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Cardano founder Charles Hoskinson calls Ethereum the “Cryptocurrency Hotel California”. Background: The song “Hotel California” is about a prison that no one can escape from.
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Cardano founder criticizes Ethereum again
He named Cardano founder (ADA) Charles Hoskinson Ethereum (ET) the “Hotel California Cryptocurrency”. He replies to a tweet stating that he is staking withdrawals ET it may be delayed beyond the Shanghai update.
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Context of his tweet: “Hotel California” is about a prison from which no one can escape.
Ethereum becomes Crypto’s Hotel California https://t.co/oRUw4kxvfS
– Charles Hoskinson (@IOHK_Charles) September 16, 2022
A screenshot from the developer discord groupEthereum shows Micah Zoltu, the founder of Serv.et Support. It says: All the documentation and publications have clearly stated that there is no set time for withdrawals fromET pointed.
If only there was a way to implement proof of participation that doesn’t require freezing of assets like this … https://t.co/FldEPOfIau
– Charles Hoskinson (@IOHK_Charles) September 15, 2022
The screenshot shows:
“Of course, I’m not saying we never make withdrawals. I don’t think there is any particular urgency. I think there are other things that are much more important to long-term health thanEthereum that the fact that stakers can take off in 2023 and not in 2024 “.
The comment appears to be a response to Kraken’s email telling customers that they won’t be able to access theirs ET only aimed after the Shanghai update.
The Shanghai upgrade is expected to take place six to 12 months after the merger. Many community members expect to be able to access theirs Ethereum in staking by 2023 after the Shanghai update. But the latest information from the developers discord group ofEthereum suggest otherwise.
The foundation Ethereum he also stated that “the Shanghai update will allow for staking withdrawals”.
Hoskinson questions Ethereum’s staking mechanism
Charles Hoskinson now questions the staking mechanism ofEthereumcommenting if there is no other way to “implement proof of participation that does not require locking resources in this way”.
Unlike the PoS ofEthereum, Cardano’s PoS does not require users to lock their resources. Why: Staking is done directly from your wallet, sums can be withdrawn at any time.
The developer ofEthereum, Micah, explains his position on why removals are not a priority. According to him, stakers are wealthy and can afford the expensive equipment needed for staking.
Cardano stakers are ordinary people who don’t need to be rich. I guess that’s the philosophical difference https://t.co/ScJ6hZKlMi
– Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson agrees and also points out that the Cardano stakers, unlike the wealthy stakers of theETthey are “completely normal people”.
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Text credit: Cryptoslate
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