Charles Hoskinson, the founder of Cardano and co-founder of Ethereum
ETH, sounding the alarm: according to him, Ethereum will not survive the next fifteen years. The reason? Questionable technological solutions and defective governance. A warning that will shake the cryptocurrency world and reignite the discussion about the future of major blockchains.
In short
Charles Hoskinson says that Ethereum could disappear within 10-15 years.
He points to three main mistakes in Ethereum: the accounting model, the virtual machine, and inefficient consensus.
He praised the technological strengths of Cardano, particularly the UTXO model and Hydra.
Bitcoin DeFi is expected to surpass Ethereum.
- Reasons for the decline of Ethereum, according to Charles Hoskinson
Charles Hoskinson, the founder of Cardano, sharply criticized Ethereum, stating that the second-largest blockchain network in the cryptocurrency world may not survive the next fifteen years. During the "Ask Me Anything" session broadcast on April 23, he highlighted three main issues: a weak accounting model, an unsuitable virtual machine, and inefficient consensus.
According to Hoskinson, these technical solutions hinder Ethereum's development. He also criticizes the addition of second-layer solutions and complex sharding mechanisms, which he believes are inefficient: "They implemented a lot of strange things, but the consequences have already started to manifest."
Charles Hoskinson believes that the real weakness of Ethereum lies in the lack of a strong on-chain governance system. He thinks that creating an effective governance system will take five to seven years, which could significantly slow down any reforms. He warns: "Vitalik will not be able to maintain the integrity of the network indefinitely by his will."
- Cardano as a reliable alternative?
The founder of Cardano also compared the paths of Ethereum and Cardano. He highlighted the technological solutions for his blockchain network: a RISC-V-based virtual machine, an extended UTXO model, and scalability through Hydra and the sidechain Midnight. He stated: "We have already made the right decisions that Ethereum should have made."
Charles Hoskinson expects that fast and efficient blockchains, along with the growth of Bitcoin in decentralized finance (DeFi), could quickly surpass Ethereum in liquidity and user experience. He points to the danger of "hostile separation" between the first layer of Ethereum and its scaling solutions.
Ethereum is a great project, but it has become a victim of its own success, according to Charles Hoskinson. While Ethereum is experiencing a 30% growth, without a comprehensive reform of its architecture and governance, the blockchain technology could become obsolete, as happened with MySpace or BlackBerry before. A statement that reignites the discussion about the future of decentralized cryptocurrencies.
