Charles Hoskinson, one of the co-founders of Ethereum, conceptualized Cardano. He believes that there is a need for a third generation blockchain that covers all the shortcomings of the previous ones.
Bitcoin represents the first generation of blockchain. It allows the peer to peer transfer of money, however, it is limited to a monetary transaction and there is no way to put conditions around it. Ethereum, the second generation blockchain solved this problem through smart contracts. Nevertheless, Charles explained that Ethereum and Bitcoin don’t have good provisions for scalability. The governance system of these blockchains was not well thought of the reasons why forks such as Bitcoin Cash and Ethereum Classic exist.
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