Charles Hoskinson stated he was at a “loss for words” regarding a statement by Vitalik Buterin on ETH staking. Some in the crypto community felt the same way.
Cardano founder Charles Hoskinson published a tweet on June 29 that criticized Ethereum co-founder Vitalik Buterin’s stance on staking ETH. Buterin implied that staking ETH was complicated when it came to safety.
Charles Hoskinson Talks About Vitalik’s Stance
The Charles Hoskinson tweet said he was at a “loss for words” and that “all of our ADA is staked.” He went on to say that “Guess what, that’s how it’s supposed to be for a properly designed proof of stake protocol.”
In the conversation, Buterin offered his reasoning as to why he did now want to stake a big batch of ETH,
“Probably the biggest reason why I am not personally staking all of my ETH and staking a fairly small portion is because if you stake your ETH…the keys that access it have to be public on some system that’s online. For safety, it has to be multi-sig and multi-sigs for staking are still fairly difficult to setup”
Ethereum’s Justin Drake also made remarks that indicated he was in a fairly similar position,
“Personally, I’m staking a little bit less than the average…part of the reason [I’m not staking too much] is that when you make the sausage, you know how it is made.”
Buterin’s reasoning is perhaps complicated, but that has not stopped the community from taking the statement apart. They ask why the community should be comfortable with ETH staking if one of the founders wasn’t.
Community Reacts With Harsh Words
The community has responded quite harshly to the development, with some saying that it was analogous to comparing the founder of Dodge driving only short trips because they don’t feel it is safe for long-distance trips.
Others made similar comments, saying that it sounded like Vitalik Buterin didn’t trust his own product.
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This was the general theme of comments — the idea that the founder didn’t want his own product — and one compared it to “Walt Disney not going to Disneyland.”
Others were more direct, saying that “Ethereum was centralized” and that the founder knew it.
Big Upcoming Upgrade for Cardano
Meanwhile, there have been a number of developments in the Cardano ecosystem, network, and its token ADA.
Most notably, the upcoming Ouroboros upgrade, which many are excited about. The upgrade, which Charles Hoskinson has talked about in the past, will increase the network’s transaction speed by tenfold.
Telecom giant Vodafone has also confirmed rumors that it would use the Cardano network for its first NFT collection. As a result of all this news, Cardano’s TVL has increased considerably, which bodes well for its future.
Cardano staking is also still growing.
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