The ecosystem of the Ethereum is doomed to collapse in the next 10-15 years due to a large number of fundamental errors, said Cardano founder Charles Hoskinson.
The former co -founder of the Ethereum, Hoskinson in an interview with Coindesk called three problems, which, in his opinion, can entail negative consequences for the ecosystem of the flagship altcoin. This is an ineffective virtual machine, an incorrect accounting model and an erroneous consensus system.
The businessman believes that the Ethereum network did not live up to the expectations of its creators – therefore, without deep reforms, he will not withstand competition with cheaper and quick blockchains and may cease to exist in the rank of a popular cryptocurrency project.
“Despite the fact that the Ethereum is the center of smart contracts and decentralized finance (Defi), he had serious problems with scalability and high transactions,” Hoskinons said.
The founder of Cardano said that the second -level solutions like Arbitrum or Optimism became “partners as necessary”, and instead of support, they are parasitized due to the safety of users and volumes of transactions of the main network. Hoskinson believes that with a more attractive opportunity “they can easily and simply migrate or switch to multi -minute.”
Hoskinson told the interviewers that the Ethereum blockchain has no reliable control, and compared the network format with dictatorship controlled by the co -founder Vitalik Buterin. A year earlier, Hoskinson made a similar statement at the Token2049 conference in Singapore.
In August of this year, Hoskinson criticized banking systems, such as SWIFT, and suggested that they would soon be replaced by blockchains.
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Source: Cryptocurrency
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