Cardano Creator Predicts Ethereum's Demise in Next Decade and a Half
In his latest streaming session, Cardano founder Charles Hoskinson lashed out at Ethereum, pointing out three significant flaws that he believes jeopardize the platform's long-term prospects. In response to a query about what he'd change if he ran Ethereum, Hoskinson accused the project of choosing the wrong accounting model, virtual machine, and consensus model, which he claims are now endangering its survival.
Ethereum's Iminent Demise: Hoskinson's Pessimistic Prediction
During the question-and-answer session, Hoskinson stated that Ethereum's core design decisions, such as its proof-of-stake implementation, are problematic and will likely drive the network towards a division with its scaling solutions. He added that Ethereum's lack of on-chain governance would prolong this process, taking at least five to seven years to rectify, giving rival platforms the chance to attract developers and users.
Hoskinson predicted that Ethereum's survival will be threatened by layer-2 networks draining its utility and causing internal conflict, making it hard for Vitalik Buterin to maintain control. In a bleak outlook, Hoskinson stated that he doesn't think Ethereum will survive for more than 10 to 15 years.
Vitalik Buterin's Proposed Changes 'Make Sense': Hoskinson
Despite his criticisms, Hoskinson acknowledged Buterin's recently proposed changes to Ethereum's virtual machine architecture, which he described as sensible. He recommended a switch to the RISC-V instruction set, Narwhal-and-Tusk-style consensus, and SWE object model to better fit Ethereum's ecosystem.
However, Hoskinson believes that technical improvements alone won't be enough for Ethereum. He stressed the importance of having a robust on-chain governance system to facilitate upgrades and keep the network cohesive in the face of competition from other platforms.
Cardano and Bitcoin DeFi: Capturing Ethereum's Dominance
Hoskinson compared Ethereum's roadmap to Cardano's, highlighting Cardano's RISC-V virtual machine, extended UTXO accounting, and "non-parasitic" scaling approach via Hydra and the Midnight sidechain as evidence that it is already implementing the strategies he is proposing for Ethereum. He contended that once Bitcoin DeFi turns on, it will have a TVL larger than Ethereum, and faster monolithic chains will outcompete Ethereum on both liquidity and user experience.
In his view, Ethereum's position is analogous to companies like MySpace and BlackBerry that failed to adapt when new paradigms emerged. The latest debate revolves around whether modular, rollup-centric roadmaps can maintain network coherence as emerging ecosystems evolve.
At press time, ADA traded at $0.6872.
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- Charles Hoskinson, the founder of Cardano, accuses Ethereum of choosing the wrong accounting model, virtual machine, and consensus model, which he believes are now endangering its survival.
- Hoskinson predicts that Ethereum's survival will be threatened by layer-2 networks draining its utility and causing internal conflict, making it hard for Vitalik Buterin to maintain control.
- Hoskinson recommends a switch to the RISC-V instruction set, Narwhal-and-Tusk-style consensus, and SWE object model for Ethereum to better fit its ecosystem.
- Hoskinson contends that once Bitcoin DeFi turns on, it will have a TVL larger than Ethereum, and faster monolithic chains will outcompete Ethereum on both liquidity and user experience.
