The founder of IOG, the company behind Cardano proof-of-stake blockchain platform, Charles Hoskinson, has taken to Twitter to comment on an article recently shared by Twitter co-founder and former CEO Jack Dorsey.
The latter is a vocal Bitcoin maximalist, and the article he posted is on how Bitcoiners view the proof-of-stake algorithm. BTC runs on proof of work.
Hoskinson believes that, now, Bitcoin maxis will start attacking Cardano.
Now begins the Era of everyone assuming that all Proof of Stake works like Ethereum's Proof of Stake. The maxis will attack Cardano for slashing and label all the ethereum problems as ours. Thanks Jack https://t.co/XpL4OynoeM— Charles Hoskinson (@IOHK_Charles) September 15, 2022
"Era of everyone assuming that all PoS works like Ethereum's PoS begins"
Hoskinson commented on an article published in late August by a Bitcoin maxi, in which he explains to Bitcoiners how proof of stake works, saying that it is important to know that for future narrative battles in order to be able to "punch back" at the ETH community.
Once Ethereum cleanses itself of the “dirty” and “wasteful” externalities from PoW, we can expect the gloves to come off in the narrative war, and I think Bitcoiners should be ready to punch back.
Among other stones thrown at Ethereum and the proof-of-stake algorithm, the author names the fact that PoS is based on a "negative (penalty-based) incentive system." Among the things these penalties are given for is "slashing."
This is when a miner’s stake in ETH gets slashed for creating ambiguity on the network or by being inactive. Hoskinson stated that Cardano must not be blamed for Ethereum's PoS problems only because both chains now run on the same consensus algorithm.
Dogecoin cofounder Billy Markus assured Hoskinson that he should not worry about what he wrote in his tweet since the majority of crypto users do not understand how PoS and PoW works, though many pretend to.
don’t worry, there’s like 8 people out of the millions of people in cryptocurrency who truly actually understand anything— Shibetoshi Nakamoto (@BillyM2k) September 15, 2022
there are millions of people who pretend to tho
Ethereum Merge to reduce global energy consumption
In a video published earlier today on Twitter, the Cardano founder congratulated the Ethereum community on this achievement – the long-expected Merge in which PoS is implemented.
He compared the switch to the Merge to changing the engine of a car as it continues going at full speed without slowing down the work of the blockchain or any disruption of service to the centibillinial ecosystem of ETH users. He admitted that a lot of hard work had been done to conduct that transition. According to him, the Merge is one of the hardest things that has ever been done in the crypto space.
Hoskinson stated that, as he found in another source, the switch to proof-of-stake from PoW will help the global consumption of energy to drop by 0.2%.
Vitalik Buterin also tweeted the same data, but he cited Ethereum researcher Justin Drake as the author.
The Merge finally took place earlier today, on Sept. 15. The block height is currently 15537393.
After the transition finally took place, Buterin tweeted about that and congratulated the community on the successful completion of the Merge.
And we finalized!— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.