• Cardano’s Charles Hoskinson recently criticized Vitalik Buterin for only staking a small portion of his ETH holdings.
• Buterin and other core Ethereum team members also said that they are staking less as setting up multi-sig for staking is quite difficult.
• The crypto community responded strongly to this with some comparing it to the founder of Dodge only driving short distances because they don’t trust the car for long journeys.
Vitalik Buterin’s Staking of ETH
Vitalik Buterin revealed last week on June 29 in a podcast interview with Bankless, that he is only staking a very small portion of his ETH holdings. He said that this was because the keys to access them have to be public, using multi-sig for safety but it’s quite difficult to set up multi-sig for staking. Other core team members like Justin Drake also said that they were in a similar situation and were not staking too much due to understanding how it is made.
Cardano’s Charles Hoskinson Responds
The crypto community responded strongly to this statement by Vitalik Buterin, with some comparing it to the founder of Dodge only driving short distances because they don’t trust the car for long journeys. Cardano co-founder Charles Hoskinson has also made a similar comment noting: “I had to listen to this a few times. I’m just at a loss for words. All of our Ada is staked. Guess what that’s how it’s supposed to be for a properly designed Proof of Stake protocol“.
Ethereum Transitioned To PoS
The Ethereum blockchain network transitioned to a Proof-of-Stake (PoS) protocol last year with the historic Merge event which enabled holders of Ether tokens (ETH) become validators on its network and get rewards from block production and transaction fees after locking their coins into deposits or stakes on the network as part of consensus mechanism used by PoS protocols called ’staking‘.
Criticism From Crypto Community
The crypto community has responded strongly to this, with some comparing it to the founder of Dodge only driving short distances because they don’t trust the car for long journeys. Others have made similar remarks, suggesting that Vitalik Buterin’s statement implies a lack of trust in his own creation.
Conclusion
Despite being complex, Vitalik Buterin’s explanation about why he is not personally staking all his ETH led many people from within and outside cryptocurrency space criticize him heavily due its implication that he doesn’t fully trust in his own creation – Ethereum blockchain network proof-of stake consensus algorithm .