Hoskinson Offers To Help Out Ethereum Classic But Gets Turned Down By Leadership

  • Hoskinson Offers To Help Out Ethereum Classic But Gets Turned Down By Leadership

    The founder and CEO of Cardano, Charles Hoskinson recently offered to help the community in Ethereum classic however, there was a big catch to this assistance. The community would first have had to institute a decentralised treasury system, which is similar to what Hoskinson and Cardano do with their blockchain ecosystems. If the Community did not accept his terms, the CEO said it would have been a waste of time and money.

    Speaking on the subject, he said:
    “It's not worth my company's time or our strategies to pivot for a grant or a one off payment to go and bail us out. If there is a treasury system, it means that I can be in the business of building open source innovations and open source software and bringing these things to market and be paid to do that patent free and open source.”

    Several 51% attacks recently occurred on the Ethereum Classic network which left the future of the project quite uncertain. According to Hoskinson, IOHK has done a significant amount of research into the proof of work industry and how it could function as a way to prevent these kinds of attacks occurring again on the network.

    A hybrid proof of work and proof of stake protocol has been developed by IOHK that also employs a checkpoint system in order to prevent negative network reorganisations. Working on this project, Hoskinson has a 15 man team but he’s not willing to make any future commitments unless the leadership for Ethereum Classic accepts his terms.

    Hoskinson originally left the Ethereum project in order to work on Cardano but the CEO believes that he has a moral obligation to support the protocol despite him leaving it.

    Responding to the offer from Hoskinson, Terry Culver, the CEO of Ethereum Classic labs said the following:
    "As an open-source, decentralized community, we welcome all ideas and appreciate that so many people in the blockchain community have reached out to us. That said, we're not waiting for someone else to step in. We are a focused team who are passionate for ETC, and we will work diligently to ensure a bright future for ETC."

Log in to reply