Courtesy of Charles Hoskinson’s Twitter
- Again, Hoskinson refers to a big problem in the Ethereum blockchain despite the recent meltdown.
- The IOG founder also said that Cardano stakingrs don’t need to be rich to participate in Cardano staking, unlike Ethereum stakingrs.
IOG creator Charles Hoskinson shared his thoughts regarding Ethereum’s recent move from a proof-of-work (PoW) network to a proof-of-stake (PoS) network. Compared to a PoW, a PoS network requires less power to support a chain. In a recent tweet, Hoskinson called Ethereum California’s crypto hotel even though he was one of the founders of the popular network.
Hoskinson made the comments following a revelation that the Kraken exchange is preventing users from withdrawing their staked Ethereum tokens until Shanghai upgrades. The Shanghai upgrade is the next scheduled Ethereum upgrade and is not expected until at least six months after the merger. Kraken customer support explains that the Ethereum blockchain is responsible for this restriction, not theirs.
This is the second time in a short time that the founder of Cardano has commented on Ethereum’s recent PoS switch. Hoskinson said there is a better way to implement the PoS protocol in his previous comment. Next, he added that users’ ADA is not locked due to Cardano PoS because staking happens without users leaving their wallet, and they can withdraw their coins at any time. Hoskinson’s Hotel California analogy is taken from the Eagles band’s classic song, “Hotel California”.
Ethereum becomes California’s crypto hotel https://t.co/oRUw4kxvfS
—Charles Hoskinson (@IOHK_Charles) September 16, 2022
Part of the song’s lyrics state, “we’re all just prisoners of our own device.” Surprisingly, Twitter user @stakewithpride commented in the tweet thread that there is no estimated time plan for eth withdrawals. Additionally, Ethereum has not officially stated that withdrawals are planned for Shanghai.
He added some screenshots from the Discord channel to prove his point. Serveth Support founder Micah Zoitu further stated that it was the exchanges that started the rumors about ETH withdrawals after the Shanghai upgrade. Still, Zoitu said it was crucial at this point that Ethereum allowed investors “to exit in 2023, not 2024.”
Cardano stakers don’t need to be rich like Ethereum stakers
In a separate screenshot, @stakewithpride shared his chat with Zoitu, with the latter explaining that Ethereum stakers can afford not to withdraw their eth immediately but can wait until later. According to Zoitu, Ethereum players are wealthy and have the resources to purchase expensive specialized hardware.
Therefore, the priority here is the needs of the users and not the needs of the stakers. Hoskinson also commented on the couple’s discussion, saying that Cardano stakers are ordinary people. They don’t need to be rich to be involved in Cardano staking. Hoskinson reiterated that this is a crucial difference between Cardano and Ethereum.
Cardano stakers are ordinary people who don’t need to be rich. I guess that’s the philosophical difference https://t.co/ScJ6hZKlMi
—Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson is no stranger to controversy. Earlier in the week, he also tweeted that Ethereum’s PoS switch marks the start of an era where everyone will assume that all PoS networks operate the same as Ethereum’s PoS. He added that Bitcoin maxis would attack Cardano and label all Ethereum problems as Cardano.
However, dogecoin co-founder Billy Markus assured the Cardano founder that he shouldn’t be worried about his tweet as many in the crypto space cannot tell the difference between PoS and PoW; they only pretend to understand.