IOHK CEO Charles Hoskinson, who created the emerging smart contract platform, Cardano (ADA), has recently stated that Ethereum is committing suicide by deciding to replace the current proof-of-work (PoW) algorithm with Ethereum 2.0, a new protocol. consensus.
In a new interview With Yahoo Finance, Hoskinson stated that Cardano, the third-generation blockchain platform, is currently the market leader in proof of stake (PoS) and is leading the fight for supremacy.
Charles Hoskinson noted:
“We are leading that fight. We were the first to market… The engine does not turn a BMW into a BMW. It's part of that, but you need a complete ecosystem, a complete collection of things.
It is important to say that Ethereum is committing suicide. They are replacing Etheruem with Ethereum 2.0. So Ethereum 2.0 will kill Ethereum 1.0. So, I think that's the Ethereum killer.
We try to do more holistic things. It's not just about being able to process smart contracts. Can you also do that with identity and compliance? Can you do that with metadata? Can you do that with automated regulation? Can you do that on a scale of billions of people? Can you do that with some notion of governance that doesn't require a custodial entity to be always present to look after it?
In terms of governance, the creator of Cardano (ADA) stated that Ethereum 2.0 has been retired, which he said would shorten the ecosystem's existence once the founders retire or lose importance.
He also compared Bitcoin (BTC), the largest cryptocurrency by market capitalization, to a wooden steam engine due to its slow evolution.
"You have those core Bitcoin developers who desperately want to evolve the system – while core developers want to implement multiple enhancements like smart contracts and sidechains, they can't do anything."
Ethereum (ETH) interoperability compared to other protocols
Charles Hoskinson has repeatedly stated that enabling on-chain governance is a vital part of Cardano's development roadmap (ADA). So, he pointed out that Ethereum is not as interoperable as other blockchain projects like Cardano, Polkadot, and others that made sidechains available on their network.
In conclusion, he said that Ethereum 2.0 and Cardano (ADA) have different approaches and user bases, stating that they are both based on different technologies and philosophies.