Cardano Founder Criticizes Ethereum's Lack of Governance, Highlights Voltaire Upgrade

Cardano founder Charles Hoskinson has publicly criticized Ethereum, emphasizing the importance of structured governance within decentralized networks. Hoskinson highlighted that Ethereum's lack of governance and decentralization issues are significant drawbacks. He pointed out that Ethereum's upgrade process has been slow, with only one major Ethereum Virtual Machine (EVM) change proposed in the last five years. This slow pace, according to Hoskinson, could hinder Ethereum's long-term competitiveness.

Hoskinson's comments come as he reaffirms his support for the upcoming Voltaire upgrade for Cardano. This upgrade aims to bring structured governance to decentralized networks, allowing for efficient delegation of authority to leaders when necessary. Hoskinson argues that on-chain governance can solve the challenges of decision-making in decentralized ecosystems, striking a balance between security, community involvement, and progress.

The absence of governance, Hoskinson believes, can hinder progress by making decision-making sluggish. In contrast, the presence of governance enables decentralization to facilitate progress. The Voltaire upgrade is designed to reduce coordination costs and allow broader participation from the community, rather than relying on a few influential voices.

Hoskinson's criticism of Ethereum is supported by developer Harikrishnan Mulackal, who discussed the "lack of a clear and cohesive vision for Ethereum and EVM." Mulackal's observations align with Hoskinson's argument that Ethereum's strong decentralization has led to delays in implementing necessary changes.

Cardano's approach to governance through Voltaire is seen as a way to ensure continuous and structured upgrades, keeping the platform adaptable and efficient. This structured governance model is expected to enable Cardano to evolve and solve hard problems more effectively than Ethereum.

At the time of writing, the price of ADA, Cardano's native cryptocurrency, is trading at $0.7168, down 2.85% in the past 24 hours. The Relative Strength Index (RSI) stands at 46.01, indicating that ADA is in neutral territory. The price is hovering around the middle Bollinger Band level of $0.7741, with the upper band at $1.0287 and the lower band at $0.5196. A breakout above $0.7593 (20-day Exponential Moving Average) could signal bullish momentum, while a breakdown below $0.7024 could indicate further downside. For ADA holders, the key is whether these upgrades can translate into price appreciation.