Charles Hoskinson, the former co-founder of Ethereum and founder of Cardano, has expressed uncertainty over the future of Ethereum, owing to its so-called wrong protocols, accounting models, consensus models, and even virtual machines.
In a recent ‘Ask Me Anything’ episode with Altcoin Daily, Charles claimed that Ethereum may not even survive the upcoming decade, as Bitcoin DeFi can overshadow it.
During the AMA session, a user had asked, “If you were doing the Ethereum Foundation, what would you do differently? In a broad sense.”
Charles answered by saying that Ethereum has wrong protocols, accounting models, consensus models, and even virtual machines. He also added that it lacks a satisfactory on-chain governance system. Furthermore, it features a parasitic Layer-2 system.
I don’t think Ethereum will survive, you know, more than ten or fifteen years. The Layer-2s will continue to suckle out all of the alpha. People will start fighting, and it will get harder and harder for Vitalik (Buterin) to be able to hold it together through sheer force of will, and users will gradually migrate to other places, and then they are going to get eclipsed by Bitcoin,” said Charles.
The former CEO of Ethereum also stated that Ethereum is a brilliant project, but it is just a victim of its success, like MySpace or BlackBerry. He underlined that Ethereum’s increasing complexity and reliance on outside scaling solutions might cause it to become obsolescent.
Charles Hoskinson had joined hands with Vitalik Buterin to create Ethereum in 2013, but left the company after they removed him in the following year over a dispute about whether the project should be commercial (Hoskinson’s view) or a nonprofit (Buterin’s view).
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