Cardano's Creator Foresees Demise of Ethereum
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During an AMA session on Wednesday, Cardano's creator, Charles Hoskinson, dropped a bombshell prediction about Ethereum's future. He predicted old-school smartphone maker Blackberry's fate for Ethereum, suggesting it won't last more than a decade.
"I reckon Ethereum won't make it past the next 10 to 15 years," he bluntly stated.
He cautioned that users would eventually jump ship to greener pastures.
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Hoskinson, also the brainchild behind Cardano's flagship altcoin, slammed Ethereum's foundation. He pointed out three crucial mistakes the foundation made:
- Faulty Architecture: Hoskinson accused Ethereum of having a wonky accounting model, an outdated virtual machine, and a wrong consensus model. Specifically, he was aghast at the current proof-of-stake protocol[3][4].
- Slashing Economics and Layer-2s: Hoskinson equated Layer-2s to parasites, claiming they're devouring the main chain's value by offering faster, cheaper transactions. He predicts this will leave the ETH demand waning[2][4].
- Poor On-chain Governance: Hoskinson bashed Ethereum's governance system, stating it's not robust enough to tackle the aforementioned issues. If left unchecked, he foresees a divisive governance struggle within the community[3][4].
To sum it up, Hoskinson views Ethereum as strangled by third-party scaling solutions and encumbered by structural flaws that could jeopardize its survival.
The crypto world's been buzzing about Ethereum's (ETH) underperformance. The token's slid 46% against Bitcoin since January's opening bell. Meanwhile, funds that bet against ETH are raking in the dough, minting profits in the U.S.[5]
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- Despite Charles Hoskinson's prediction, the crypto world continues to buzz about Ethereum's (ETH) underperformance as the token has slipped 46% against Bitcoin since January.
- Hoskinson, creator of Cardano's flagship altcoin, criticizes Ethereum's foundation for their faulty architecture, slashing economics and Layer-2s, and poor on-chain governance.
- Hoskinson views Ethereum as strangled by third-party scaling solutions and encumbered by structural flaws that could jeopardize its survival.
- In an AMA session, Hoskinson compared Ethereum's potential lifespan to that of Blackberry, suggesting it won't last more than a decade.
- As users eventually jump ship, they might migrate to other performers in the world of altcoins that boast better technology and governance.
- cardano, the altcoin birthed by Hoskinson, could potentially flag a shift in the crypto landscape, as users might look for more robust consensus and governance systems in their future crypto choices.
- In the long run, altcoins like Cardano might eventually perform better than Ethereum, as they adapt to technological advancements and address critical issues regarding architecture, governance, and scalability.
