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Cardano's Hoskinson Takes Jab at Ethereum Staking

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Fri, 30/06/2023 - 6:10
Cardano's Hoskinson Takes Jab at Ethereum Staking
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Cardano's co-founder Charles Hoskinson has taken a swipe at Ethereum, the blockchain he helped create, over its staking mechanism.

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In a pointed tweet, Hoskinson responded to Ethereum founder Vitalik Buterin's comments on the complications of staking Ether, the blockchain's native cryptocurrency.

Hoskinson claimed that "all of our ADA is staked," insinuating that this is how a correctly designed proof-of-stake protocol should operate.

The comments came in reply to a user question about the percentage of Hoskinson's ADA that was staked, compared to Buterin's Ether.

Buterin had previously admitted that he only staked a relatively small portion of his Ether, explaining that the process was complex.

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He noted that staking Ether required the associated keys to be made public, a requirement that raises safety concerns. As a solution, multi-signature (multi-sig) transactions are recommended, but Buterin admits these are still somewhat difficult to set up. "And you know, it gets complicated in a bunch of ways," he added.

Hoskinson's criticism is the latest in a series of swipes at Ethereum. As reported by U.Today, he previously called Ethereum "a dumpster fire." He also forecast that Ethereum could lose its popularity in the same way as older apps like MySpace and Netscape. His prediction suggested that Ethereum might eventually become obsolete, much like those early Internet giants that were eventually superseded by more innovative solutions.

The Cardano founder has also boldly suggested that Ethereum might one day migrate to Cardano, citing the potential for Cardano to become a better, faster, and cheaper platform with higher liquidity and more users

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