Former Twitter CEO Jack Dorsey’s most recent tweet did not sit well with the creator of Cardano, Charles Hoskinson. Hoskinson took direct aim at the Bitcoin advocate and stated that the Merge will usher in a “era” where all proof-of-stake (PoS) networks will be unfairly categorised as being comparable to Ethereum. Dorsey’s tweet was a response to Hoskinson’s statement that the Merge will kick off a “era.”
According to Hoskinson, one of the most difficult things that has ever been accomplished in the field of digital assets is the much-anticipated Merge of Ethereum’s blockchain. Today, the creator of Cardano sent his congratulations to the Cardano community on this accomplishment. On the other hand, he is of the opinion that Bitcoin maximalists will launch an assault on Cardano when the essential shift of Ethereum from proof-of-work to proof-of-stake takes place.
Bitcoin maximalist Scott Sullivan’s response to Cardano founder
The most recent comment was made in response to Dorsey’s recent citation of a blog post written by a fellow Bitcoin maximalist named Scott Sullivan. The post begins with the statement, “Bitcoiners don’t care too much about what goes on in shitcoin-land,” and it was this statement that prompted the most recent comment. PoW-based systems are superior to PoS-based systems in terms of decentralisation, network security, permission less operation, and incentive structure. It should come as no surprise that Sullivan makes fun of the PoS mechanism by referring to it as “hand-wavy.” He then goes on to explain why this is the case.
The author of this piece is of the opinion that there is the possibility for a narrative war between the two leading cryptocurrencies, and that “Bitcoiners” should be ready to strike back in the event that this occurs. As he adds, “It is worth noting that the Merge has put Ethereum closer to Cardano and many other rivals aiming to develop more efficient and valuable crypto-assets that leverage smart contracts.” This is significant since the Merge has brought Ethereum closer to Cardano and many other competitors. However, there is a significant gap between the two.
One example of this is Ethereum’s version of proof-of-stake, which includes a feature known as “slashing” or a means for punishing “bad actors.” As a consequence of this, a validator that is intentionally acting inappropriately will have some of its corresponding 32 ETH stake removed from it. After a series of repeated slashes, the validator will eventually be kicked from the network. On the other hand, Cardano features what is known as a reward-sharing mechanism that serves the purpose of providing shareholders with an incentive in this respect.
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