For now Bitcoin is trying to reach the $100 thousand mark.The second most important cryptocurrency, Ethereum (ETH), is still lagging behind. Ether’s value is hovering around $1,772 (down 63.84% from its all-time high of $4,891 set in 2021). ETH has repeatedly been the subject of jokes because of its stagnant value. And recently, Charles Hoskinson, the founder of the Cardano blockchain, said that Ethereum would not last even 10–15 years.
Hoskinson said that despite having the largest total blocked volume (TVL) of any network, Ethereum has three major flaws in its structure.
«They have the wrong accounting model, they have the wrong virtual machine, and they have the wrong consensus model».
Hoskinson, who was also a co-founder of Ethereum, criticized the economic problems and the use of Layer-2 (L2) solutions. According to him, L2 has become «parasitic». The Cardano founder argues that these networks do not solve the main scalability problems of Ethereum, but instead pull value away from the main chain. To get back on track, the platform needs to address this.
He compared the situation around Ethereum to former tech giants Myspace and Blackberry, which he cited as examples of early innovators that eventually failed due to competition and poor management.
«I don’t think Ethereum will survive more than 10 years to 15 years. The layer 2s will continue to suckle out all of the alpha,» Hoskinson said.
In addition, he believes that users will gradually switch to other platforms, and Ethereum will be eclipsed by Bitcoin’s decentralized finance (DeFi) ecosystem, whose TVL will become much larger.
Source: CryptoPotato