Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, sounds the alarm: According to him, Ethereum will not survive the next fifteen years. The reason? Questionable technological choices and flawed governance. A warning that shakes the cryptocurrency world and reignites the debate about the future of major blockchains.
In short
Charles Hoskinson says that Ethereum may disappear within 10 to 15 years.
He points to three major flaws in Ethereum: the accounting model, the virtual machine, and inefficient consensus.
He praised the technological strengths of Cardano, particularly the UTXO model and Hydra.
He expects Bitcoin DeFi# to outperform Ethereum.
- Reasons for Ethereum's demise, according to Charles Hoskinson
Charles Hoskinson, the founder of Cardano, launched a scathing critique of Ethereum, indicating that the second largest blockchain in the cryptocurrency world may not withstand the next fifteen years. During an 'Ask Me Anything' session broadcasted on April 23, he highlighted three major design flaws: a weak accounting model, an unsuitable virtual machine, and unselected 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 are considered ineffective: 'They have implemented too many strange things, but the consequences are starting to show.'
Charles Hoskinson sees Ethereum's real weakness as 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 won't be able to maintain the network's cohesion indefinitely by sheer will.'
- Is Cardano a reliable alternative?
The founder of Cardano also compared the paths of Ethereum and Cardano. He highlighted the technological choices of his blockchain: a RISC-V based virtual machine, an extended UTXO model, and scalability through Hydra and the Midnight sidechain. He stated, 'We have already made the right decisions that Ethereum should take.'
Charles Hoskinson expects that fast and layered blockchains, along with the rise of Bitcoin in decentralized finance (DeFi), may quickly outperform Ethereum in terms of liquidity and user experience. He points to the risk of a 'hostile separation' between the first layer of Ethereum and its scalability solutions.
Ethereum is a great project, but it's a victim of its own success, according to Charles Hoskinson. At a time when Ethereum is experiencing a 30% rise, and without comprehensive reform of its architecture and governance, the blockchain technology could become outdated, just like MySpace or BlackBerry before. This statement reignites the debate about the future of decentralized cryptocurrencies.
