Ethereum Will Peak in Less Than 2 Years but Cardano Also Progresses: Charles Hoskinson

Charles Hoskinson opined that the decentralized computing platform Ethereum would continue growing stronger as its peak would emerge at the end of 2022 or early 2023. However, Cardano is also on the rise, and it aims to grant blockchain solutions to millions of people.

Vitalik’s Youth And Wealth Are Ethereum’s Biggest Advantages

In an interview for Bloomberg, the founder of the proof-of-stake platform Cardano – Charles Hoskinson – forecasted a rather bullish future for Ethereum. The American entrepreneur, who is, in fact, one of the project’s co-founders, believes that it would continue evolving and reach a peak by the beginning of 2023.

He argued, though, that Ethereum’s success would not come because of the technology itself but because of Vitalik Buterin’s youth and wealth. Moreover, the support from large corporations and people with a lot of money would also be beneficial for the expansion:

“Vitalik is a young boy. He’s going to apply his youth and his wealth to things he thinks are right for his ecosystem. And there are a lot of people working with, like ConsenSys, etc., which are definitely big companies and they have a lot of people and money too. When you have that kind of momentum, something is going to happen.”

Hoskinson also spoke about Cardano’s ongoing initiative in Ethiopia, aiming to create a blockchain-based national ID and attainment recording system for five million students. He explained that the move is already highly successful as nearly one million people are already on board. Furthermore, Cardano plans to expand across the entire ID system of Ethiopia:

“Our intention is to compete among others for the entire national ID system, which is approximately 110 million people.”

Still, according to Hoskinson, the Cardano project or any other blockchain platform would not work properly in countries where human rights are neglected, such as China and Saudi Arabia. In fact, the governments would misuse these solutions and even “weaponize” them against the local population.

Ethereum Is Good But Is It Better Than Cardano?

Despite drawing this optimistic prediction for Ethereum now, Charles Hoskinson has always praised Cardano as the better blockchain solution in the past. A few months ago, he even pointed out three major reasons why his project is superior to its rival.

First, Ethereum can only process smart contracts, while Cardano can do that with governance and compliance. Hoskinson added that his project could operate with metadata and also with automated regulation. On top of this, it can bring identity to the blockchain system.

Second, Cardano was built as a collection of protocols to offer economic support to billions of people, specifically in poor regions. Ethiopia, Tanzania, and Georgia are examples where the network cooperated with the local governments to benefit their citizens. In comparison, he mentioned that Ethereum has never done something similar.

Third, Hoskinson opined that Ethereum has a very confusing structure, and the upcoming ETH 2.0 release will lead to the demise of the entire network.