While Ethereum (ETH) maximalists are hard at work trying to compete for attention and investments Bitcoin (BTC) is getting, their competitors are now focusing on ETH’s weaknesses.
First, Cardano (ADA) Founder Charles Hoskinson has criticized Ethereum 2.0 and its scaling model, while ADA almost doubled in the past seven days.
Then, Binance CEO and Founder Changpeng Zhao criticized Ethereum gas prices and compared them unfavorably to the cost of using Binance Smart Chain (BSC). Meanwhile, binance coin (BNB), is up by 67% in a week, compared with ETH’s 29%.
Cardano makes play for ETH market
At the time of writing (14:49 UTC), ADA, ranked 4th by market capitalization, trades at USD 0.68 and is up by 8% in a day and 97% in a week. It’s up by more 1,039% in a year.
Its rally follows comments made by Charles Hoskinson during an interview streamed live on Wednesday. In it, Hoskinson — who co-founded Ethereum — suggested that Ethereum 2.0 is likelier than Cardano to face difficulties in scaling.
“We’ve chosen radically different scaling models […] I think Vitalik’s are a little bit riskier from an engineering and research point of view. This is why it is so difficult for them to get ETH 2.0 out,” he said.
In particular, Hoskinson drew negative attention towards Ethereum 2.0’s proposed use of sharding, which involves separating a blockchain into individual parts that validate their own transactions and store their own data.
“They have chosen to shard all that stuff. We don’t have to shard. We can get a thousand [transactions per second] on the base level and adding Hydra [a second layer solution on top of the Cardano blockchain] we can get to whatever we want,” he added.