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- Hoskinson said XRP never threatened ETH, pointing out the fundamental differences.
- He added that ETHGate represents an unequal application of law, not corruption.
- Ripple’s CTO disagrees, arguing that corruption is at play when a government actor demonstrates favoritism.
The ETHGate scandal, which borders on the allegation of the member of the Ethereum community supposedly bribing officials of the U.S. regulator, is never subsiding as Cardano founder Charles Hoskinson fervently counters the claims from the XRP enthusiasts.
In a recent tweet, Hoskinson reaffirmed his stance on the matter, emphasizing that Ripple (XRP) was not in the same category as Ethereum, much less becoming a threat to it. Hoskinson pointed out the fundamental differences in the XRP and ETH makeup.
He noted the absence of smart contracts in XRP’s ecosystem and argued that while Ethereum focused on proof of work, Ripple targeted banks to foster remittance relationships.
Ripple wasn't in the same category as Ethereum. It didn't have smart contracts, we were in the proof of work space, we weren't looking for bank or remittance relationships. Coins like Nxt and Bitshares were the threat.— Charles Hoskinson (@IOHK_Charles) October 13, 2023
Moreover, Hoskinson argued that other projects, such as Nxt and Bitshares, posed more significant threats to Ethereum in the context than XRP. Therefore, the claim that the Ethereum community tipped the U.S. regulator to overlook ETH and go after XRP holds no water to him.
Notably, the context of the conversation that brought up Hoskinson’s opposing remark was his commentary in a recent Ask Me Anything (AMA) session he conducted. In the AMA, he shared his views on the controversial speech by William Hinman, a former SEC official.
In particular, he argued that the ETHGate scandal primarily represented the SEC’s “unequal application” of the law rather than corruption, which, in his opinion, was not inherently problematic.
However, Ripple’s CTO, David Schwartz, had a different perspective on the ETHGate. He countered Hoskinson’s viewpoint by arguing that corruption is at play when a government actor demonstrates favoritism that aligns with personal interests and those of their friends.
I would argue that a government actor showing favoritism aligned with the personal interests of themselves and their friends is corruption.— David "JoelKatz" Schwartz (@JoelKatz) October 12, 2023
Notably, some concerned crypto enthusiasts have expressed frustration with Hoskinson’s stance. They claim Ripple and XRP were contenders for Ethereum’s position in the crypto space – a view Hoskinson has dismissed.
The post Hoskinson on ETHGate: XRP Never Threatens ETH, It Has No Smart Contracts appeared first on Coin Edition.