05-19-2023 icon

Cardano Founder Charles Hoskinson Calls Ethereum a Scam

By Lucy Adegbe
Charles Hoskinson

Charles Hoskinson, the founder of the Cardano blockchain, has called Ethereum a scam. In a series of tweets, Hoskinson accused Ethereum of being “a centralized, pre-mined, insecure, and unscalable platform.” He also said that Ethereum is “a graveyard of failed projects” and that it is “time to move on.”

Hoskinson’s comments have sparked a debate within the cryptocurrency community. Some people agree with Hoskinson, while others believe that he is simply trying to promote Cardano.

Ethereum is the second-largest cryptocurrency by market capitalization. It is a decentralized platform that allows for the creation of smart contracts. Smart contracts are self-executing contracts that can be used to automate transactions.

Cardano is a newer blockchain that is designed to be more scalable and secure than Ethereum. It is also designed to be more energy-efficient.

It is unclear what impact Hoskinson’s comments will have on the cryptocurrency market. However, they have certainly generated a lot of discussion.

Some additional details about the controversy include:

  • Hoskinson and Vitalik Buterin, the founder of Ethereum, were once close friends. However, they had a falling out in 2014.
  • Hoskinson has been critical of Ethereum in the past. In 2017, he said that Ethereum was “a security” and that it was “not a decentralized platform.”
  • Ethereum has been criticized for its high gas fees. Gas fees are the fees that are paid to miners to process transactions on the Ethereum network.
  • Ethereum is currently in the process of transitioning to a proof-of-stake consensus mechanism. Proof-of-stake is a more energy-efficient consensus mechanism than proof-of-work, which is the consensus mechanism that Ethereum currently uses.