• Vitalik Buterin recently revealed the reason why he is staking only a very small portion of his ETH holdings.
• 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.
• Cardano co-founder Charles Hoskinson also commented on this matter and said that all their ADA is staked which is how it’s supposed to be for a properly designed Proof of Stake protocol.
Vitalik Buterin’s Staking
Vitalik Buterin recently revealed in a podcast interview with Bankless last week on June 29 that he is staking only a very small portion of his ETH holdings due to difficulty in setting up multi-sig for safety.
Crypto Community’s Response
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. Others have made similar remarks, suggesting that Vitalik Buterin’s statement implies a lack of trust in his own creation.
Charles Hoskinson’s Comment
Cardano co-founder Charles Hoskinson also commented on this matter and said that all their ADA is staked which is how it’s supposed to be for a properly designed Proof of Stake protocol. He stated: “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 Protocol
The Ethereum blockchain network transitioned to a Proof-of-Stake (PoS) protocol last year with the historic Merge event and its core team members are also in a similar situation as Ethereum co-founder Vitalik Buterin regarding staking ETH – Justin Drake stated that he too was in quite a similar situation and said: “Personally, I’m staking a little bit less than the average…part of the reason [I’m not staking too much] is that when you make the sausage, you know how it is made.“
Conclusion
In conclusion, despite Vitalik Buterin’s explanation being complex, the crypto community has criticized him and Cardano co-founder Charles Hoskinson has lashed out saying all their ADA is staked as opposed to Ethereum where its founders aren’t entirely confident about its protocol yet.