Cardano (ADA) founder Charles Hoskinson has taken to Twitter to Claim that Ethereum Classic (ETC) is now a “scam” with no “purpose other than to allow insiders to give away their holdings” to unsuspecting investors. Hoskinson, who previously worked with ETC, stated that the project has no “roadmap, innovation, team or vision”, and is only filled with “rage and toxicity”.
Cardano founder supports ethical alternative to scam
Hoskinson’s comments came in response to a Twitter post by the Proof of Work (POW) Summit and raised eyebrows in the cryptocurrency community. Many questioned the timing of Hoskinson’s comments, as ETC has recently seen a surge in price and popularity.
ETC is now a scam whose sole purpose is for Insiders to weed out those who recruit them with blind hope for a magical future that will never come. There is no roadmap, innovation, team or vision. It’s just rage and toxicity. The Twitter account was built from years of effort…
– Charles Hoskinson (@IOHK_Charles) May 19, 2023
According to Hoskinson, the ETC was built from years of effort and marketing at Input Output Global (IOG), a tech firm prominent in engineering and research into blockchain structures, and it was not ethical to commit these followers to a project that is now a scam.
Moreover, Hoskinson believes that Ergo, which he is currently involved in, should have been the same as with ETC. Ergo is a cryptocurrency that focuses on improving the limitations of blockchain technology, such as scalability, interoperability, and security.
The Cardano founder also claims that Ergo continues to innovate, has purpose, good ethical leadership, and funding for the future. He believes that Ergo is a better option for investors looking for a cryptocurrency with a clear vision and roadmap for the future.
Hoskinson’s comments sparked a debate in the cryptocurrency community about the legality of ETC and the responsibilities of developers and industry insiders. While some criticized Hoskinson for his comments, others commended him for speaking out against what he considered unethical practices.
Hoskinson shares tips for ‘safe’ crypto storage
The recent ledger controversy has sparked a discussion among cryptocurrency users about the importance of security in the hardware wallet space. In response to this controversy, Cardano founder Charles Hoskinson Share his thoughts About what users should look for when choosing a hardware wallet.
Regarding Ledger’s argument, I say the following:
1) Always choose open source software whenever possible that has been audited by many sources on a regular basis
2) Security comes from simplicity – design the smallest possible footprint
3) Not updateable…
– Charles Hoskinson (@IOHK_Charles) May 19, 2023
Hoskinson stresses the importance of open source software, which is regularly audited by many sources. This ensures that the software is transparent and that potential vulnerabilities are quickly identified and remedied.
In addition, he suggests that simplicity is key when it comes to security. Designing a hardware wallet with the smallest possible footprint reduces the attack surface and makes it more difficult for hackers to find vulnerabilities.
Furthermore, Hoskinson notes that non-updatable firmware is important when a company makes specific promises about its security model. This ensures that attackers cannot exploit any vulnerabilities discovered after the hardware wallet is released. It is suggested that decentralizing the update process will greatly enhance security in the hardware wallet space.
The Cardano founder also reminds users that people buy hardware wallets for maximum personal security of their funds and not for everyday use or a user experience similar to hot wallets. Hardware wallets are an extreme example of self-confinement and are designed to ensure private keys remain in one place on hard-to-tamper devices.
Featured image from Unsplash, chart from TradingView.com