The Ethereum system upgrade known as the Merge was executed about two weeks ago. And while things have been running smoothly, not everyone is impressed by the upgrade.
Cardano founder and CEO Charles Hoskinson is among them, telling TechCrunch he didn’t expect Ethereum’s design of Proof-of-Stake (PoS) to be “as rough as it is.”
Prior to the Merge, some crypto community members raised concerns about the PoS method, noting it felt more centralized than decentralized given that four major crypto entities control over half of all staked ETH.
“About 42% of the blocks after the Merge are held by two actors [Lido and Coinbase] and they’re indefinitely locked in Proof of Stake,” Hoskinson said.
Earlier this month, Hoskinson tweeted, “Ethereum is becoming the Hotel California of Crypto.” He said he still holds the view that the second largest cryptocurrency by market cap is like the hotel in the classic Eagles song.
“Ethereum has become the Hotel California of cryptocurrency. You can check in but you can’t check out and that’s just nuts because Cardano doesn’t have that,” Hoskinson said, nodding to his own blockchain. “About 74% of Cardano is staked but it’s liquid — you can move it any time you want. Our consensus method doesn’t require locking.”