Charles Hoskinson, the founder of Cardano, stated during an AMA session that Ethereum will face mass user migration over the next 10-15 years. He believes that Ethereum’s current architecture cannot handle scaling demands and contains internal issues.
Hoskinson pointed out that Ethereum’s governance model creates long-term vulnerabilities. Users are gradually migrating to alternative platforms especially with the rise of Layer 2 solutions, he emphasized.
He also mentioned that there needs to be a reevaluation of the approach to Layer 2 networks, as they “parasitize” the main blockchain. According to Hoskinson, many of Ethereum’s problems could have been avoided if the Ethereum Foundation had listened to external advice.
Additionally, he highlighted issues within the Ethereum Virtual Machine (EVM), the Proof-of-Stake algorithm, and the accounting model. Hoskinson believes many of these problems could have been addressed earlier if Ethereum had paid more attention to outside expertise.
Despite the criticism, Hoskinson praised Vitalik Buterin’s recent proposal to replace the EVM with the RISC-V architecture. However, he stressed that technical improvements alone will not solve Ethereum’s deeper problems. Hoskinson believes that unless the accounting model is revised, the blockchain will remain behind more adaptive networks.
It’s worth noting that in September 2024, Hoskinson described Ethereum as a “Buterin dictatorship,” pointing out that the network’s governance model relies too heavily on its co-founder, making it a weak point in the system.
