NewsletterCardano Founder Calls Ethereum Staking Problematic Amid Ban Rumors
Cardano News: Coinbase CEO, Brian Armstrong’s recent comment over banning crypto staking has taken the digital asset market by storm. The recovering crypto market went on to register a sharp decline. However, Cardano Founder Charles Hoskinson has a problem with the Ethereum staking.
Is Cardano founder going against staking?
Cardano Founder in a statement stated that Ethereum Staking is problematic. He said that giving your asset to someone else in order to get a return looks like a regulated product. Hoskinson mentioned that slashing and bonds are not so good while noncustodial liquid staking, on the other hand, is like the mining pools which have been used for around 13 years.
He added that there has been discussion over what makes sense for sustainability. This included proof of stake protocol that promotes control by the many instead of the few. While it also creates a large decentralized environment.
Meanwhile, locking funds and then encouraging centralization with poor protocol design directly impacts the crypto industry. All proof of stakes protocol might get lumped just because of fundamental misunderstandings around operation and design. Read More Cardano News Here…
However, this is not the first time that the ADA founder has made such comments about a crypto project or watchdog’s activity.
SEC to ban crypto staking?
Brian Armstrong stated that they have got some inside news that the U.S. Securities and Exchange Commission (SEC) is planning to get rid of crypto staking. He called it a terrible decision if this happens.
He believes that staking is a very crucial innovation in the digital asset market. This has allowed customers to jump directly into open networks. However, staking is bringing in positive improvements to the crypto space which includes scalability with increased security. While it reduces carbon footprints.
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