Charles Hoskinson, founder of Cardano, has sharply criticized the SEC's policies and Ethereum's slow upgrade process. He proposes improvements in governance for sustainable blockchain development.
Criticism of the SEC
Charles Hoskinson criticized the U.S. Securities and Exchange Commission (SEC) for its aggressive stance on the crypto industry. He highlighted the significant damage caused by regulatory crackdowns, including millions in legal fees and billions lost from market caps. Hoskinson emphasized that regulators should take accountability for their actions.
Ethereum's Slow Development
In addition to attacking the SEC, Hoskinson also pointed out the slow upgrade process of Ethereum. He compared Ethereum's inefficiencies to Cardano's structured governance method. According to him, Ethereum lacks a clear vision and struggles with decision-making. Solidity expert Harikrishnan Mulackal noted that Ethereum has seen only one significant Ethereum Virtual Machine (EVM) update in the past five years, which has hampered innovation and slowed network improvements. Excessive decentralization has made Ethereum's development process cumbersome.
Innovations in Cardano Governance
Cardano's Voltaire update, according to Hoskinson, aims to address governance issues. Cardano's methodology allows for ongoing updates, unlike Ethereum. Voltaire also hopes to reduce coordination costs and promote broader community involvement. Cardano's governance structure allows for much quicker and more effective decision-making, ensuring decentralized yet organized governance. This model is intended to be adaptive and sustainable in the long term.
In conclusion, Hoskinson sees threats in the SEC's policies and Ethereum's sluggishness, proposing an improved governance model for the future development of blockchain technologies.
