Long Beach (CoinChapter): Charles Hoskinson held nothing back in a recent live stream on Periscope. The founder IOHK and Cardano blasted Ethereum, calling it a ‘dumpster fire’ in which only a few groups of elites have benefitted. Furthermore, Hoskinson said Cardano was light years ahead of Ethereum with its lower fees and faster transactions. He also claimed Cardano will be the first blockchain to reach one billion users.
Cardano has garnered criticism from those in the Ethereum community who have deemed it a ‘ghost chain.’ They believe it has risen despite the lack of projects on its blockchain. This is something that bothered Hoskinson.
“There’s been a huge amount of intellectual dishonesty, especially coming from the Ethereum maximalists or other actors in the space about the nature of DApps on Cardano,” Hoskinson stated. “Despite the fact that we don’t have full programming ability at the base layer, already applications like shoe authentication on New Balance and cattle authentication with BeefChain are using the metadata features of Cardano. Yet they say, what are the DApps running on Cardano?”
Hoskinson Believes Cardano Is Being Judged On The Same Level as Ethereum
Unlike Ethereum, Cardano is still in its infancy and is currently in a transition phase. This phase starts with metadata, then is followed by tokens, and finally, smart contracts. But Hoskinson believes it is being judged on the same level of Ethereum which has had smart contracts for years.
The Cardano founder also disagreed with the idea that Ethereum applications are being used in day-to-day cases. “$100 transaction fees, yield farming, useless DeFi, NFTs selling for millions that are pointless and useless. There’s no real substance that’s sustainable or viable in the long term.”
One advantage that Ethereum does have is the first-mover advantage. Hoskinson doesn’t believe that will alone can help it sustain long-term, however as first movers leave once better alternatives appear. These projects want to find the most effective program for their applications. Hoskinson believes they will soon realize that is Cardano, and not Ethereum.
“All this DeFi you see, it’s not loyal to its underlying infrastructure. These businesses are not in the game to make Joe Lubin or Vitalik Buterin money. They are there to provide a service. If it’s better, faster and cheaper, with higher liquidity and more users on our chain than another chain, then they’ll migrate over out of self-interest.”