The Ethereum market model is fundamentally flawed and unsustainable in the long run. These are the words of Charles Hoskinson, founder of Ethereum rival Cardano. In a recent Periscope live broadcast, he criticized the DeFi industry, calling most projects useless; DApps that he believes are controlled by only a few people; The very high fees and slow transactions of NFTs and Ethereum, many of which are extremely expensive, were the main subject of criticism.
Hoskinson defended Cardano against allegations of ghost chain. This criticism stems from its constantly rising valuation despite the “lack of noticeable apps running on it”. According to Hoskinson, this criticism is being made on purpose.
Some Thoughts on DApps https://t.co/0rHRxdblPP
— Charles Hoskinson (@IOHK_Charles) March 21, 2021
The mathematician pointed out that Cardano is still in its early stages, but despite this, corporate companies are rushing to develop their network. Hoskinson cited his creation of a shoe verification service on the Cardano network by pointing to giant footwear brand New Balance.
Hoskinson is the founder of Input Output Hong Kong (IOHK), the company behind Cardano. Before founding IOHK, he worked with Vitalik Buterin for nearly two years as one of the core developers who built Ethereum. However, he had a dispute with Buterin over financing and governance issues.
Hoskinson believes Cardano represents the heart of cryptocurrencies, and if it fails, the entire industry will collapse.
If Cardano fails, cryptocurrencies will also fail because we are doing everything right. And we do it in a way that maximizes the egalitarian nature of the system.
Hoskinson: “Ethereum will disappear like Netscape and Myspace do”
Hoskinson continued his harsh criticism of Ethereum. His first criticism is that although alleged otherwise, most decentralized applications (DApps) in Ethereum are “held by a very small group of actors.” In addition, DApps only have a small percentage of users – the rest are ghost applications with no utilities. ”
In 2020, only 31% of new DApps were built on Ethereum. “This trend will continue for cost this year, if not for anything else,” he predicted.
Purpose, widespread speculation, chains of happiness; If there is no real use and utility and the ability to scale to billions of people, you can’t do anything with it.
The current Ethereum market is based on promoting questionable projects and making as much money as possible. This model claimed that “it makes no sense, it has to be immoral, unethical, and illegal.” This model is the reason why an NFT like Homer Pepe is sold for $ 300,000 and other NFTs sell for $ 6 million.
Hoskinson spoke of the risk of exploding Ethereum as a dying project like many other heavyweights in the past. These failed mega projects have failed to evolve and meet the needs of their users.
Do not you believe me? Do something for me; Take out your Blackberry phone, go to Yahoo in your Netscape browser and search for your Myspace profile! Can you do these now? Things can change that quickly.
This is Hoskinson’s latest comment against claims that Cardano is a ghost chain. He recently wrote to Twitter to reveal a Cardano ecosystem showing some of the big companies built on the network. Governments such as Georgia and Ethiopia; Partners such as PwC and Vacuum Labs; Multinational companies such as New Balance and DeFi markets such as Algoz and Bondly.
Hey Ghost Chain carnival barkers, I ran out of space for my picture. I guess I need a bigger one pic.twitter.com/gVXpAfOazd
— Charles Hoskinson (@IOHK_Charles) March 20, 2021