Charle Hoskinson attacks Ethereum – BeinCrypto

The founder and creator of Cardano calls Ethereum the “Hotel California of Crypto” in reference to the lyrics of “prisoners of our own devices” from the famous song “Hotel California” by the American band the Eagles.

Charles Hoskison, Founder and Former Ethereum Team Member stepped up to denounce the privative effects of The Merge. The latter compares the network to a real prison in reference to the stanza “ We are all just prisoners here of our own device from the Eagles song.

The CEO of IOK, the company behind the Cardano cryptocurrency, criticizes Ethereum for depriving its users of the possibility of accessing their staked tokens. He took as an example the Kraken exchange which did not allow its customers to withdraw their staked ETH tokens and, which on its side clarified :

“Unlocking for ETH will not be possible until the Shanghai upgrade is complete, which is expected to take place around 6 months after the merger. The incident will be resolved as this limitation is not specific to Kraken – it is a limitation of the Ethereum network itself. »

In comparison to its cryptocurrency, which uses the proof-of-stake governance model, it claims that users have full access to their tokens. He hammered in a tweet:

“In Cardano, this is called delegation. Tokens are delegated to a staking pool operator. Tokens NEVER leave your wallet and can be decommitted at any time. »

Kraken is not the only one blocking staked ether withdrawal options on its platform. In a statement issued on August 19, 2022, Binance also noted that users will not be able to withdraw their tokens for a period of 6 to 12 months.

“In place of miners, people who place ether will help secure the network. Note that stakers will not be able to withdraw the ETH they have staked for six to twelve months after the merger. However, once Ethereum implements the Shanghai upgrade, the network will allow a total of 40,000 ETH in daily withdrawals. »

can we read in the press release.

Can’t you really withdraw your Ethereum tokens?

Indeed, in his series Misconceptions about The Merge the Ethereum Foundation has confirmed that staked Ethereum tokens will be available for withdrawal after the Shanghai Update. To the message:

Misconception: “The merger enabled staking withdrawals.”

The Ethereum Foundation responded:

” Fake. Staking withdrawals are not yet enabled with The Merge. The next Shanghai update will enable withdrawals through staking. ETH and staking rewards continue to be locked with no possibility of withdrawal. Withdrawals are scheduled for the next Shanghai upgrade. »


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Charle Hoskinson attacks Ethereum – BeinCrypto

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