“Ethereum won’t survive for more than 10 years”: Cardano CEO

Ethereum Network (ETH) doesn’t exceed its most famous time. Their technological advancements and their development do not involve bull markets of their native tokens, ether, but new questions arise in the final hours.

And in addition to that first problem, I also took part in the creation of Ethereum, which was expressed on April 23rd in a series of criticisms of Cardano (ADA) and in this last series of ecosystems, which was a series of criticisms of the ethereum. Your comment, it contains that statement “Ethereum will not survive for more than 10 or 15 years.”covers multiple technical, economic and governance aspects of the network.

Criticism of the Ethereum Participation Test Model

Hoskinson identifies Ethereum’s Consensus Test Mechanism (POS) One of its main structural defects.

According to him, the post-design for that chain was implemented in 2022 after a work test (POW) merged and overly relies on a penalty system known as ‘.Thrashing’. This mechanism punishes validators who act in a malicious way or do not comply with protocol rules and reduces their staking funds.

Hoskinson argues that this approach creates an economy Enter unnecessary friction It harms ecosystem participants. In his opinion, Ethereum’s POS fails to effectively balance the balance between incentives and punishments, which could block participation and weaken long-term networks.

Alternatively, the CEO of Cardano suggests adopting a delegated participation testing model (DPOS) used, for example, in SUI networks (SUI). DPOS can delegate validation to a small group of nodes selected by the community, reducing the complexity and risk associated with it Thrashing.

On the other hand, small groups of nodes selected by the network community can risk centralising consensus power if those nodes operate maliciously.

Ethereum Virtual Machine Questions (EVM)

Another important point of Hoskinson is the virtual machines in Ethereum (EVM), an environment that runs smart contracts on a network. EVM is the spine for the development of Ethereum’s Decentralized Applications (DAPPS) and Decentralized Financial (DEFI). but, Hoskinson considers her It is outdated due to its design and increased complexity.

Hoskinson suggests that EVMs will implement Inefficiency or vulnerability It could be exploited as the network grows, and the lack of flexibility could limit Ethereum’s ability to adapt to new technologies and market needs. While not elaborating on specific EVM alternatives, Ethereum commented that deep restructuring of its technology infrastructure should be considered to remain competitive.

In this sense, Ethereum co-founder Vitalik Buterin himself recently proposed replacing EVM with another virtual machine environment. Reduces transaction processing time User Costas Cryptootics notified. Hoskinson cataloged its possible implementation as a “very good decision.”

Layer 2 solution as a “parasite”

Cardano Co -Founder dedicates a key part of his criticism to the second tier network (L2) as arbitrum and Base.

For Husinson, these solutions do not solve the fundamental problems with Ethereum, They do “parasitic”. L2 claims to extract values ​​from the main network (Main Net) Without contributing to symbiotic relationships that benefit the entire ecosystem.

Instead of resolving Ethereum’s limitations, L2 “continues to suck the whole alpha (value)” Dealing economic activity and users into these secondary tiers. This could, according to Hoskinson’s proverb, weaken Ethereum’s economy and accelerate his decline.

At this point, Cardano CEO is using similarities to disappearing technology companies such as MySpace and BlackBerry to enhance their ideas. Like these companies It collapsed because it didn’t adapt to competition Also, due to structural issues, Ethereum could face a similar destination if L2 continues to “bleed” its main network. However, Hoskinson himself argued that he didn’t know whether the problem could be solved “easy.”

Ultimately, without deepening or discussing, Hoskinson stated that Ethereum’s economic decisions were wrong, showing a “wrong accounting model,” and that Ethereum “has no really good chain governance system.”