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Tron Weekly

06/30/2023

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Cardano Founder Is "At Loss Of Words" Over Vitalik Buterin's Staking Remarks

You are here: Home / News / Cardano Founder Is “At Loss Of Words” Over Vitalik Buterin’s Staking Remarks Charles Hoskinson, the founder of the Cardano Blockchain, expressed shock at Vitalik Buterin’s comments...

Cardano Founder Is "At Loss Of Words" Over Vitalik Buterin's Staking Remarks

You are here: Home / News / Cardano Founder Is “At Loss Of Words” Over Vitalik Buterin’s Staking Remarks

Cardano Founder "At Loss Of Words" Over Vitalik Buterin's Staking Remarks

Charles Hoskinson, the founder of the Cardano Blockchain, expressed shock at Vitalik Buterin’s comments on Staking.

In a video podcast, the co-founder of the Ethereum blockchain revealed that he only stakes a relatively modest amount of his ETH since it is too difficult to achieve his standards for safety.

Hoskinson then noted the irony and remarked, “Guess what, that’s how it’s supposed to be for a properly designed Proof of Stake protocol.”

Buterin has frequently voiced concerns about Ethereum’s consensus mechanism in the past, particularly with regard to re-staking.

Buterin warned against complicating the duties of Ethereum validators beyond their primary responsibility of confirming the fundamental protocol rules and introducing dangers into the ecosystem needlessly.

“We should tread lightly when application-layer projects aim to extend the ‘scope’ of blockchain consensus beyond the validation of essential Ethereum protocol rules,” Buterin stated in the post.

According to him, blockchain communities’ social consensus is a shaky concept, and that 51% of attacks and bugs would still occur.

“But because it has such a high risk of causing chain splits, in mature communities it should be used sparingly.”

Although ETH has the largest validator set among all proof-of-stake chains in terms of the number of validator entities and the total amount of pledged ether, he continues to underline the need for caution.

On the other hand, Cardano’s Hoskinson views staking Ethereum’s [ETH] staking to be problematic.

Hoskinson claimed that because staking on Ethereum entails “temporarily giving up your assets to someone else to… get a return,” it “looks a lot like regulated products.”

Cardano Records One Of The Largest Gains In A Single Day

But Cardano’s approach to staking “makes sense for a sustainable, proof of stake protocol that promotes control by the many instead of the few and creates a large decentralized environment,” he added.

When it comes to price, ADA, Cardano’s native token has experienced one of the highest one-day gains in the past week.

At the time of writing this post, the 7th-ranked asset was trading at $0.29, up by over 6% in the daily index.

Along with the price, ADA also saw an increase in the quantity and number of major transactions, which may lead to an upcoming price rebound.

Data from the crypto intelligence site IntoTheBlock recently revealed that the number of transactions involving the Cardano token that were worth $100,000 or more has increased significantly.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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