Crypto

Charles Hoskinson Attacks Ethereum – BeinCrypto

The founder and creator of Cardano calls Ethereum the “Cryptocurrency Hotel California” in reference to the lyrics “prisoners of our own devices” from the famous song “Hotel California” by the American group The Eagles.

Charles Hoskison, founder and former member of the Ethereum team, denounced the implications of the merger. The latter compares the network to a real prison, with reference to the stanza “We are all here but prisoners of our own device” of the song of the eagles.

The CEO of IOK, the company behind the Cardano cryptocurrency, has been criticizing Ethereum for denying its users access to their tokens. As an example, he took the Kraken exchange, which did not allow its customers to withdraw their staked ETH tokens, and which, for its part, clarified:

“The ETH unlock will not be possible until the Shanghai upgrade is completed, which is expected to happen approximately 6 months after the merge. The incident will be resolved as this limitation does not apply to Kraken – it is a limitation of the Ethereum network itself. »

Compared to its cryptocurrency, which uses a Proof-of-Stake governance model, it claims that users have full access to their tokens. He scored home in a tweet:

“In Cardano, this is called delegation. The tokens are delegated to the staking pool operator. Tokens NEVER leave your wallet and can be withdrawn at any time. »

Kraken is not the only one blocking the ability to withdraw ether on its platform. In a statement released on August 19, 2022, Binance also noted that users will not be able to withdraw their tokens for a period of 6 to 12 months.

“Instead of miners, the people who place the ether will help secure the network. Please note that stakers will not be able to withdraw their staked ETH for six to twelve months after the merge. However, once Ethereum implements the Shanghai Update, the network will allow a total of 40,000 ETH to be withdrawn daily. »

we can read in the press release.

Can’t you withdraw your Ethereum tokens?

Indeed, in their Merger Misconceptions series, the Ethereum Foundation confirmed that staked Ethereum tokens can be withdrawn after the Shanghai Update. To the message:

Misconception: “The merger allowed funds to be withdrawn from staking.”

The Ethereum Foundation replied:

“Fake. Staking withdrawals are not yet enabled in The Merge. The next Shanghai update will allow withdrawals through staking. ETH and staking rewards are still locked with no withdrawal option. Withdrawals are scheduled for the next Shanghai upgrade.”

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