Cardano founder Charles Hoskinson is back in the limelight with his recent Twitter musings. Hoskinson emphasized that Ethereum’s implementation of the Proof-of-Stake consensus protocol was flawed as it restricted investors to access their staked ETH.
A shared discord message from an Ethereum developer revealed that there is still some uncertainty regarding the timing of withdrawals even after the Shanghai upgrade.
This was corroborated by a Twitter user @StakeWithPride who shared screenshots from Discord, saying that there is no ETA [estimated time of arrival] for ETH withdrawals.
Many however expected that holders would be able to access their staked Ethereum immediately after the Shanghai upgrade, slated to be six months to a year from now.
In the subsequent screenshots, the head of Serv.eth Support, Micah Zoltu, claimed that the information about withdrawals resuming only after the Shanghai upgrade comes from exchanges. But he admits that it is crucial at this point to allow investors “to exit in 2023, rather than in 2024.”
Hoskinson- Here’s What Makes Cardano Unique From Ethereum
In a previous post, the same Twitter user claimed to have revealed another screenshot from a conversation with Zoltu, who said that Ethereum stakes do not need to withdraw their ETH right immediately and may wait until later because they are wealthy and can afford to buy expensive specialized hardware.
Charles Hoskinson intervened at this very time, criticizing Ethereum for resembling the Hotel California of the cryptocurrency world, a famous song by the American rock band Eagles.
The song was widely believed as an allegory of self-destruction, and greed in the music industry of the late 1970s.
Hoskinson continued by asserting that because ADA is staked without ever leaving a user’s wallet and can be withdrawn at any time, Cardano’s PoS does not necessitate having users’ ADA locked. As a result, in this case, the “needs of users” are given precedence above stakeholder needs.
The IOG founder further said that everyone can stake Cardano‘s PoS protocol; one does not need to be affluent to do so. He underlined that this is a key area where Ethereum and Cardano differ.