Reasons for the Decline of Ethereum, According to Charles Hoskinson

Charles Hoskinson, the founder of Cardano, has launched a scathing critique of Ethereum, pointing out that the second-largest blockchain in the cryptocurrency world may not survive the next fifteen years. During an 'Ask Me Anything' session broadcast on April 23, he highlighted three major design flaws: a weak accounting model, an unsuitable virtual machine, and a non-selected consensus.

According to Hoskinson, these technical decisions hinder Ethereum's ability to evolve. He also criticizes the addition of layer two solutions and complex sharding mechanisms, which he considers ineffective: 'They have implemented a lot of strange things, but the consequences are starting to show.'

Charles Hoskinson believes that Ethereum's real weakness lies in its lack of strong on-chain governance. He believes that building 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 network's coherence indefinitely by sheer will.'