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

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

by Lionel Pereira

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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