On 27th July, a YouTube channel called Learn Crypto interviewed the CEO of the blockchain company Input-Output and creator of Cardano, Charles Hoskinson. Nick Hellman of Learn Crypto sought Hoskinson’s views on Ethereum’s hard fork Ethereum Classic, the story of its inception further leading to the creation of Cardano.
Nick Hellman, Learn Crypto’s host asked Hoskinson about his involvement in the creation of Ethereum Classic. He further asked about the future possibility of Ethereum Classic and Cardano coming together to become interoperable.
To this, Hoskinson replied by recalling the inception of the hard-fork. He stated that many members from the Ethereum community see Ethereum and Ethereum Classic as interchangeable where ETC is ‘a new coin’. He further added:
“So… I put my name brand and reputation on Ethereum and you know I went I went my own way but I still believed in this whole philosophy of the system.”
He continued to talk about the events that took place within the Ethereum community that lead to the idea of Ethereum Classic. In his words:
“I felt that you can’t go raise 18 million dollars and market something one way, and then when it’s inconvenient to you, you go change the terms of sale without the consent of the customer, and not a lot of customers participated. I think the vote was less than 10% participation and there wasn’t lot of time and it was just a knee-jerk decision.”
This, Hoskinson recalls was when the community thought of creating Ethereum Classic. He joined into building it pretty early and thought of making it concrete. He believes that despite the big idea, all that was happening was forking using a guest client to maintain the ecosystem. Hoskinson explained the easiness of creating a fork and said:
“…it’s very easy to fork code with just click of a button; so you actually understand what’s in the code… You understand how Ethereum works.”
Post this, Hoskinson thought of building a client from the scratch by using a completely new language called Scala.
During the interview, the veteran techie also mentioned that forks like Ethereum Classic and Bitcoin Cash are governance failures. In his opinion, clashing views within the communities where people could not get along resulted in forking of a cryptocurrency, creating divergent ecosystems.
Therefore, these are the problems that prevent a cryptocurrency from developing to become useful to the masses. Moreover, cryptocurrencies can be self-evolving, self-healing and are compatible with a range of platforms and services relevant to today’s lifestyle. This, the CEO believes to be the third generation of the cryptocurrency space.
Other cryptocurrencies such as EOS and IOTA were also mentioned. To imply that all the developers focus on different objectives in the space, Hoskinson stated that these coins are more inclined towards working with scalability, increasing their TPS [transactions/second] and pulling in more and more users. Additionally, other areas such as interoperability are also a focus for many. Here, Hoskinson said:
“…and cardano’s trying to cover all three areas. So we started 2015 it was basically just a collection of concepts. We get about three years of research and development and now we’re in a position where we think we have a pretty good shot at being able to pull it off.”
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