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Charles Hoskinson slams Ethereum Classic and cautions on Ledger’s new update

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TL;DR Breakdown

  • Charles Hoskinson, Cardano founder, criticizes Ethereum Classic for lacking strategic vision and innovation, following its refusal to invite rival network Ergo to a Proof-of-Work summit.
  • Hoskinson also voices concern over Ledger’s new upgrade, emphasizing the need for wallets with audited open-source software and non-updatable firmware for enhanced security.
  • He stresses that hardware wallets’ primary purpose should be securing personal funds rather than for daily usage.

In a time when the cryptographic world is continuously evolving, technology magnate and renowned blockchain creator Charles Hoskinson shares his candid and stringent opinions. As the mastermind behind Cardano (ADA), he has proven to be more than just a technology tycoon. But in recent times, Hoskinson’s criticism extends from crypto projects to hardware wallet manufacturers, focusing particularly on Ethereum Classic (ETC) and Ledger, the famous crypto hardware wallet producer.

Hoskinson’s war on ETC continues

There’s a rift in the crypto community. On one side, Ethereum Classic (ETC), a project Hoskinson has repeatedly critiqued, is branded as a dead-end route with no clear innovation or strategy. His critique came as a response to the organization’s refusal to include Ergo (ERG) in a summit focusing on Proof-of-Work, co-hosted by ETC Cooperative and the Litecoin (LTC) Foundation.

Hoskinson’s resentment of ETC is not new. He has been unapologetically vocal about his criticism, which dates back to when he reassigned ETC’s Twitter account to rival Ergo. Despite stirring the ire of the ETC community, Hoskinson stands firm, maintaining that the move was ethical since his company, Input Output Global, was instrumental in building ETC’s Twitter community.

As tensions escalate, Hoskinson’s stark evaluation of ETC portrays it as a deceitful project designed for insiders to mislead recruits with elusive aspirations. He sees Ergo as the manifestation of what ETC could have been—a vibrant, innovative network with ethical leadership and future funding. This feud is just one example of how Hoskinson isn’t afraid to challenge competing crypto projects, previously dubbing Ethereum as the “Hotel California of crypto” and labeling the XRP community as toxic and petty.

From crypto projects to hardware wallets: Hoskinson’s verdict on Ledger

Not limiting his criticism to blockchain projects, Hoskinson recently addressed the upgrade plans of Ledger, the prominent hardware wallet manufacturer. This reaction was spurred by Ledger’s recent announcement that it plans to split a user’s seed phrase into three encrypted parts, raising questions about the security of the devices.

Hoskinson urged the cryptographic community to tread with caution. He advised users to opt for wallets with open-source software that has undergone rigorous audits. Emphasizing the importance of the smallest possible digital footprint and the incapability of updating firmware, he pointed out that this decentralization would bolster security levels.

However, his rebuke of Ledger was underpinned by a fundamental belief about hardware wallets. As the embodiment of self-custody, these wallets are primarily for personal funds security, not daily usage. Users expect their private keys to remain securely in one place—the hardware wallet itself. In this light, Ledger’s proposed changes could potentially infringe on this ‘social contract,’ leading to user migration away from the company.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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