Weiss Ratings questioned the "Ethereum killers". Cardano is not a scam, says Charles Hoskinson
The growth of fees in the Ethereum network has led to a situation where alternative blockchains have the opportunity to declare themselves and attract users due to the greater availability of operations. Smart contract platforms that use all sorts of approaches to solve the problem of scalability of the original network are singled out in a separate category of "Ethereum killers". Analysts of the Weiss rating agency believe that all of them are still very far from gaining the status of the central element of a decentralized economy.
"Some say that other first-tier networks are catching up with Ethereum, but we treat such claims with great skepticism," Weiss Ratings wrote. – This is the same story as in 2017, when the contenders for the role of Ethereum killers sacrificed all the characteristics of decentralization in order to become cheaper and faster. Everyone knows how it ended."
We are talking about such projects as NEO and EOS, once included in the top of the market, and now are in its third ten. They were replaced by newer smart contract platforms, such as Polkadot and Solana. If we proceed from the value of the respective networks ' own assets, Binance Smart Chain has managed to get closer to Ethereum so far: the rapid growth of BNB occurred precisely against the background of increased activity in the blockchain launched by the exchange. More than 2 million transactions were passed through the PancakeSwap protocol based on BSC over the past day, which exceeds 1.55 million in the entire Ethereum network. By the way, the Ethereum indicator also turned out to be a record, after this week miners began to increase the capacity of blocks.
Weiss Ratings periodically evaluates cryptocurrency projects based on several factors, including technological development, market performance, and distribution level. In the latest version, only two assets received an "A-" rating: Bitcoin and Ethereum. The closest to Ethereum in the Weiss rating was Cardano with a rating of "B". EOS, NEO, Polkadot, Binance Smart Chain, and Tron received a "C+" rating. At the same time, only Cardano and Polkadot were rated "excellent" in terms of technology, Ethereum received "good", and Bitcoin – "satisfactory".
Cardano founder Charles Hoskinson, meanwhile, urged Ethereum supporters calling his project fraudulent to choose expressions. During a recent podcast, Bankless founder David Hoffman spoke about the upcoming improvements to the network of the second largest cryptocurrency, in particular EIP-1559, and at the same time questioned Cardano's ability to become an "Ethereum killer".
"Cardano doesn't even have smart contracts, I'm very skeptical about Cardano. They don't have any apps, you can only do staking and possibly send them. No application layer, no assets, no trading on Uniswap. Probably, Cardano is an outright scam, " Hoffman said, singling out Polkadot as a viable alternative.
Hoskinson seemed upset by this. "It's unbelievable. Every day, some podcaster feels comfortable calling Cardano an " outright scam." It's one thing to say that you're skeptical. It's another thing to call us criminals. Here it is the crypt of 2021. Now you understand why many people don't want to get involved with her, " Hoskinson said. – They ask where our decentralized applications are. It's like asking a person who opens a nightclub that hasn't opened yet why no one goes to it. We're kind of still working."