Charles Hoskinson, the founder of the Cardano network and former Ethereum developer, has taken to X (formerly Twitter) to share his view on Ethereum’s approach to blockchain innovations that the Cardano team is already developing.
On November 24, Ethereum founder Vitalik Buterin was interviewed by DeFi and NFT platform Defiant in Turkey, where he discussed the Ethereum roadmap and proposed redesigning Ethereum’s (ETH) staking system to promote healthier mining and staking pools, thereby enhancing decentralization.
During the interview, Buterin talked about adopting the UTXO approach, which relies on unspent transactions to address the network’s challenges. Notably, this model is different from Ethereum’s current account-based system and is used by some blockchains, such as Cardano and Bitcoin.
What is UTXO?
The Unspent Transaction Output (UTXO) is the amount of digital currency remaining after a cryptocurrency transaction is executed. This model provides users with enhanced control over their financial transactions, especially crucial for issues like preventing money laundering and terrorism financing.
By allowing users to specify and understand exactly who they are receiving funds from, the UTXO model aims to bring a higher degree of traceability and security to financial transactions, a level of control and transparency that is increasingly important in our digital age.
Hoskinson’s and Community Response
In response to Buterin’s interview, the crypto community pointed out that this solution is similar to the approach Cardano has already taken with its staking system. Hoskinson also responded to the interview by tweeting a notably sarcastic remark. He wrote:
“No worries, Ethereum 3 will have it all sorted.”
Upon seeing Hoskinson’s tweet, a user in the community criticized him saying he was “fueling hostilities”. The Cardano founder replied that his tweet bore no negative feelings but rather an expression of his confusion. He added:
“I am truly at a loss that Cardano can never be mentioned as an innovative ecosystem over team E. V is rediscovering what we’ve been working on for almost a decade, and it’s like a new revelation.”
Hoskinson’s recent criticism of Ethereum’s staking system is not the first. Earlier this year, he stated that he was at a “loss for words’ regarding a statement by Buterin on ETH staking.
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