Talking to Learn Crypto earlier this week, Cardano founder, Charles Hoskinson discussed Ethereum Classic (ETC), a cryptocurrency fork from Ethereum and the overall influence the blockchain to the advent of Cardano. After the fork, Hoskinson decided to leave the Ethereum team together with some other members to co-found the Cardano blockchain. The split followed the DAO hack, which essentially split the community of Ethereum, ETH Classic miners continued to trawl the original ETH blockchain–as opposed to participating in the new blockchain that returned ether to impacted investors.
The two forked blockchains, ETH and ETC, have had strong communities backing the technological viability and creation of decentralized applications (dApps) on the platform. Hoskinson joined the ETC proponents in l derision as they saw the move to keep operations on the original Ethereum blockchain as a way to prevent hacks and illegal theft in the future.
The decision to quit Ethereum and focus on his own cryptocurrency was however not easy as he had heavily invested in the project. However, the Cardano boss expressed his displeasure in the fork as he saw the move as a ‘knee-jerk’ decision that undermines the Ethereum community members as most of them did not participate in the vote.
“So… I put my name brand and reputation on Ethereum and you know I went my own way but I still believed in this whole philosophy of the system. 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.”
The concern about the decision being made by a few personalities seems to have taken interest in investor’s minds recently as Ethereum’s price dropped heavily as Ethereum Classic continues to soar.
How does Ethereum and Ethereum Classic compare to Cardano?
With much being said about Ethereum and its fork, Ethereum Classic by the Cardano founder, how do the two blockchains compare to Cardano blockchain? The latter is touted by most as one of the most progressive blockchains with the project adopting a third generation blockchain to build the platform.
Having learnt from the split seen on the ETH-ETC, the Cardano blockchain was built on the unique “Haskell” language with a scientific philosophy and peer reviewed academic research behind the project. The engineering that goes into it has the ultimate goal of being “High Assurance Code”. This is done to make sure that there is much higher belief in the quality of the code used. All this has been done to protect future splits as seen on the Ethereum blockchain.
During the interview, Hoskinson further explained the three main areas of concern for the Cardano Foundation, a not for profit custodian of the Cardano blockchain. The Foundation focuses on scalability, interoperability and sustainability to provide the user with a next generation blockchain. He said,
“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.”