The creation of Ethereum was heavily praised as it represented the next generation of blockchain technology with programmable blockchains with their smart contract capabilities. The possibility and potential of smart contract blockchains, like Ethereum, are quite astounding.
However, the growth and expansion of Ethereum, the original in this space, has been rather slow and muted with much criticism coming it’s way recently. Ethereum is looking to move from proof-of-work to proof-of-stake, but the princess in getting this right has been hampered and is still on an uncertain timeline.
Now, one of the co-founders of Ethereum, Charles Hoskinson, who is now better known for his work in another smart contract platform called Cardano, has outlined why he believes Ethereum is in such a quagmire, and it involves some unpleasant words against his former colleague, Vitalik Buterin.
Too much about Buterin
Hoskinson believes that one of the main reasons why Ethereum’s development has struggled is that too much hinges on Vitalik Buterin personally, he explained to Cointelegraph.
“So, basically Ethereum moves at the speed of Vitalik. So if he knows how to do something very well and he’s become very competent in something, they have a handle on it. But when you’re talking about research, when you’re talking about actually delivering a product to market, these are things that require experience.”
According to Hoskinson, it shows that Ethereum is Vitalik’s first major project:
“He’s never done any of this before. This is his first company, his first project. He was never a researcher, was never a CEO.”
Blue sky thinking
Ethereum is also suffering from over-optimism, according to Hoskinson who has added that there are unrealistic expectations around Ethereum as the original smart contract platform.
“I think that the marketing of Ethereum, I think that the culture of Ethereum was not so good at managing expectations and things that are going to take 5, 10, 20 years, whether they be decentralizing the Web, creating a new token economy, scalability of these things are very difficult and each and every one of them requires a lot of very hard work, both on the scientific side and on the engineering side,” he added.
And there’s just this raw belief that exists within the Ethereum community that somehow it’s all going to work its way out and it’s going to be done in a matter of months or years as opposed to decades.”
Hoskinson suggested that there may be some also disingenuity involved in the way project is marketed:
“Why was there such a big fight about ProgPow? Why were they even trying to change the proof of work algorithm if they’re switching to proof-of-stake? Why would you even bother? Because you’re going to get rid of proof-of-work, right?”