystem is also great in Ethereum.
And the community is great.
Cardano though was designed I guess from the very beginning as sort of a counterpoint
to the way that Ethereum works,
which is move fast and break things.
Let's just-- let's just create cutting edge stuff and get it into people's hands,
whereas, you know, Cardano, on the other hand, said,
"Let's create a really safe, predictable functional programming language
that's a lot different than Solidity that's formally verified,"
which basically means it operates predictably in a simplified sense.
And so they've been working on that for a long time,
and we're now getting to the point where Cardano is about to drop all of that functionality
for smart contracts onto the world in the form of their development era that they call Goguen.
And so the initial argument is while Ethereum has it and has had smart contracts for a long time,
Cardano doesn't even have it yet,
so there's no comparison.
But I think, in the space, we're so early still that it's fair to talk about
what is, what will be and what the landscape is going to look like five years from now,
and where people want to build stuff.
So that's my initial take. I'll let you react.
Yeah, so I think that's very interesting and this is kind of--
this is kind of how I think it would, you know?
Which is--
It's much easier to build a house from scratch than it is to build a house and remodel it.
- You know? - Correct.
To get it how you want it to be, right? Now, obviously, building a house takes a long time.
But if you build it and then you've got to re-gut the whole thing and kind of do it,
then that's not going to be optimal.
And it's much easier to just start with a foundation that's strong and then build up.
And I feel like Ethereum right now is the house that's getting the remodel,
and Cardano is the house that's almost finished right now.
It's almost been built.
Everything is where they want it to be.
So here's the only issue though, which is, you know, for this--
for the people that love Cardano for-- from an investment perspective,
I mean, I don't know if it's going to get any real advantages from that standpoint
during this bull run.
But when we project out five years down the road,
I am really like kind of more bullish on Cardano than I am Ethereum for that very reason.
What do you--
Do you see--
and I know you don't talk about price a lot on your channel. I understand that.
- Less. Yeah. - What--
What's that?
- Yeah. I was just saying, less, yes, but, you know. - Yeah.
- It's always in the conversation at some point. - It's always-- It's impossible for it not to be.
How do you--
How do you see as-- from the developer standpoint, the relationship between the quality of these projects
and the price and, you know, predict-- you don't have to predict a number,
but just in the prediction for the future prices of these,
what does that have to do with the actual quality of what's being built?
Yeah, I think if you carry that same analogy that you were--
that you were talking about before,
like, you know, rebuilding a house, gutting it and building it from scratch,
which is largely what's happening with ETH 2.0,
and then someone who looks at this house that was Ethereum and says,
"Let's build every element of that in a way that we think is better,"
there are two different challenges.
Ethereum's main, you know, main advantage is they have the builders and the buyers already.
People are already invested in the Ethereum ecosystem.
That's people like me,
someone who learned Solidity early on,
someone who's built dApps,
someone who, you know, has done consulting in regards to how to use Ethereum to solve problems,
and then you also though have on the other side is that those builders and those buyers need to
I guess, not get locked out
because of the temporary performance limitations that they're gonna have before ETH 2.0 is there.
Right? And ready.
Whereas with Cardano, you've got this interesting thing
where they're gonna have the tools and they're gonna have the sort of the runway
to build really cool stuff that you probably can't build on Ethereum 1.0, as they call it.
The trick is going to be to get the builders and the buyers.
You need the users who are going to use the dApps and the developers who are going to build the dApps,
and you create this virtuous cycle
where more users means more dApp developers
which means more users,
and it keeps going round and round and round.
That is the difficult part.
And I think it's interesting to look at case studies like Elrond,
- who have really really solid tech fundamentals, right? - Yeah.
Really solid.
And, you know, as someone who's a fan of technology, that's how I got in the space,
- I really like what Elrond is doing. - Interesting.
But they also have a tough path ahead because
the hard part isn't building the tech.
That's hard enough.
The hard part is getting dApp developers to build stuff
and then users to come to bring more developers.
Like, that is the really hard thing, building an active community.
Really is.
Well, they say that Elrond has the No. 2 most engaged community in cryptocurrency
outside of which project you think?
Probably Cardano.
- Barely. - Yes. Cardano.
- Good job! He knows his stuff, guys. - There you go. Lucky guess.
Hashoshi-- well, I mean you had to know it was either that or Ethereum.
I mean, Ethereum has the biggest development community,
but in terms of engagement from the community itself,
I mean, Ethereum by its numbers are probably higher,
but in terms of these, you know, rate of engagement, it's much higher for those two projects.
So it's very interesting that you brought up Elrond.
We're very bullish on Elrond.
We did a video on this recently.
We think it's got potential to get up to the top 10.
For sure.
Another project that definitely compares to Ethereum and Cardano is Polkadot. Now,
here is my 30,000-foot view of Polkadot and how to explain it.
It basically solves all the same problems that Ethereum had, that Cardano has.
The difference is it's built to be reverse compatible with the entire Ethereum ecosystem,
but, of course, Ethereum is not compatible to the Polkadot ecosystem, is that correct?
More or less yeah.
I mean, if you think about Polkadot, it's a play--
I think Gavin Wood, who actually was formerly with the Ethereum Foundation,
who helped to scaffold out a lot of the early Ethereum stuff including Solidity,
- so just to put that out there. - Yeah. And had terrible haircut.
- Terrible haircut. - Had a terrible haircut.
But I will tell you, building Polkadot excuses that.
Yeah.
And the whole vision is he basically says it's a bet against blockchain maximalism,
which I'm a huge proponent of.
You know, people are like, "Oh, well, if you're really invested in Ethereum,
why do you support and like Cardano or Elrond?"
- Yeah. - Because I don't think that this--
the world is going to be ruled by one protocol.
I think there's room for a lot of these to succeed in an environment that's not mutually exclusive.
And Polkadot I think is a gr--
and also Cosmos to an extent.
- It's a bet-- - I like Cosmos as well.
It's a bet on a multi-blockchain protocol world, which I think is where we're going.
And that's why Polkadot and Cosmos and the other interop projects, you know,
even things like ICON, I think have potential, and they should be in the conversation,
but not in the conversation in the sense that Polkadot's an Ethereum killer,
or Cosmos is an Ethereum killer
because I think that
that rhetoric is just overdone.
- And it's not-- - Yeah.
It runs counter to the whole idea of what I think everyone wants and everyone shares the belief in,
which is that we need decentralized tech that people can use and that makes the world a better place.
Period.
Sounds cliche, but.
Well, at this moment, I've just decided, and the people will probably see this,
is that this video's title has got to be "Hashoshi reveals the next Ethereum killer".
- That has to be, right? - Of course.
- That has to be it. - Yeah.
So I may or may not use this.
People who are here will know by the time they watch.
But to-- And that brings something up an interesting idea that I had,
which I was going to ask you. I guess you kind of just stated your opinion on it.
Which is,
do you believe in one of these winning?
Or do you believe in a world where all of them share market share?
And you obviously, you know, have already answered that,
so I don't have to ask it,
but I gotta do ask this.
There will be one of these projects that has the most market share.
- There-- there will be - Yeah.
Every industry in the world, there's one that has the most.
If you've got to pick between these three, between Cardano, Ethereum and Polkadot,
for the long term,
not just, you know, for the next year,
but, you know, 6 years, 7 years, 8 years, 10 years down the road,
which one of these has the most market share?
Between-- inclusive of Polkadot too?
- Yes, Polkadot, Ethereum and Cardano. - Ethereum, alright.
I would say, of all of them, the most likely, statistically, in my mind, is Ethereum.
- Yeah. - And I say that exclusively because
as long as they deliver the tech that they're promising,
which is by far not a guarantee, right?
It's never a guarantee.
Building software is hard.
They have the intangible things that makes a protocol successful,
and they have a mature ecosystem around Ethereum,
that if they deliver the tech they're promising,
I don't see that they can be fully unseated in a majority way.
- I don't. - Yeah.
Yeah. That's-- that's really definitely interesting, so
Hashoshi reveals the next Ethereum killer
is Ethereum.
- Yeah. Right. There you go. - That's smart. It really--
- There's the paradox that we're looking for. - There it is. There it is.
So, yeah, very interesting.
I kind of agree with, you know, most of what you're saying.
I think that the interesting thing-- like, yes,
statistically, I would agree with you that Ethereum should have the front--
- you know, the first mover's advantage. - Yeah.
That's what we see with Bitcoin. It's still there.
I think it's going to last.
I don't think that first mover's advantage for Bitcoin is going to go anywhere
because it's firmly secured itself as basically a gold alternative.
So, for Ethereum,
I think that a lot of the institutional money that's coming in now is coming to Ethereum.
I think that could be another advantage that it has.
However, the caveat to this would be
if Ethereum 2.0 is not launched
let's say by the next bull run completely,
and it still has a lot of problems,
Yeah?
Some people say it's not going to be fully done until 2023
if the EIP-1559 proposal or a similar proposal does not get passed,
because I know a lot of the miners are kicking back on that,
I would say that that does open up the door for something else,
and I would say I think that after having talked to Charles Hoskinson
and interviewing him and listened to a lot of what he has to say,
I would say, you know, Cardano has a decent chance.
But you are right.
It needs Ethereum to stumble, I believe.
Yeah, and I think also it needs--
I think that, you know. Look, I admire the fact that
Cardano has made the move to make a compatible Ethereum virtual machine
to run Solidity code in the context of Cardano.
- Yeah. - Great idea.
It gives a path for people on Ethereum that want a scalable chain now and don't want to wait.
Great idea.
But they need to double down on what the vision has been from the very beginning,
which is we are--
we have created a platform that is different in almost every way than Ethereum,
but will also be a means to an end to do the same thing,
to build decentralized applications.
And I think that might be a differentiator to go to different industries
that might not have been willing to touch Ethereum because of the programming style that it has,
and capture some of that.
You know, I think some of the financial industries, some of the older finance, might be willing to step in
to the ring of blockchain using something that's, you know, safe and formally verified,
using a language like Haskell,
which is already out there in the financial world, so
just some food for thought.
Yeah. And as everybody watching this channel knows,
I love food.
So.
- Yeah. - Yeah.
Especially food that's composed of thoughts.
That's--
You know, some of my favorite also food,
composed of food.
Also really good.
- Okay, Hashoshi. - Yes.
Thank you so much for joining us today.
- Listen, guys. / - Yup.
Make sure to go subscribe to his channel, okay?
- You guys heard it here first. - Yeah. Please.
You know, we were about the same when we were back in about 300, 400 subscribers.
And now we need to boost him up and get up here with the big boys because you guys know
when we talk about content,
we bring experts on.
We bring experts in charts because we're not, you know.
We are not a solely technical analysis channel.
And we also bring experts from the development world,
and Hashoshi is definitely an expert.
He's doing it every single day.
- Thank you. - So, thank you for joining us.
You guys make sure to go and subscribe to his channel.
- Appreciate you. - Appreciate you.
That's all we got.
- Be blessed. - Cheers.
BitBoy out.