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Cardano [ADA]’s Charles Hoskinson: “I didn’t think Ethereum was going to succeed after I left”

Priya

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Cardano [ADA]'s Charles Hoskinson: I didn't think Ethereum was going to succeed after I left
Source: Unsplash

Charles Hoskinson, the Founder of Cardano and Co-Founder of Ethereum, said that he did not think that Ethereum would succeed after he left the team, during a conversation with Mpho Dagada.

Charles was asked about why he branched out from Ethereum and decided not to complete the project. This was followed by him disclosing the reason behind leaving the Ethereum Foundation. According to him, there was a lack of rigorous structure and discipline. He believes that these are the “recipe for too much indulgence”.

He further added:

“If you pay people completely upfront, you really shouldn’t expect people to work hard. For eg., If you have an electrician and you say, rewire my whole house and here’s all the money to do it. He would be like, might as well show up on Wednesday, right? But what can you do, you’ve already paid the guy, right. You pay him after, so he has some motivation to do a good job.”

Prior to this statement, Charles said that at the initial point, the Foundation was divided into two groups, one was the business group and the other was the tech group. The teams had to decide on how to build the project. For this, they had two choices, become a for-profit company, like Ripple, which they called Crypto-Google or become a non-profit company, which they called Crypto-Mozilla.

This led to a distress between the business side and the tech side of the Foundation, with the business side preferring Crypto-Google and the tech side preferring Crypto-Mozilla. However, the Co-Founder of Ethereum had stated that his main concern was that there was no proper structure in the project. This would have led to the burn of the whole capital before the launch of the product and result in a lot of problems. Succeeding this, Vitalik Buterin, the Co-Founder of Ethereum, took a call and declared that Ethereum would be a non-profit company aka Crypto-Mozilla.

Charles said that he was frustrated about not having a great experience with BitShares and Ethereum. After which, he was tensed about whether to come back to the cryptocurrency space or do something outside it. However, the speech he delivered in Bermuda during a TedTalk about what he learned helped him realize that there was still one thing left for him to do in the space.



The Founder of Cardano said:

“And at that point, I realized that I still have something left in me. There is still one more venture, but if I was going to do, I’m going to do it in a way I want it to. A 100% my philosophy and we’ll see for better or worse if it fails or not.”

This was followed by him starting Input Output Hong Kong along with Jeremy Wood, whom he worked alongside at Ethereum. They took a contract in Japan and it eventually became Cardano. The company went from two people to over 160 people in 16 countries.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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    El Guapo

    September 18, 2018 at 2:45 AM

    Well, he wasn’t happy on Bitshares so he left to join Ethereum, wasn’t happy so he then created Ethereum Classic. Looks like he wasn’t happy either or may be he didn’t make enough money dumping those coins. He then decided to create Cardano and dump it to investors. Looks like he is happy now with his 9 figure profits that can only come from one source: investors who lost money.

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Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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