The Founder of Cardano (ADA), Charles Hoskinson, recently expressed his views on Twitter, alleging Ethereum Classic (ETC) is engaged in fraudulent activities. According to Hoskinson, ETC lacks any meaningful objective other than facilitating insiders to offload their holdings onto unsuspecting investors. Hoskinson criticized the project for lacking a roadmap, innovation, a competent team, and a clear vision.
Cardano Founder’s Critical Remarks On Ethereum Classic
Charles Hoskinson’s remarks, triggered by a Twitter post from the Proof of Work (POW) Summit, have generated attention and speculation within the cryptocurrency community. The timing of Hoskinson’s comments has sparked inquiries since Ethereum Classic (ETC) has recently experienced a notable upswing in its price and overall popularity.
Hoskinson believes that Ethereum Classic (ETC) was constructed over several years through extensive efforts and marketing conducted at Input Output Global (IOG), a prominent technology company specializing in blockchain engineering and research. Hoskinson argues that it would be unethical to subject the project’s followers to a scheme that is now considered fraudulent.
Moreover, Hoskinson believes that Ergo, a project he is presently engaged in, should have embodied the qualities and objectives that Ethereum Classic (ETC) initially aimed for Ergo, a cryptocurrency, addresses blockchain technology’s limitations, including enhancing scalability, interoperability, and security.
The founder of Cardano also asserts that Ergo is innovative, has a goal, has morally sound leadership, and has money for the future. He thinks Ergo is a superior option for investors seeking a cryptocurrency with a distinct vision and a strategy for the future.
Hoskinson’s remarks have ignited a discussion within the cryptocurrency community regarding the credibility of ETC and the ethical obligations of developers and industry insiders. While some individuals have criticized Hoskinson’s statements, others have commended him for taking a stand against practices that he deems unethical.
Hoskinson Highlights Key Factors for Secure Hardware Wallets
The controversy surrounding Ledger has triggered a discussion among cryptocurrency users regarding the significance of security in hardware wallets. In light of this, Charles Hoskinson, the Founder of Cardano, has offered his insights on the factors that users should consider when selecting a hardware wallet.
Hoskinson stresses the significance of regularly auditing open-source software from multiple sources, which guarantees transparency and enables the swift identification and resolution of potential vulnerabilities.
Furthermore, he proposes that simplicity plays a crucial role in ensuring security. Creating a hardware wallet with a minimized size reduces the potential for attacks, making it challenging for hackers to identify weaknesses.
The founder of Cardano emphasizes the significance of non-updatable firmware when a company makes explicit security assurances. This guarantees that attackers cannot exploit any vulnerabilities uncovered post-release of the hardware wallet. He proposes that enhancing security in the hardware wallet realm could be achieved by decentralizing the update process.
Additionally, the founder of Cardano cautions users that hardware wallets are not purchased for everyday usage or to provide a similar user experience to hot wallets but rather to maximize the personal protection of their cash. Hardware wallets are an extreme kind of self-custody created to ensure that the private keys remain on hardware that is difficult to tamper with and remain in one location.
Related Reading: | Bitcoin Whale’s Massive Deposit On Binance Raises Eyebrows In Crypto Community |