Last updated on May 18th, 2024 at 11:42 am
Charles Hoskinson, the founder of the Cardano blockchain has questioned the Ethereum staking mechanism in a recent tweet. The American entrepreneur who is also a co-founder of Ethereum has taken a jab at the staking mechanism behind the project.
In a recent virtual podcast, Vitalik Buterin, Ethereum co-founder revealed that he only staked a small portion of his ETH citing safety and complications as a reason. According to him:
“if you stake your ETH, the keys that access it has to be public, for safety it has to be a multi-sig, and multi-sigs for staking are still very difficult to set up and it gets complicated in a bunch of ways.”
A Twitter user went on to tag Charles Hoskinson in the post, asking what percentage of his Cardano (ADA) is staked.
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Vitalik stakes only a fairly small portion of his $ETH because meeting his bar for safety is too complicated.@IOHK_Charles what % of your $ADA is staked? #Cardano pic.twitter.com/hlq6LELDpF
— St₳kΣ with Pride 🌈 (@StakeWithPride) June 29, 2023
Responding to the user, Hoskinson claimed all of their ADA tokens are staked, stating that a “properly designed Proof of Stake protocol” should be that way.
Also Read: Coinbase Files Motion to Dismiss SEC Lawsuit
Hoskinson’s previous jabs at Ethereum
Meanwhile, this would not be the first the Charles Hoskinson is taking a swipe at Ethereum staking. Back in February, he called the Ethereum staking mechanism “problematic” while responding to a tweet from Brian Armstrong – Coinbase founder – who tweeted about a rumor of the U.S. SEC getting rid of crypto staking in the country.
“Ethereum staking is problematic. Temporarily giving up your assets to someone else to have them get a return looks a lot like regulated products,” he said.
Ethereum staking is problematic. Temporarily giving up your assets to someone else to have them get a return looks a lot like regulated products. Slashing and bonds not so good. Non-custodial liquid staking on the other hand is like the mining pools we've used for 13 years
— Charles Hoskinson (@IOHK_Charles) February 9, 2023
Also, in May, Hoskinson referred to Ethereum Classic as a “scam” in a tweet, saying the project has no roadmap, vision, or innovative team. According to him, the purpose of the project “is for insiders to dump on those they recruit with blind hope of some magical future that will never come.”
In fact, he forecasted that Ethereum could one day lose its popularity in the same way older apps like MySpace and Netscape did. He has also said that Cardano has the potential to become a faster, cheaper, and better platform with more users and higher liquidity than Ethereum.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.