Charles Hoskinson, the founder of Cardano, strongly disagreed with the most recent tweet from former Twitter CEO Jack Dorsey. Hoskinson claimed that Ethereum’s the Merge will usher in an “era” in which all proof-of-stake (PoS) networks will be unfairly compared to Ethereum.
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 https://t.co/XpL4OynoeM
— Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson says that one of the most challenging things to have ever been done in the crypto sector is Ethereum’s highly anticipated The Merge. The community was congratulated on this accomplishment today by the creator of Cardano. But he thinks that when Ethereum makes the crucial switch from PoW to PoS, Cardano will come under attack from Bitcoin maximalists.
Hoskinson’s remarks come in response to Dorsey’s recently highlighted blog by a Bitcoin maximalist Scott Sullivan that starts by stating, “Bitcoiners don’t care too much about what goes on in shitcoin-land.”
Sullivan calls the PoS mechanism “hand-wavy”
Unsurprisingly, Sullivan calls the PoS mechanism “hand-wavy” and makes fun of it before going on to argue that PoW-based systems are superior to the former in terms of decentralization, network security, permissionlessness, and incentive structure.
The author predicts a potential narrative conflict between the two leading cryptocurrencies and advises “Bitcoiners” to be ready to retaliate in such a case. Sullivan 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 important to note that the Merge has brought Ethereum closer to Cardano and many other competitors that are working to create more valuable and effective crypto-assets that leverage smart contracts.
Billy Markus, a co-founder of the OG memecoin, responded to Hoskinson on Twitter by assuring him that, unlike what many claims, the majority of users in the industry are unaware of how PoS and PoW mechanisms work.