IOG founder believes that Bitcoin maxis will now begin attacking Cardano after Ethereum Merge has taken place, DOGE founder says he should not worry about it
Charles Hoskinson, the founder of IOG, the company behind the Cardano proof-of-stake blockchain platform, has taken to Twitter to comment on a recent article shared by Twitter co-founder and former CEO Jack Dorsey .
The latter is a vocal Bitcoin maximalist, and the article he posted is on how Bitcoiners view the proof-of-stake algorithm. BTC runs on proof of work.
Hoskinson believes that now, Bitcoin Maxis will start attacking Cardano.
“Era of everyone assuming that all PoS works like Ethereum’s PoS begins”
Hoskinson commented on an article published in late August by a Bitcoin maxi, in which he explains to Bitcoiners how proof of stake works, saying that it is important to know that for future narrative battles in order to be able to “punch back” at the ETH community.
Once Ethereum clears itself of “dirty” and “useless” externalities from PoW, we can expect to take off the gloves in the narrative war, and I think bitcoiners should be ready to punch back .
Among other stones thrown at Ethereum and the proof-of-stake algorithm, the author names the fact that PoS is based on a “negative (penalty-based) incentive system.” Among the things these penalties are given for is “slashing.”
This is when a miner’s stake in ETH is reduced due to the network becoming opaque or dormant. Hoskinson added that Cardano should not be blamed for Ethereum’s PoS problems simply because both chains now run on the same consensus algorithm.
Dogecoin cofounder Billy Markus assured Hoskinson that he should not worry about what he wrote in his tweet since the majority of crypto users do not understand how PoS and PoW works, though many pretend to.
Ethereum Merge To Reduce Global Energy Consumption
in a video The Cardano founder, published earlier today on Twitter, congratulated the Ethereum community on the achievement – the long-awaited merge in which PoS has been implemented.
He compared the switch to the Merge to changing the engine of a car as it continues going at full speed without slowing down the work of the blockchain or any disruption of service to the centibillinial ecosystem of ETH users. He admitted that a lot of hard work had been done to conduct that transition. According to him, the Merge is one of the hardest things that has ever been done in the crypto space.
Hoskinson said that, as he found in another source, switching from PoW to proof-of-stake would result in a 0.2% drop in global energy consumption.
Vitalik Buterin also tweeted the same data, but he cited Ethereum researcher Justin Drake as the author.
The merger finally took place earlier today, on September 15. The height of the block is currently 15537393.
After the transition finally took place, Buterin tweeted about that and congratulated the community on the successful completion of the Merge.
