John Deaton Reacts As Cardano Founder Bets On Ethereum Demise

Monicah W

ohn Deaton Reacts As Cardano Founder Bets On Ethereum Demise

In the latest development in the blockchain space, Cardano founder Charles Hoskinson shared his thoughts on Ethereum’s potential demise, prompting a reaction from pro-XRP lawyer John Deaton.

Notably, Charles Hoskinson projected the Ethereum blockchain’s possible downfall, commenting that the platform would not survive over the next decade. Acknowledging Hoskinson’s Ethereum roots, John Deaton appreciated his comments as particularly noteworthy.

The Future of Ethereum: Insights from John Deaton and Charles Hoskinson

Recently, the Cardano founder, Charles Hoskinson, predicted that the Ethereum network will collapse in the next 10-15 years. He noted, “So, I don’t think Ethereum will survive, you know, more than 10 years to 15 years.”

In response to his words, XRP attorney John Deaton shared a thread on X. John Deaton acknowledged Hoskinson’s words as insightful and particularly significant, given Hoskinson’s foundational role in Ethereum’s creation.

Deaton also expressed curiosity about others’ thoughts on Ethereum’s future, humbly acknowledging the limitations of his own knowledge on the subject. His X post read,

Fascinating to listen to an Ethereum co-founder opine on whether Ether can even survive. I’m not smart enough to have an opinion one way or the other but would like to know what others think.

Why Ethereum Might Not Last 15 More Years? Charles Hoskinson Explains

In a recent Ask Me Anything (AMA) session yesterday, the Cardano founder expressed concerns about the long-term viability of the Ethereum blockchain. Highlighting the platform’s key mistakes, Hoskinson posited that Ethereum would not exist after some 15 years. This has sparked comments from John Deaton.

Hoskinson’s comments follow his revelations on Cardano’s plans to boost Bitcoin’s adoption in DeFi applications.

What Are Ethereum’s Three Mistakes?

Protocol & Consensus Model: According to Hoskinson, Ethereum’s choice of protocol and consensus model is not sufficient for the network’s needs. In particular, he mentions the current limitations of Ethereum’s Proof-of-Stake (PoS) mechanism.

Layer 2 Scaling Solutions: The Cardano founder slams the blockchain’s adoption of layer 2 scaling solutions, addressing them as “parasitic.”

Governance System: As per Hoskinson, the Ethereum network’s governance system is unsound. He pointed out that the platform’s governance is off-chain, but not on-chain, which could lead to inefficiencies in decision-making and adaptability.

John Deaton’s latest comments on the Cardano founder’s insights on Ethereum come following the former’s recent criticism of Oregon AG Rayfield. The XRP lawyer questioned the AG’s motivations for filing a lawsuit against Coinbase with outdated claims.

The post John Deaton Reacts As Cardano Founder Bets On Ethereum Demise appeared first on CoinGape.

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Mastercard Unveils New Solution To Power Stablecoin Transactions

Mastercard Unveils New Solution To Power Stablecoin Transactions

With its new solution, American fintech giant Mastercard is deepening its ties in the stablecoin and blockchain ecosystem. As announced on April 28, the firm now has end-to-end capabilities that support stablecoins. This is a complement to its earlier push for the technology, at a time when regulatory push has taken a new leap globally.

The Mastercard Stablecoin Solution

The fintech giant said it is advancing the future of payments through stablecoin acceptance and general capabilities. As the company highlighted, the tokens in this niche are evolving from crypto trading tools to solutions that can bring programmability to payments.

The company revealed its recent partnerships with crypto firms to showcase its plans to support the asset class. These partnerships have given the company an integrated 360-degree approach to ensuring stablecoin adoption by businesses.

First, it spotlighted its partnership with MetaMask, Kraken and other crypto exchanges. These partnerships allow users to enter the industry to earn rewards, pay and spend stable tokens through wallets. 

In addition, it reiterated its partnership with merchants like Nuvei, Circle, Paxos, and OKX to enhance the tokens’ overall functionalities. Mastercard plans to lead crypto innovations continually, believing the current approach can make it a major leap.

The Stablecoin Market Outlook

At the moment, the stable token is seeing a major buzz in both crypto and TradFi cycles. With a current market capitalization of $238,391,157,009, many issuers are positioning to take a lead in the market.

While Tether’s USDT and Circle’s USDC dominates the market, new entrants like Ripple USD (RLUSD) are gaining traction. With more consistent RLUSD volume soaring lately, there is a growing speculation the token can compete with the established rivals in the future.

Tether also provided the first attestation for XAUt earlier in the week. With about 7.7 tonnes of gold backing the stablecoin circulation supply, the firm is pushing for more utility for the token.

Crypto Regulation and Implications for Fintech Giants

The shift toward stable assets matches with the growing buzz for regulation in the United States. From the US Securities and Exchange Commission (SEC), to Federal Reserve Chairman’s policy shift, there is a growing consensus to fasttrack stablecoin regulation.

With an August timeline for stable token regulation, most fintech giants are positioning to take advantage of the shift. With a competitive payment landscape and the push for Real World Asset (RWA) tokenization, other Mastercard rivals may also join the trend.

The industry shift, which stems from President Donald Trump’s administration’s pro-crypto stance, is paving a new path for the broader ecosystem. 

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