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Founder of IOHK explains how they strike a balance between Ethereum Classic [ETC] and Cardano [ADA]

Sthuthie Murthy



The founder of IOHK explains how they strike a balance between Ethereum Classic and Cardano
Source: Pixabay

Sunny Aggarwal interviewed the Founder and CEO of Input-Output Hong Kong [IOHK], Charles Hoskinson on Epicentre earlier this week where he updated a few things about Ethereum Classic during the gap from the fork to date.

He says:

“I spent over million dollars on ETC and have never been repaid while I am paid to specially support Cardano.”

IOHK works on Zencash, Ethereum Classic and the most popular in recent times – Cardano [ADA]. Last time Charles was on epicenter was when Ethereum split into Ethereum Classic and at that time he only spoke of hypotheticals about IOHK wanting to build a wallet and hire developers.

But they have actually accomplished all of those within a short duration. They were able to build a full node with twelve thousand lines of code – Scala client that was not only released but is now so close to being updated with the next version, v1.1 with some performance improvements and bugs fixes.

He added on about scaling of the team and starting to make substantive changes to the ETC ecosystem. He says that there is a loose governance structure that has been forming that Barry Silbert, founder of Digital Currency Group and Bitcoin Investment Trust, brought together with a little funding. If they can get some funding, they will scale up mantas client and take it to the next level. If not, they will continue to maintain leaving a few developers on it as it is an alternative that people can download.

He quoted:

“But, Mission accomplished! Took us one whole year but a huge learning experience for us.”

Cardano and ETC relationship:

ETC support is being built into Daedalus wallet which will eventually be a platform and the goal for it is to start looking a lot like Android with one click installment and for developers to be able to package and bundle their own gaps or wallets. So, Charles says, it is very difficult to build an architecture that is very secure, user-friendly and developer friendly.

Daedalus supports mantas client and Cardano. The team views both of them as different styles of cryptocurrencies; ETC because of economics and culture in the ecosystem, a better commodity and mainly because it has basic mechanics on Bitcoin like proof-of-work to which it claims will stick onto forever.

While Cardano is established with a governance system, it has got its peel that’s proof-of-work, multi-party computation, side chains built-in, and lots of computing stacks. It’s all about doing, more than just being a store value with utility attached to it, says the Founder.

He also stated:

“We believe in both and will maintain both. We will continue to support both of these two and especially Cardano.”

He continued with a hearty laugh:

“That would be for being paid to do so because I spent over a million dollars on ETC and haven’t been paid anything yet, principals are getting pretty expensive.”

Harvey, a YouTuber says:

“This guy is a freaking intellectual beast.”

Mark Suleman also a viewer said:

“Charles really is an extraordinary communicator, lots to learn/ponder here.”

Andrea Jackson, a crypto enthusiast tweeted:

“Both their products Cardano and Ethereum Classic will be wild monsters very soon with such a good informer.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.


Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author



Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.


2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.


3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.


4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.


5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.


6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.


7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.


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