The Ethereum System upgrade known as Merge was performed about two weeks ago. And while all goes well, not everyone is impressed with the upgrade.
Cardano founder and CEO Charles Hoskinson is one of them, telling TechCrunch that he didn’t expect Ethereum’s Proof-of-Stake (PoS) design to be “as crude as it looks.” ‘is”.
Prior to the merger, some members of the crypto community raised concerns about the PoS method, noting that it felt more centralized than decentralized given that four major crypto entities control more than half of all ETH staked.
“About 42% of the blocks after the merger are held by two players [Lido and Coinbase] and they are locked in Proof of Stake indefinitely,” Hoskinson said.
Earlier this month, Hoskinson tweeted, “Ethereum is becoming Crypto’s Hotel California.” He said he is still of the opinion that the second largest cryptocurrency by market capitalization is like the hotel in the classic Eagles song.
“Ethereum has become California’s hotel for cryptocurrency. You can register but you can’t verify and it’s just crazy because Cardano doesn’t have that,” Hoskinson said, nodding its own blockchain.” About 74% of Cardano is staked but it’s liquid – you can move it anytime. Our consensus method does not require locking.