Ethereum over time

Midnight survived the theft of 500 million NIGHT, about half the size of the Ethereum crowd sale, while Midnight itself and the CNIGHT contract were not hacked, only the third party bridge.

You can do perfect mirroring instead of operator-watched escrow, keeping verification contracts current by injecting state as hard forks change semantics, like Ethereum's proof of stake move or Prow to Laos.

Until CIP 165 passes, people must run off chain infrastructure much like Ethereum's Infura and Alchemy, which is expensive to professionalize.

Blockfrost is an IO venture acquired years ago when it was going to leave, run at a loss because Cardano's DeFi is not yet at Solana or Ethereum scale.

When Ethereum botches UTXO, all of UTXO gets tarred, just as their bonding and slashing gave proof of stake a bad name.

Ethereum now praises Lean and formal methods for the AI age, while Cardano openly cites its work and its inspirations.

The pitch to Vitalik: UTXO is a good idea he did not invent but perfected, since Satoshi chose cash register accounting over bank style accounting.

With Midnight, Cardano uses lattice based cryptography while Ethereum uses hash based, which will force Ethereum onto lattices in a few years.

It is only a matter of time before Ethereum adopts Ouroboros Leios and calls it its own.

The Ethereum Foundation is firing people and running out of money, so it will next need on chain treasury and governance.

critical Says the Ethereum Foundation is firing people and running out of money.

Ethereum's three to five year roadmap now pivots to UTXO, the infrastructure Cardano already invented.

It is treated as a crime in the Ethereum inner circle to mention Cardano, its on chain governance, Ouroboros, or extended UTXO.

The Ethereum proposal never mentions Cardano, which spent ten years on UTXO, extended UTXO, and smart contracts on UTXO.

An Ethereum proposal for native UTXOs treats payments as one shot objects that Bitcoin got right, cutting permanent state by 99.8 percent.

Despite the Second Fi incident the same day, widening the aperture shows a ten year milestone that predates the launch of Ethereum.

UTXO is more amenable to rollups and ZK than accounts, so as Ethereum pivots to ZK over three to five years, Cardano can leapfrog it.

The Ethereum Foundation cannot fund development long term, while Cardano's on chain treasury, built in 2015, would give it 390 million a year at 5 percent of Cardano's scale.

critical Argues the Ethereum Foundation cannot fund development long term.

The anonymity layer also enables anonymous voting, and a tool like Semaphore would work even better on Midnight than on Ethereum.

Sometimes you get smaller to get larger: Ethereum shedding Classic grew 100x, and Bitcoin shed criminal elements with Mt. Gox and Silk Road.

When a minority cannot converge, you pick a winner and fire the loser, the Ethereum Classic situation of code is law versus intervention.

There is no animus toward Vitalik and he would happily work with him, but Vitalik has decided Charles is not a good person and never engages.

neutral Says he holds no animus toward Vitalik and would work with him.

Agentic trading lets you give intent to an agent with its own wallet to trade the big six of Bitcoin, Ethereum, Solana, XRP, BNB, and hyperliquid.

Partner chains become linkage points to other ecosystems, as Midnight brings XRP, Ethereum, and Solana into Cardano.

Channel isomorphism lets specialized domains do work that counts as if done on Cardano, giving infinite scale via Hydra, where Ethereum's Plasma failed.

The second property is the right accounting model: UTXO's local equals global determinism, which Ethereum and others lack.

Vitalik took Ethereum to a quarter trillion dollars and is still called a failure, showing you can never win the game of token go up.

Partner chains reset economic forces toward cooperation, ending the layer one wars so every Solana and Ethereum customer can become a Cardano customer.

Midgard must realize Hydra and Cardano's layer 2, or extended UTXO was pointless, whose high price bought isomorphism between off-chain and on-chain that Ethereum's plasma and Bitcoin's lightning never achieved.

Midnight proved the glacier drop and partner chains model, giving Cardano a larger distribution than Bitcoin and Ethereum combined, hundreds of millions heading to billions.

Ethereum will not decentralize infra and Alchemy because a16z, Pantera, and Lightspeed profit from those centralized choke points, the Windows of the future.

Moxie's essay convinced him to buy Blockfrost, because Moxie is right that every chain, Ethereum, Cardano, or Bitcoin, has an off-chain part that shapes the user experience.

Ethereum and Solana cannot kill Cardano, only losing faith in each other can, and layer two on extended UTXO will eclipse the lightning and plasma communities.

Reads that OpenSea would be faster and cheaper with the Web3 parts gone, since 80 to 150 dollar Ethereum gas fees make credit cards look cheap.

The attacker was paused within 46 minutes but the tokens were already in lending markets, and the Llama Risk and Aave Labs report pegs 83,471 ETH across seven wallets.

Unlike Cardano's liquid non-custodial staking, Ethereum locks staked Ether, so Lido was created to turn it into liquid stETH.

From his Wyoming clinic, he addresses the major KelpDAO hack in the Ethereum restaked Ether ecosystem after waiting for enough root cause analyses to form.

Everything is going to plan: Midnight launched on schedule with 9 billion in all-time-high trading below Tether and Circle, above Ethereum, on Binance Spot.

Everyone who bought ADA on the secondary market bought into the partner chain plan, a more sustainable model than Ethereum's L2s, giving stake pool operators more income streams.

The airdrop and staking rewards mean Solana, Ethereum, and Bitcoin users must make Cardano wallets to redeem Night, which critics somehow call a plot to kill Cardano.

Ethereum and Bitcoin cannot do this because they lack governance tools and are too big for unity, so it is Cardano's advantage to win on technology like liquid non-custodial staking and the extended UTXO trilemma solution.

Cardano's builders measure things in five and six figures while Ethereum and Solana spend tens to hundreds of millions without getting 100x to 1000x results, because success breeds sloth, which is Cardano's opening to surpass them.

Chain abstraction is a big inflection where solvers settle across systems and Bitcoin wakes up, so with smart play Cardano could match or exceed rivals' TVL in two to three years as Solana did chasing Ethereum.

Ethereum and Bitcoin need none of this because their ecosystems are strong, but no one wins forever, citing Microsoft's operating system and Internet Explorer dominance, MySpace, Yahoo, and eBay all losing their turn.

Says he is not in charge of the decentralized ecosystem, offering only an opinion validated by doing it with Midnight, and recalls Cardano's three founding entities where Emurgo was to be consensus and the foundation the Ethereum Foundation.

A properly incentivized fund pays for itself in 7 to 10 years, and Cardano's USPs of privacy and Bitcoin DeFi address a TAM larger than Ethereum and Solana combined, with privacy alone a 10 trillion dollar institutional market.

Recalls Joe Lubin writing the ConsenSys plan in Toronto in April 2014, seeing that Gavin, Jeff, and Vitalik were infrastructure people while he would build utility and invest in experiences like MetaMask, now 40 million users.

Utility is an investment paying back dividends and surplus, and cites ConsenSys, built by Joe Lubin, whom he made COO when he was CEO of Ethereum, as the model for capturing utility and experiences.

Turns to experiences, saying Cardano does not pay its KOLs while Solana, Ethereum, and Bitcoin all pay content creators, whereas Cardano expects them to pay out of pocket and then attacks them.

Cardano cannot win on cost, liquidity, users, or security, so it must compete on differentiating features like privacy, offering private DEXes and stablecoins that Ethereum, Solana, Sui, and Bitcoin lack.

Cardano's biggest USP is its governance, since once a vote is taken it becomes the official position, impossible for Bitcoin tackling quantum resistance or Ethereum's founder-held roadmap.

Rebuts the claim that Ethereum and Bitcoin permanently won, noting they had nothing before launching, and mocks permanent monopolies via Blackberry, Internet Explorer, MySpace, AOL, and Windows.

Trump coin should never have happened, yet no major founder except Vitalik Buterin spoke out, staying silent out of neutrality, which he sees as a lack of integrity.

Rallies the Cardano army, XRP nation, Bitcoiners, and Ethereum people to set aside grievances, noting the pentad now works together.

Lays out the rollout: Cardano Midnight first, then Midnight on Ethereum, Solana, Avalanche, and Bitcoin, each payable in that chain's token.

Recalls the January 2014 Ethereum house and sees the same passion in the Midnight community, which makes every other chain better.

Rejects that Midnight kills Cardano, arguing it will 10x Cardano DeFi by offering privacy people cannot get on Solana or Ethereum.

Asks why Midnight leads despite rivals backed by Naval Ravikant, A16Z, and Vitalik Buterin: because people know it is genuinely different.

Recalls co-founding Ethereum with Vitalik, then going his own way as Gavin Wood made Polkadot and he made Cardano with its many firsts.

Highlights a USP: the chain split caused zero pledge loss under Cardano's proof of stake, where Ethereum would lose billions in bonded ether.

Contrasts Cardano's elected, community majority Intersect board with Bitcoin's anarchy and Ethereum's reliance on a small brain trust.

DReps that voting no for lack of perfection means doing nothing, citing Vitalik at the DAO hack, Anatoly at FTX, and Brad Garlinghouse at the SEC.

Cardano and Ethereum were both built on 250 dollar Bitcoin and Solana rebuilt after FTX, so deflated ADA prices are no excuse.

Frames Cardano critical infrastructure as the bridges, stablecoins, oracles, and analytics needed to match Solana and Ethereum DeFi.

Plans to round robin the core eight X spaces of Avalanche, Solana, Bitcoin, Ethereum, and Cardano while routing interactions into the Discord.

The technology evolves through his four blockchains, BitShares, Ethereum, Cardano, and Midnight, but the culture must grow up too.

Cites the Ethereum DAO hack as a consensus violation hard fork where the Ethereum Foundation strong armed miners, which drew him into Ethereum Classic.

Celebrates Cardano surviving a hard fork and long chain reorg in a decentralized way, a first for proof of stake that Ethereum and Solana cannot do.

Recounts Li Xiaolai giving the first quarter million for Invictus Innovations and pushing the ICO he refused, leading him to leave for Ethereum.

Midnight gives Cardano DApps a privacy USP against Solana and Ethereum, with teams like Sundae building into it.

Routing regulated assets through Midnight expands Uniswap's TAM to the 10 trillion RWA market without upgrading its contract, and users never feel the Ethereum to Midnight routing.

Midnight bets on GPUs via tensor cores, not ASICs like Vitalik, blending hardware and software cryptography with confidential compute from Nvidia and AMD.

A new founder deploys Midnight's regulatory, identity, and privacy logic then into Ethereum, Solana, or Cardano where their liquidity lives.

The four generations: Bitcoin as digital gold, Ethereum's programmable transactions, Cardano's scale and governance, and Midnight's rational privacy.

Holding ADA gives you a vote and a say in governance, which is not fully true for Bitcoin or Ethereum.

The 680 million TVL figure ignores 1.3 million people and 15 billion ADA in staking and governance that Cardano cannot count but Ethereum can.

Gives kudos to Solana, Avalanche, Bitcoin, and Vitalik's Ethereum, saying 20000 ecosystems united are unstoppable.

Frames the video on the mission and vision, saying that despite Solana versus Ethereum versus Cardano competition, the best days are ahead.

StarStream adds composability and a path to data availability and event sourcing, matching what Ethereum does easily while keeping Cardano's security, built by Sebastian Guillemet.

Reports Midnight has 150,000 redemptions heading to 200,000, a top five airdrop, with 27 percent Bitcoin, 11 percent Ethereum, and 6 percent XRP claims.

Cardano can build apps from Cardano into Bitcoin because its UTXO model matches, a first mover advantage Ethereum and Solana lack.

DeFi Llama shows only 50,000 MAUs though 1.3 million people stake, and Cardano cannot count staking as TVL like Ethereum, which would be 12 billion.

The Midnight airdrop to Bitcoin, Ethereum, Solana, Avalanche, and XRP turned former critics into friends, meeting Brad Garlinghouse at the Salt Conference Fed roundtable.

Recalls Ethereum's client diversity via Gavin Wood's C++ and Jeff Wilcke's Go clients, the yellow paper, and the EVM test suite used for Mantis.

Cardano has zero representation in Silicon Valley and the Ethereum world, which is why people like Balaji think it is a dead chain.

Chainlink is a hard negotiation because non EVM integration needs nine contracts, but Sergey is a smart businessman who knows his worth.

Gives the claim breakdown: 57.8 percent Cardano, 22.4 percent Bitcoin, 9.15 percent Ethereum, and 6.1 percent XRP, with a redemption surge expected on the tail.

Vitalik prefers ZK rollups over optimistic ones for security, and walks the seven part ZK stack: setup, languages, witness, arithmetization, proof, cryptography, verification.

Jokes that if ADA flips ETH, Vitalik will not retire but lose his mind chasing anti aging technology.

USD1 integration for Midnight and Cardano is very possible, and non EVM plays are interested mainly in Cardano as an access point to Bitcoin DeFi.

A headline that Cardano goes all in on Bitcoin would prime Bitcoin DeFi, but Cardano has only 33 million in stablecoins, a 9.8 percent ratio versus Solana's 110 percent and Ethereum's 198 percent.

Mocks four years of when Circle demands, noting Cardano's 9.8 percent stablecoin to TVL ratio versus Ethereum's 195 percent and Solana's 110 percent.

His relationship with Gavin Wood is a respectful awkward nod, and the bad blood with Vitalik is one directional since Vitalik thinks he is the worst person alive.

The Wyoming stablecoin was ready to go until they excluded Ripple and Cardano and chose the Ethereum and Circle ecosystem, after nearly two years of work.

Shows the CAKE DeFi working group from Frontier Research, noting Ethereum's 50 plus rollups and the mediocre multi-chain user experience of bridges, RPC, and gas.

Operation broken windows brings Bitcoin, Solana, and Ethereum users who must become Cardano native token holders, making Cardano better.

Better moderation means no mercy for rule breakers, and recounts writing a Lean DSL to understand James Gabby's paper after replying to Vitalik.

Bitcoin lending is attractive for tax neutral yield without selling, and even 5 to 10 percent coverage would exceed the market cap of Aptos, Solana, and Ethereum combined.

Maximalists confuse the gold mine with the gold, since Bitcoin is just as valuable on Cardano, Ethereum, or Solana, especially when it generates yield.

A coordinated brigade, amplified by Ethereum influencers, claims hundreds of millions in ADA was stolen, and a CF tweet would cool it down.

Competitiveness is a moving target: forking Bitcoin was enough early, then Bitshares, Ethereum, and NXT built bespoke systems, and 2025 is a different headspace again.

Cardano must compete against SUI, Aptos, Ethereum, and Solana for one pool of liquidity, TVL, DAPs, and users, and the budget should reflect that.

Asks how funding alternative clients and empowering Pragma shuts anyone out, noting Vitalik now praises UTXO and privacy after discovering Midnight.

Predicts Ethereum will not survive 10 to 15 years as layer 2s suckle its alpha and Bitcoin DeFi and Solana eclipse it, like MySpace or Blackberry.

Ethereum's layer 2s are parasitic while Midnight is symbiotic with Cardano, which already has the right accounting, consensus, and VM plus onchain governance.

Ethereum should adopt the Sui object model, RISC-V, and Narwhal and Tusk consensus, then build onchain governance to coordinate upgrades.

Ethereum made three self-inflicted mistakes: the wrong accounting model, the wrong virtual machine, and the wrong consensus model.

The sticky one transaction per block lie, spread by Ethereum people in 2021, still gets thrown at him at ETH Denver despite Cardano's DeFi ecosystem.

Everyone from Mongolian camel herders to Middle Eastern kings is equal under what the ecosystem builds, a truly global technology Satoshi and Vitalik remembered.

Asks what an American cryptocurrency even is, noting Ethereum was founded in Switzerland by a Canadian, so no tax on US crypto is a feel good statement without teeth.

The merger is a chance to go beyond extended UTXO with a different accounting structure and new authenticated data structures, noting Vitalik's Verkle trees and Poseidon hashes.

Says that is why the Wyoming stablecoin mattered, as 30,000 blockchains were excluded with a pen stroke, and says he enjoys competing against real rivals like Dominic Williams and Vitalik, especially when he wins.

Warns that an ecosystem that only protests becomes the 4chan of crypto, citing Ethereum Classic existing only to defy Vitalik Buterin and Bitcoin SV existing only to defy a founder.

It takes courage to put dirty laundry in the open rather than hide conflict inside foundations like Tezos, Algorand, Polkadot, or Ethereum, and confronting it is Cardano's USP.

Such medicine is the entry point to longevity escape velocity but will not be universally accessible, letting the rich outlive the poor, and that blockchain has reevaluated society's relationship with money since he worked 90-hour weeks at Ethereum to raise 18 million.

The result is effectively a CBDC on a non-private chain like Ethereum, giving the government panopticon transparency over holders, with civil asset forfeiture able to seize on a suspicious transaction.

Ethereum has no native freeze-and-seize and Stellar inherited it from XRP, which they disqualified, so no publicly accessible PRD was ever released for a 30, 60, or 90 day review.

Every asset on Ethereum is really an ERC20 smart contract, and standards like CIP 113 specify how to implement real world asset support on Cardano, so unsupported features just need a contract.

Ledger types: fixed-function chains like XRP and NXT that bake in every capability, versus fully programmable ones like Ethereum and Cardano where you write a contract for any feature.

Says it would not surprise him if Joe Lubin is pulling an emperor-of-Japan strategy over Ethereum with Vitalik, calling Lubin a skillful operator, and jokes he would rather compliment Gary Gensler than kiss JJ.

Gives advice on love: see the best in everyone, quoting Lincoln that disliking a man means not knowing him well enough, and finding something to compliment even in rivals like calling Vitalik a genius with integrity.

He lost Ethereum and built IO and Cardano, lost the Wyoming stablecoin and started a PAC, and that the left should persuade rather than weaponize government, citing gay marriage winning through persuasion, not shame mobs.

The effort produced the KEVM formal verification of Ethereum semantics that Ethereum now uses without crediting Cardano, and the extended UTXO side won with Plutus, Plinth, and Aiken, interoperable via Bitcoin DeFi and BitVMX RISC-V.

The nepotistic process excluded Bitcoin, XRP, Cardano, Hedera, Algorand, and ICP while qualifying only Ethereum's layer 2 and Circle-touched chains like Sui and Stellar, which curiously beat the Ripple it forked from.

He met TxPipe representing Pragma to discuss an Intersect and Pragma working group defining a test suite that Blink Labs, Harmonic, and any full-node builder can self-certify against, as Ethereum did with Mantis.

Ethereum's suite spans EVM clients like Mantis, which he helped build in Scala in the Ethereum Classic days making him an Ethereum core developer, plus Besu, Geth, and Parity.

Cites a dcSpark video by Sebastien on node approaches and says Cardano should copy Ethereum's common test suite that validates every implementation regardless of backend.

The budget must cover builders' annual costs and signal the ecosystem cares, then be invested in liquidity and infrastructure, noting his frustration when a project's website lists Bitcoin, Ethereum, Avalanche, Solana, and Sui logos but omits Cardano or supports only ADA, not CNTs.

After the Guardians of Cardano pressured Parsons out, an interim board of two Swiss members plus Tamara Haasen, Nico, and Mani found Switzerland unfit, since the Swiss foundation structure Luca Müller of MME Partners devised for the Ethereum Foundation in 2014 was never meant for crypto.

Getting everyone in one tent to pass a law would give crypto the Jubilee to grow like the internet, too big to control, and he is willing to work with the Solana Foundation, Vitalik, Ethereum, and Bankless regardless of the past.

Other chains will want control too, as Bitcoin users deserve more say than wrapped BTC on Ethereum, via special logic giving the Bitcoin network visibility, much like a Microsoft stock issued on a blockchain.

Cardano is becoming a universal ledger, and if it is the DeFi layer of Bitcoin it becomes the interface Bitcoin uses to reach Ethereum or Solana without trusting a risky multisig bridge that can lose wrapped BTC.

Royalties, freeze-and-seize, and complex movement are all doable as smart contracts but a lot of code, whereas Cardano's hybrid issuance treats a native asset like ADA, unlike Ethereum's ether plus ERC20 contracts.

Names co-authors Ethan Buchman of Cosmos, whom he hired at Ethereum, and Vlad Zamfir of Casper, and describes their Cycles protocol as a peer-to-peer clearing system that opens up the closed clubs excluding small firms.

Dunning-Kruger types play victim like Terrence Howard, forgetting Einstein had a physics PhD from ETH Zurich, while Norman Wildberger challenges mathematical orthodoxy but holds a Yale PhD and makes cogent arguments.

Midnight is a fourth-generation meta chain, not just a blockchain, working across Ethereum, Solana, and Cardano to add private smart contracts and a selective disclosure regime for DAOs and security tokens.

The Babel fees CIP 118 nested transactions is the foundation for the feature, plus a pub-sub channel like MQTT connecting both chains, calling Bitcoin integration a high priority with more liquidity than Solana and Ethereum combined times two.

Algorithms reward only outrage, and meme coins epitomize it in crypto, while real depth exists in Cardano, Ethereum, and Bitcoin with thousands of research papers that a surface culture prevents people from exploring.

The tenets are blockchain-wide, refined from 15 years of history, and let you evaluate how Ethereum, Bitcoin, Aptos, or privacy coins like Zcash balance concerns, noting a Zcash counterfeit bug could not be publicly audited.

Points to solutions like the tiered pricing paper and intent-based ledgers to share a finite resource fairly, warning that shrinking consensus sets let validators censor OFAC-listed users as Ethereum flirts with.

Reads from Aggelos's blog post of the 11 blockchain tenets toward a Bill of Rights, meant for all blockchains, capturing foundational rights users implicitly expect from Bitcoin and Ethereum but rarely write down.

Real leaders bring people up rather than burn them down, and that like Bitcoin Cash or Ethereum Classic, a Cardano fork is fine if differences are too extreme, though Voltaire aims to be the first chain that need not fragment.

Critiques Vitalik's political essay as a brilliant person fitting reality to a belief, like Ed Witten's Fields-Medal physics, driven by sympathy for Ukraine and fear Trump will defund it into a bad settlement.

Unlike Vitalik he does not want to write a mental construct hoping for good regulation, but to make governments irrelevant, and that team blue wants to hand the whole industry to BlackRock and Goldman Sachs.

Calls El Salvador's Bitcoin-first Chivo wallet a mistake for not bringing the whole industry, and says Argentina should be a neutral all-you-can-eat buffet of Cardano, Hedera, Bitcoin, Ethereum, Algorand, and more.

He has no problem with Bitcoin as digital gold, and that the protocol and the asset can be separated so wrapped Bitcoin honored on Ethereum or Cardano could persist for centuries even if the Bitcoin network shut down.

The real fight was never Ethereum versus Solana versus Cardano but why people accept current systems, why they cannot check their votes or hold sound money, and how a small group controlled the narrative around the Biden debate.

The next 5 to 10 years are not about taking market share from Solana or Ethereum but about who brings a billion people, betting on first-principles decentralization and a warm, welcoming community.

The ERC20 converter led Milkomeda to add EVM support and SingularityNET, now a billion in market cap, to migrate to Cardano, asking whether Ben Goertzel and those meetings simply did not happen.

After nearly ten years Cardano has achieved almost everything it set out to do and now leads the industry, noting Vitalik's writing on epics and slots echoes what Cardano published years ago.

Closes reflecting on over 10 years since this was the original Ethereum roadmap he had as CEO, noting Ethereum later copied liquid non-custodial staking and UTXO without credit, but you build because the world needs it.