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Cardano founder Charles Hoskinson calls Ethereum “Cryptocurrency Hotel California”. Background: The song “Hotel California” is about a prison from which no one escapes.
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Ethereum’s Cardano founder criticized – again
Cardano (ADA) founder Charles Hoskinson called Ethereum (ETH) the “California Hotel Cryptocurrency”. He is responding to a tweet claiming that withdrawals of ETH stakes may be delayed over the Shanghai upgrade.
Notice
Background to tweet: “Hotel California” is about a prison from which no one can escape.
Ethereum is becoming the Hotel California of Crypto https://t.co/oRUw4kxvfS
— Charles Hoskinson (@IOHK_Charles) September 16, 2022
A screenshot from the Ethereum developers Discord group shows Micah Zoltu, founder of Serv.eth Support. He says: All documents and publications make it clear that there is no waiting time for withdrawals from pledged ETH.
If only there was a way to implement proof of stake that doesn’t require locking up assets like this….. https://t.co/FldEPOfIau
— Charles Hoskinson (@IOHK_Charles) September 15, 2022
The screenshot reads:
“Sure, I’m not advocating that we never do withdrawals. I don’t think there is any particular urgency. I think there are other things far more important to the long-term health of Ethereum than the stakeholders being able to take off in 2023 and not 2024.”
The comment appears to be in response to Kraken’s email telling customers that they won’t be able to access their pledged ETH until after the Shanghai upgrade.
The Shanghai upgrade is expected to take place six to 12 months after The Merge. Many in the community expect to be able to access their Ethereum stake by 2023 after the Shanghai upgrade. But the latest information from the Ethereum Discord developer group suggests otherwise.
The Ethereum Foundation also said that “the Shanghai upgrade will allow for stake withdrawals.”
Hoskinson questions Ethereum’s stacking mechanism
Charles Hoskinson is now questioning Ethereum’s staking mechanism, commenting that if there isn’t another way to “implement Proof of Stake that doesn’t require asset locking like this one”.
Unlike Ethereum’s PoS, Cardano’s PoS does not require users to lock their assets. Because: The staking takes place directly from your wallet, the amounts can be withdrawn at any time.
Ethereum developer Micah explains his position on why withdrawals are not a priority. In his view, stakeholders are rich and can afford the expensive hardware required for stacking.
Stakers on Cardano are everyday people who don’t need to be rich. I think that’s the philosophical difference https://t.co/ScJ6hZKlMi
— Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson agrees and also emphasizes that Cardano’s stake holders are “absolutely ordinary people”, in contrast to the wealthy ETH stake holders.
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Text credit: Cryptoslate
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