Charles Hoskinson, the founder of Cardano and an early Ethereum co-founder, recently stated that Ethereum might not even make it over the next ten years.
💁♂️"I don't think Ethereum will survive, you know, more than 10 years to 15 years," he said during a Wednesday ask-me-anything (AMA) session. Users will eventually go to other places, he has projected.
Although Ethereum remains to hold the second-largest position in the cryptocurrency rankings, why does he claim this?
Let’s make it clear.
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👀 According to him, Ethereum made three mistakes. He starts by saying that Ethereum uses the incorrect protocols. "They have the wrong accounting model, they have the wrong virtual machine, and they have the wrong consensus model," he said. According to Hoskinson, Ethereum's proof-of-stake protocol is flawed.
✅ Additionally, he attacked Ethereum's cutting layer-2s and economics. Ethereum developers are working on a fresh update despite the criticism.
✅ One of Ethereum's Layer 2 projects, Scroll, just revealed a massive update known as "Euclid." This is expected to improve network performance and reduce gas prices by 90%.
The team says it’s the biggest update since launch, so ETH isn’t going down without a fight.
✅ Finally, based on the Cardano co-founder, Ethereum lacks a strong on-chain governance framework, which is necessary to effectively address the previously described problems.
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The price of ETH is still struggling
Ethereum is developing new features, but its native coin is struggling—it has dropped 46.68% since the year began. Although Hoskinson's remark may come across as harsh, it actually captures a growing community concern.