UPDATE: #Cardano $ADA Founder Charles Hoskinson says "Ethereum thinks they're just gonna copy paste the Bitcoin UTXO model and put smart contracts on it. I got a news flash for you, you can't do that. I spent 11 years figuring out how to do this, writing papers, building code."

What happened

Charles Hoskinson, founder of Cardano, said on X that Ethereum cannot simply copy Bitcoin's UTXO model and add smart contracts. He claims he spent 11 years working on this problem, writing papers and building code.

Confirmed

Global impact / market context

This public criticism could affect investor confidence in Ethereum's technical roadmap and Cardano's competitive position. If Ethereum's approach is flawed, it may impact its adoption and value, while highlighting Cardano's potential advantages in smart contract functionality.

Analyst inference

The statement adds to ongoing rivalry between major blockchain networks. Investors may reassess technical strengths and weaknesses of Bitcoin, Ethereum, and Cardano, potentially influencing capital flows and asset prices in the cryptocurrency market.

Analyst inference

What to watch

1. Watch for any official response from Ethereum developers or founders to Hoskinson's claim, which could clarify technical feasibility and affect market sentiment. Confirmed
2. Investors should monitor Cardano's development milestones and any technical demonstrations that support Hoskinson's assertion, as proof could strengthen ADA's investment case. Proposed
3. Observe trading volumes and price movements of ADA, ETH, and BTC following this statement, as market reactions may indicate how investors weigh technical debates. Analyst inference

Affected assets

• BTC — Bitcoin
• ETH — Ethereum
• ADA — Cardano

Evidence

• x.com