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Cardano Ecosystem

Bitcoinist

05/19/2023

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Cardano Founder Charles Hoskinson Slams Ethereum Classic As "A Fraudulent Project With No Vision"

Cardano (ADA) Founder, Charles Hoskinson, has taken to Twitter to claim that Ethereum Classic (ETC) is now a “scam” and has no “purpose other than to allow insiders to dump their holdings” on unsuspecting...

Cardano Founder Charles Hoskinson Slams Ethereum Classic As "A Fraudulent Project With No Vision"

Cardano (ADA) Founder, Charles Hoskinson, has taken to Twitter to claim that Ethereum Classic (ETC) is now a “scam” and has no “purpose other than to allow insiders to dump their holdings” on unsuspecting investors. Hoskinson, who previously worked with ETC, stated that the project has “no roadmap, innovation, team, or vision”, and is only filled with “anger and toxicity”.

Cardano Founder Backs Ethical Alternative To Scam Operation

Hoskinson’s comments were made in response to a Twitter post by the Proof of Work (POW) Summit and have raised eyebrows in the cryptocurrency community. Many have questioned the timing of Hoskinson’s comments, as ETC has recently seen a surge in price and popularity. 

ETC is now a scam and it's only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It's just anger and toxicity. The Twitter account was built up from years of effort…

— Charles Hoskinson (@IOHK_Charles) May 19, 2023

According to Hoskinson, ETC was built up from years of effort and marketing at Input Output Global (IOG),  a technology company pre-eminent in engineering and research in blockchain structures, and it was not ethical to inflict upon those followers a project that is now a scam. 

Furthermore, Hoskinson believes that Ergo, which he is currently involved with, should have been what ETC is. Ergo is a cryptocurrency focused on improving blockchain technology’s limitations, such as scalability, interoperability, and security.

The Cardano founder also claims that Ergo continues to innovate and has a purpose, good ethical leadership, and funding for the future. He believes Ergo is a better choice for investors looking for a cryptocurrency with a clear vision and a roadmap for the future.

Hoskinson’s comments have sparked a debate in the cryptocurrency community about the legitimacy of ETC and the responsibilities of developers and insiders in the industry. While some have criticized Hoskinson for his comments, others have praised him for speaking out against what he perceives as unethical practices.

Hoskinson Shares Tips for “Safe” Crypto Storage

The recent Ledger controversy has sparked a debate among cryptocurrency users about the importance of security in the hardware wallet space. In response to this controversy, Cardano Founder Charles Hoskinson has shared his thoughts on what users should look for when choosing a hardware wallet.

With respect to the Ledger controversy, I say the following:

1) always choose open source software whenever possible that has been audited by numerous sources on a regular basis

2) security comes from simplicity- Design the smallest possible footprint

3) non-updateable…

— Charles Hoskinson (@IOHK_Charles) May 19, 2023

Hoskinson emphasizes the importance of open-source software audited by numerous sources regularly. This ensures that the software is transparent and that potential vulnerabilities are quickly identified and addressed. 

Additionally, he suggests that simplicity is key when it comes to security. Designing a hardware wallet with the smallest possible footprint reduces the attack surface and makes it more difficult for hackers to find vulnerabilities.

Furthermore, Hoskinson notes that non-updateable firmware is important when a company makes specific promises about its security model. This ensures that attackers cannot exploit any vulnerabilities discovered after the release of the hardware wallet. He suggests that decentralizing the process of updates would greatly enhance security in the hardware wallet space.

Cardano founder also reminds users that people buy hardware wallets to maximize the personal security of their funds and not for daily use or an equivalent user experience to hot wallets. Hardware wallets are an extreme example of self-custody and are designed to ensure that the private keys stay in one place on hardware that is hard to tamper with.

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Cardano ADA’s sideways price action on the 1-day chart. Source: ADAUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

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