The founder of Cardano (ADA) has spoken about his previous crypto-related experiences, particularly about the time he spent working with Ethereum Classic (ETC) after the Hard Fork.
Charles Hoskinson, known for being the founder of IOHK and Cardano (ADA), as well as a co-founder of Ethereum itself, has had a large impact on the way cryptos have taken. In a way, he helped shape the crypto industry as we know it today. Ethereum has become the second largest crypto by market cap and has managed to hold on to that position to this very day. After leaving the team, Hoskinson has even created IOHK, which led to the creation of ADA. Obviously, his influence on the crypto world is undeniable.
Hoskinson On ETH And ETC
Last Friday, a new video appeared on YouTube and was published by a channel called Learn Crypto. The video contains an interview featuring Charles Hoskinson, who spoke openly about Ethereum Classic, Ethereum, as well as the creation of ADA.
After he left the team of Ethereum's founders, Hoskinson decided to join the team behind Ethereum Classic. This was back in 2016, and the new coin needed guidance in trying to find its place after it hard forked from ETH. ETC is similar to the original in a lot of ways, but it does have one big difference that sets it aside. That is the fact that it promotes immutable, unrevisable blockchains.
After the DAO attack, Ethereum's original community ended up split in two. ETC supporters continued to use Ethereum's own blockchain, instead of using the new one. The part of a community that remained loyal to the original, Ethereum, saw this move as an effective way to prevent illegal thefts. On the other hand, ETC supporters thought that the hack stopped the currency from revising the blockchain. This is the side that Hoskinson decided to join.
He stated that he still believed in the philosophy behind ETH, but he had to leave and take a separate way. He explained why he chose to support ETC over ETH, stating that changing the terms of sale without customer's consent due to an inconvenience, and especially after raising $18 million was not a fair move. The number of those participating in the voting was low, with 10% of voters participating. The vote did not last for long, and it was clearly just a quick way to reach the desired results.
After this, Hoskinson continued to talk about ETC's conception, mentioning the ease of creating a fork of a currency. However, he gathered a lot of valuable experience by working with these two coins. That experience eventually helped him with the creation of IOHK, and eventually Cardano.
The Creation And Goals Of Cardano (ADA)
At this point, Hoskinson pointed out the importance of scalability when it comes to cryptos. This has been one of the features that Cardano was particularly interested in developing, as well as the increase of user base, and the high TPS number. According to Hoskinson, Cardano's goal is to cover these three areas with particular care.
In the beginning, there was nothing but the large concept collection. The team did their research and started the development of ADA, and the process was long and slow. It took up to three years when they felt that they are in a position to actually pull it off.
Hoskinson also touched upon the statement that made headlines back in May of this year, when he questioned Bitcoin's and Ethereum's extremely large market cap. A lot of people had similar thoughts, and even though Hoskinson did not call these currencies worthless like many others did, he still found fault in their actions, especially those that led them to the top of the list.
He pointed out that Bitcoin was originally intended to be a payment system, a simple means of exchange. However, all those who ever tried to use it like that have failed. Both BTC and ETH seem to have left their original purpose in pursuit of different goals, which is what did not sit well with a lot of people. Hoskinson included.