Yesterday, we reported that many Cardano enthusiasts, as well as Bitcoin enthusiasts, showed their disappointment against Cardano over their collaboration with BitcoinOS, as the BitcoinOS team announced the $BOS token concept to pay a fee for transferring Bitcoin on the Cardano blockchain network via BitcoinOS. In short, the BitcoinOS team directly eliminated the role of Cardano’s native token $ADA & also Bitcoin (BTC).
Initially, people were expecting that they would be able to transfer their Bitcoin on the Cardano network & they would be charged in BTC or $Ada coin. This means a transaction of Bitcoin will be like using Bitcoin on the Bitcoin network but with very high scalability. But suddenly, the BitcoinOS team announced a new token plan, which triggered the sentiment of many Bitcoin enthusiasts.
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Charles Hoskinson, founder of Cardano blockchain, went live on YouTube via his personal YouTube channel & clarified that he was also not aware of the BitcoinOS ($BOS) token concept.
However, initially, Hoskinson suggested people wait until he understood why there was a need to introduce a new token, maybe something complex in the design that was not understood, but through the YouTube live session, he announced the Cardano-Bitcoin Bridge development plan.
Hoskinson said that the new bridge would enable Bitcoin users to pay fees directly in BTC. The user experience is designed to be simple and intuitive, with a Bitcoin wallet featuring a button to convert BTC into a wrapped Bitcoin CNT.
Cardano’s founder mentioned that the users will be allowed to maintain control of their private keys on both sides of the bridge, which means it will work on a trustless protocol.
It is worth it to note that so far, there is no crypto network where we can transfer Bitcoin with a directly paying fee in BTC. Instead, we are required to pay in the native token of the corresponding blockchain network.
$Ada price action
The current trade price of $Ada coin is $1 & this price is 191% higher over the last 30 days period.
Hoskinson shifts gears from BitcoinOS & decides to develop their own Cardano-Bitcoin bridge
https://bitcoinik.com/hoskinson-shifts-gears-from-bitcoinos-decides-to-develop-their-own-cardano-bitcoin-bridge/feed/
https://bitcoinik.com/hoskinson-shifts-gears-from-bitcoinos-decides-to-develop-their-own-cardano-bitcoin-bridge/feed/
