Cardano vs. Ethereum: Hoskinson Lauds ADA's Staking Mechansim

Despite belonging to the same industry, the various networks in the crypto market often engage in conflicts. Ethereum [ETH], in particular, has faced criticism and backlash for its transition to the proof-of-stake [PoS] consensus mechanism. While Ethereum’s staking mechanism has been successful, Charles Hoskinson, co-founder of Cardano, took the opportunity to make a snide remark aimed at the second-largest cryptocurrency network.

In a tweet exchange, Charles Hoskinson called out Vitalik Buterin, the founder of Ethereum. This statement came in response to Buterin’s comments about the challenges associated with staking Ether [ETH]. Buterin previously stated that only a small portion of his Ether is staked as it gets complicated. Buterin pointed out that staking Ethereum involves the need to make the associated keys public, which raises concerns about security. To address this, he suggested using multi-signature transactions. However, he admitted that setting them up can still be challenging.

Hoskinson emphasized that all of Cardano’s native token ADA is staked. This statement implied that Cardano’s proof-of-stake protocol is well-designed and functioning effectively. This was done by indirectly highlighting potential flaws in Ethereum’s approach.

Ethereum’s deposit contract value hits all new high

Following the implementation of the Shanghai upgrade, which introduced the ability to withdraw staked Ethereum, there has been a notable increase in the number of individuals opting to lock their coins in beacon deposit contracts. This surge in staked Ethereum is evident as the amount has rapidly grown and has set a new record since the update.

The number of Ethereum that has been staked has now surged to 25.8 million ETH, marking a new all-time high ATH. At present, this staked amount is valued at over $48 billion.

Source

Amidst this, Ethereum continued to struggle to hit $2,000. At press time, the second largest crypto asset was trading for $1,889.79 with a 2.66% daily surge.

  • ADA
  • Cardano
  • crypto
  • cryptocurrency
  • ETH

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more