During a Wednesday ask-me-anything (AMA) session, Cardano founder Charles Hoskinson predicted that Ethereum would not be able to survive over the next decade.
“So, I don’t think Ethereum will survive, you know, more than 10 years to 15 years,” he said.
He has predicted that users will eventually migrate to other places.
Hoskinson has compared Ethereum to Blackberry, the once-dominant smartphone maker that went extinct due to the success of Apple’s iPhone.
According to Hoskins, who also co-founded the flagship altcoin, the Ethereum Foundation (EF) did three things wrong. First, he claims that Ethereum has the wrong protocols. “They have the wrong accounting model, they have the wrong virtual machine, and they have the wrong consensus model,” he noted. The current protocol that Ethereum has for proof-of-stake is wrong, Hoskinson says.
He also criticized Ethereum’s slashing economics and layer-2s, which are taking activity away from the main chain. Hoskinson has described L2s as “parasitic,” echoing the criticism of Solana co-founder Anatoly Yakovenko. The L2s will continue to suck all the alpha out of the main chain, he predicts. “People will stop fighting, and it will be harder and harder for Vitalik to hold it together,” Hoskinson added.
Lastly, the Cardano co-founder has opined that Ethereum does not have a robust on-chain governance system that would be needed for efficiently solving the aforementioned issues.
The underperformance of Ethereum (ETH) has been one of the most-talked-about stories in the cryptocurrency world. The token is down 46% against Bitcoin since the start of the year. Meanwhile, the ETFs that allow betting against ETH are some of the best performers in the U.S.
