Charles Hoskinson, who was one of the founders of Ethereum and later founded Cardano, explained why 7 out of 8 founders left Ethereum.
Cardano founder and CEO of IOHK, Charles Hoskinson, in an interview with CoinMarketCap, explained the reasons why 7 out of 8 founding partners left Ethereum. Hoskinson also talked about the mistakes he made during the development of Cardano and the difficulties that he and the Cardano community may face in the near future.
Crdano founder Ethereum said that their first time was the educational period in freedom. In its first 5 years, the research company Input Ouput founded Hong Kong (IOHK), thereby gaining valuable connections. Despite all this, he had made many decisions that he regrets now and made his way differently:
“In my times at Ethereum, I made many decisions that I thought were inadequate. Here you always think that people can work with you to produce better, or at least logically for their financial benefit. But it would not be so… ”
7 of 8 founders established their own companies
Hoskinson also points to the difficulty of working with 8 founding partners for a single purpose at Ethereum. 7 of the 8 developers who initially met in Ethereum have established their own companies and are currently moving on another path:
“It is clear that most people will choose a profit motive in the event of a choice between either for profit or not for profit. This gives you more freedom to run your business. Secondly, if you create a lot of value, you are the owner of that value, and in a non-profit organization, you will get away from it. No one has any incentive to stay in a non-profit organization, and that’s exactly what happens in Ethereum. At first they were 8 founders. Then 7 of them left and started their own companies. Some of these companies are not even in the Ethereum universe. For example, Parity Tech is developing a competitor product, and ConsenSys can even return to this product. And of course that’s why I’m not working on Ethereum. ”
One of the biggest problems of the crypto money world is the founders of a young age
According to Hoskinson, one of the biggest problems of the cryptocurrency world is that the founders are very young and cannot make rational decisions because they think of their personal financial wealth. As Hoskinson said, there are investors who have become very rich in this way, but this overlooks the way these people gain their wealth.
Cardano founder also said that in the past, the mind relied on the ability to make rational decisions, but later saw that many decisions in the industry were made for emotional reasons, not pure reasons. For this reason, Hoskinson stated that he was wrong in some of his predictions and changed his goals.
“My favorite mistakes are my wrong guesses. Frankly, I made many strategic mistakes such as product order (order). As an example, we should have published Icarus with Cardano before Daedalus and used a different language for the application. Because Haskell was not ready. ”
Cardano (ADA) is currently following the market trend and traded at $ 0.05, up 1.44 percent in the past 24 hours. With a market capitalization of $ 1.56 billion, Cardano ranks 11th on the biggest cryptocurrency list.