Charles Hoskinson, the brains behind Cardano, recently announced a big plan: integrating Bitcoin into Cardano’s DeFi world by 2025. This involves using Bitcoin’s existing resources and making it work like a layer-2 network on Cardano.
The Timeline and the Goal
Hoskinson wants a working demo ready by May 2025, working with partners like Fair Gate Labs and other community projects. He calls it a huge undertaking, but believes it’s a massive opportunity.
A Bit of Controversy
This announcement sparked some debate, especially concerning BitcoinOS (BOS), a system designed to help Bitcoin interact with DeFi platforms. Emurgo, a Cardano company, is already working on integrating BOS with Cardano.
However, some questioned why Hoskinson’s plan uses Fair Gate Labs instead of focusing on BitcoinOS. Hoskinson explained that Fair Gate’s tech is the basis for BitcoinOS and doesn’t need its own cryptocurrency; only Bitcoin would be used for transactions.
Concerns were also raised about how this might affect ADA, Cardano’s cryptocurrency. Hoskinson reassured everyone that Cardano has a multi-chain system already connecting to other blockchains, so adding Bitcoin wouldn’t dilute Cardano’s resources.
The founder of BitcoinOS, Edan Yago, clarified that they have no plans to abandon Cardano and want to integrate BOS with it. Hoskinson suggested that BitcoinOS become a Cardano-native token to strengthen the connection. Yago seemed open to this idea.
The Potential Benefits
Getting BitcoinOS and its bridge onto Cardano could make cross-chain transactions safer and more secure, using a method called zero-knowledge cryptography. This would open up Bitcoin’s resources to Cardano’s DeFi apps, potentially boosting Cardano’s growth.
At the time of writing, ADA was trading at $1.01.
