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Reasons for the Decline of Ethereum, According to Charles Hoskinson

Charles Hoskinson, the founder of Cardano, launched a scathing critique of Ethereum, suggesting 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: weak accounting model, unsuitable virtual machine, and non-optimized 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 deems inefficient: 'They have implemented a lot of strange things, but the consequences are starting to show.'

Charles Hoskinson sees Ethereum's real weakness 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 network cohesion indefinitely by sheer willpower.'