Charles Hoskinson: Cardano is complete, Ethereum will perish like Blackberry.

Charles Hoskinson, CEO of Input Output Global (IOG), stated that Cardano (ADA) is now completed according to the original roadmap. He mentioned that the scaling phase of the network has been completed and current projects such as Hydra – a layer-2 solution, and Leios – an ambitious layer-1 upgrade, are being implemented without secured funding.

"We are doing all the work related to Leios and Hydra with high risk, whether we are funded or not. If we are not funded, we will complete it and seek other opportunities," Hoskinson said.

Debate on funding sources and completeness

IOG was allocated 2.4 billion ADA right from the start to serve the development of the ecosystem. However, a user on social media recently questioned whether Cardano has been completed, while also suggesting a re-audit of the initial funding source. In response, Hoskinson confirmed that the initial funding contract expired in 2020.

Hoskinson recently also called on the community to approve the current budget proposal, emphasizing that the Cardano treasury is holding "a large amount of ADA," and that delays in funding key projects are harming the ecosystem.

"We should not expect perfection, nor should we put pressure on those who have contributed to the ecosystem for many years. I want Cardano to succeed," he stated this week.

Hoskinson also expressed disappointment at a section of community members who are exploiting the budget discussion process to settle personal grievances. Some opponents argue that he should not receive additional funding, citing past failures such as the Atala Prism project in Ethiopia.

In the latest Q&A session, Hoskinson admitted that IOG has made "a lot of mistakes," but also emphasized the significant achievements: "Currently, Cardano is an ecosystem worth about 25 billion USD... millions of participants, thousands of active dApps. Cardano is in the top 10 and is considered one of the biggest successes in the cryptocurrency field."

Nonetheless, he acknowledged that there are still some "dissatisfied" individuals trying to manipulate the process for revenge. However, Hoskinson emphasized that the final decision rests with the authorized representatives: "As a dRep, that is your choice. That is the essence of decentralization."

Ethereum is like Blackberry, self-erasing due to core mistakes

Charles Hoskinson continues to draw attention by comparing Ethereum to Blackberry – a phone brand that once led the market but was quickly replaced by the iPhone. According to him, Ethereum is heading into a similar downfall due to three core mistakes:

1. The accounting model is incorrect.
2. Ethereum virtual machine (EVM) is not optimized.
3. The current PoS consensus protocol is the wrong choice.

Hoskinson specifically criticized the slashing mechanism and the layer-2 ecosystem of Ethereum. He referred to L2s as "parasites," arguing that they are draining value from the main chain, causing the Ethereum chain to gradually lose its intrinsic development momentum. "Vitalik Buterin will find it increasingly difficult to keep everything cohesive," he warned.

In addition, Hoskinson stated that Ethereum lacks a strong on-chain governance system, which is crucial for addressing issues transparently and efficiently.

Currently, ETH's poor performance is in the spotlight as the coin has fallen as much as 46% against Bitcoin since the beginning of the year. At the same time, ETFs that bet on ETH's downside are among the best performers in the U.S. — a negative sign for the network once considered the "king of altcoins."

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Disclaimer*: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions*

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