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Former Twitter CEO Jack Dorsey’s latest tweet did not sit well with the Cardano creator, Charles Hoskinson, who squarely aimed at the Bitcoin proponent and said the Merge will kick off an “era” where all proof-of-stake (PoS) networks will be unfairly categorized as being similar to Ethereum.
His tweet read,
“Now begins the Era of everyone assuming that all Proof of Stake works like Ethereum’s Proof of Stake. The maxis will attack Cardano for slashing and label all the Ethereum problems as ours. Thanks, Jack.”
Charles Hoskinson Vs. Bitcoin Maxis
According to Hoskinson, Ethereum’s much-anticipated Merge is one of the hardest things that has ever been done in the digital asset space. The Cardano founder today congratulated the community on this achievement. However, he believes the crucial transition of Ethereum from proof-of-work to proof-of-stake would prompt Bitcoin maximalists to attack Cardano.
The latest comment was in response to Dorsey’s recently cited blog post by a fellow Bitcoin maximalist, Scott Sullivan, that starts by saying, “Bitcoiners don’t care too much about what goes on in shitcoin-land.” Needless to say, Sullivan takes a jibe at the PoS mechanism calling it “hand-wavy,” and goes on to explain that PoW-based systems are superior to the former in terms of decentralization, network security, permissionless, and incentive structure.
The writer believes in a potential narrative war between the two apex cryptocurrencies and that the “Bitcoiners” should be prepared to hit back in such as scenario. He writes,
“I think this “upgrade” is still worth paying some attention to. Once Ethereum cleanses itself of the “dirty” and “wasteful” externalities from PoW, we can expect the gloves to come off in the narrative war, and I think Bitcoiners should be ready to punch back.”
It is worth noting that the Merge has made Ethereum closer to Cardano and many other rivals trying to produce more efficient and valuable crypto-assets that use smart contracts. But they are still very much different.
One such is Ethereum’s implementation of proof-of-stake, which has “slashing” or a method to penalize “bad actors.” As such, a validator deliberately misbehaving is slashed, meaning the removal of part of its respective 32 ETH stake. Following repetitive slashes, the validator will subsequently be ejected from the network. Cardano, on the other hand, has something called a reward-sharing scheme that incentivizes shareholders in this regard.
Dogecoin Co-founder Reacts
Billy Markus, the co-founder of the OG memecoin, took to Twitter to assure Hoskinson that the majority of users in the space are not aware of the workings behind PoS and PoW mechanisms, even as many pretend to.
“don’t worry, there’s like 8 people out of the millions of people in cryptocurrency who truly actually understand anything. there are millions of people who pretend to tho.”