Ethereum (ETH) is about to undergo a major transformation. Ethereum co-founder Vitalik Buterin recently revealed his plans to redesign the blockchain’s staking process. During an interview in Turkey, Buterin spoke about the current issues with centralizing staking within Ethereum, specifically referring to the challenges associated with multiple staking pools and the difficulty of solo staking. Buterin considers these problems “not really healthy” for the network.
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ETH strike: An urgent revision needed
Charles Hoskinson, founder of rival Cardano (ADA), responded to Buterin’s statements with notable sarcasm. Hoskinson, who co-founded Ethereum with Buterin, has often criticized his former colleague and his project.
Don’t worry, Ethereum 3 will take care of everything!
— Charles Hoskinson (@IOHK_Charles) November 24, 2023
His latest response: “Don’t worry, Ethereum 3 will solve everything” brings a sharp twist to the ongoing debate between the two crypto networks.
This is not the first time Buterin has spoken about the need for an overhaul of Ethereum’s staking system. Earlier this year, Hoskinson and the Cardano community repeatedly criticized Buterin for admitting to certain inconveniences in the stake system introduced by Ethereum. The criticism focused on Buterin’s consideration of introducing features that Cardano had already implemented to make ADA use easier for its users.
ETH price is doing good business
The fact that Hoskinson is criticizing the Ethereum network is not in itself unusual, as he does so on a regular basis, but makes it clear that he does not believe that Ethereum and Buterin can achieve significant improvements with a revised version of the staking process.
At the same time, the ETH price is currently performing quite well. While the second-largest cryptocurrency hasn’t really been able to keep up with the price of Bitcoin (BTC) in recent weeks, that now appears to be changing. Bitcoin’s dominance is decreasing and altcoins are also making serious moves. Additionally, the on-chain data on the Ethereum network is positive. Many new wallets are emerging and large investors, the so-called whales, seem to be buying in on a large scale.
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