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September 16, 2022

Charles Hoskinson Criticizes Ethereum PoS

Charles Hoskinson, the inventor of IOG and the Cardano blockchain, came to Twitter to comment on a recent letter that was delivered by the Kraken exchange. His tweets focused on the contents of the letter. As stated in the announcement, unstaking of the Ethereum that has been locked there will not be authorized until the next Ethereum upgrade, which will be called Shanghai.

Hoskinson provided a screenshot of a message from Kraken’s support service in which it was stated that unstaking Ethers is now not allowed as a result of the implementation of the Merge. It adds that the only time that withdrawals of staked ETH will be allowed is when the next upgrade to ETH, which is on route to Shanghai, takes place.

According to the announcement, Shanghai will be ready for business about six months following the completion of The Merge. It also suggests that this is not a need or regulation exclusive to the Kraken exchange, but rather a characteristic of the Ethereum network as a whole in its entirety.

Charles Hoskinson did not highlight the fact that Cardano’s proof-of-stake technique is different from Ethereum’s; nevertheless, some of the comments did note this difference. As a response to those who were curious about it, they stated that staking on Cardano does not require stakers to transfer ADA from their wallets, and as a result, ADA may be unstaked at any time.

On September 15, Ethereum engineers carried out the Merge upgrade, which shifted Ethereum’s consensus mechanism from proof-of-work to proof-of-stake. Cardano is also getting ready to celebrate its big day, which is scheduled for September 22 and will occur in conjunction with the upgrade to the Vasil Hard Fork.

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