Cardano (ADA) CEO Charles Hoskinson Thought Ethereum (ETH) Would Tank with His Departure
Cardano (ADA)’s CEO Charles Hoskinson says he did not expect Ethereum to flourish after he left
During a recent discussion with Mpho Dagada, Charles Hoskinson, who founded Cardano, as well as being the co-founder of Ethereum, asserted that he did not think Ethereum would succeed after he left the team. Charles was asked to state the reasons why he decided to branch out from Ethereum, leaving the project incomplete.
Absence Of A Rigorous Structure
According to Charles, he had to leave Ethereum due to the absence of a rigorous structure as well as restraint. These, he believes, are the recipe for a lot of lenience. For instance, if people are paid completely upfront, you cannot expect them to work really hard.
They may even decide not to show up for the job. But in a case where personnel are paid after the job, they will be motivate to do the job.
Before making the above statements, Charles Hoskinson had asserted that at the outset, the Ethereum Foundation was divided into two separate groups, with one being the business group, and the other the technical group. So over and above, the teams were to make critical decisions on how to establish the project. In this regard, they had two options, to be a for-profit firm like Ripple, or to be a non-profit firm.
Lack Of Appropriate Structures
This resulted in anguish between both sides, with the business side preferring for-profit, while the tech side opted for non-profit. The main concern for Charles Hoskinson was the fact that the system did not have appropriate configuration. This had the potential of leading to a burn of the entire investment even prior to the unveiling of the product.
The same had the possibility of resulting in so many challenges.
Eventually, the Co-Founder of the Ethereum, Vitalik Buterin, made up his mind and announced that Ethereum would be a non-profit firm. Charles said that he was discouraged about the fact that he would not have the great experiences with BitShares and Ethereum.
After he left Ethereum, Charles had no idea what to do. He did not know whether he should resume the crypto space or do something else.
One more venture
During a TedTalk later, Charles revealed that there is something he learned that helped him to realize that there was still something more for him to accomplish in the crypto space. At that point, Charles asserted that he realized that he still has something left in him. He knew that there was still one more venture, and if he was going to do it, then it had to be done his way.
The venture had to be one hundred percent his philosophy. What followed was Charles beginning an Input Output Hong Kong along with Jeremy Wood. He had previously worked with Jeremy at Ethereum. They decided to seek for a contract in Japan, which eventually resulted in the birthing of Cardano. From just the two of them, the firm expanded to sixteen nations, with well over 160 employees.