ETH v ETC Round 2: Charles Hoskinson and an analysis of the AMA with Charles Hoskinson on Steemit  

High Profile Champion

Ethereum Classic exists. For better or worse it is a viable network. It has found a new and high profile champion in Charles Hoskinson.

Charles is one of the original founders of the Ethereum project. He is a thought leader in the digital currency space, having contributed to a number of important and high profile projects.

As one of the original founders of Ethereum he was instrumental in the early stages of the project’s development and ultimate realisation. Articulate and engaging, he quickly became the voice of Ethereum in its early days. He would routinely reiterate the larger vision.

After being kicked off the project prior to the funding round, he went on to form IOHK. This is a Hong Kong based technology company focused on building cryptocurrencies and blockchains for academia, government and corporations.

Dismay at Ethereum’s decision to ‘bail-out’ 

Since the establishment of Ethereum Classic he has taken it upon himself to champion the project. Fiercely idealistic, Charles has been very vocal in his support for Ethereum Classic and his dismay at Ethereum’s decision to ‘bail-out’ a project at the application layer.

For Charles this was a betrayal of the original vision for Ethereum which he guarded so closely. He is of the belief that Ethereum, with its complete scripting language, is still a project with incredible promise.

However, he sees Ethereum Classic as a better way to achieve that promise. For him ETC is a truly decentralized, censorship-resistant, permissionless blockchain.

Steemit AMA

In his AMA conducted on Steemit this week many interesting points were addressed. It is important to be familiar with this AMA. It directly impacts the future direction of many important projects, including Ethereum Classic.

Hoskinson was quick to re-iterate what he had been paying for some time on social media, that he is “not the leader of nor do I desire to be a leader in the ETC community.”

Though his company IOHK will certainly be contributing real world resources to the project. They “are planning on hiring a community manager and an education director in addition to the devs.”

The plan then is “for these hires to be turned over to the governance structure of ETC once that has been established.”

Going into more detail, we learn that IOHK will be hiring three full-time developers just to work on Classic. They will be in a position to begin full time work as soon as the development roadmap is resolved, “in order to determine the business and technical requirements of the development team.”

Nevertheless, IOHK has “already internally started the hiring process and will post some ads on the ethereum classic reddit alongside other sources.” The first official hire can be expected in the first weeks of September.

On Hoskinson’s own financial stake in each project he points out that he “will never buy ETH.” As he does “not believe in the team behind it, the increasingly toxic community that’s developing and also the lack of philosophical commitment of the protocol.”

LISK Fiduciary Advisor

Hoskinson also spent a significant amount of time addressing the Lisk project, of which he is a non-fiduciary advisor. Lisk is an alternate smart contracting platform with its own token and blockchain.

This is one of a number of important projects in the space Hoskinson advises on. Though he is most well known for his early contributions to Ethereum, this alternate Smart Contracting platform also indirectly impact on Ethereum and Classic, as these platforms compete for market share and developer resources.

Hoskinson went on to note that he is “unhappy with the current progress of Lisk and this stems from the small size of the core tech., their limited resources and the poor execution by the legal consultants in getting a business structure setup.”

The Ethereum project has been criticized for its governance structure.

To the extent that any issues in progression stem from governance concerns, Charles sees Ethereum Classic as a chance to correct them. For him it “makes sense to invest time and resources into a governance structure that is in some way anchored with checks and balances.”

Primarily Ethereum, Ethereum Classic and Lisk are discussed. Charles Hoskinson clearly points out his position on many key issues in relation to these projects.

IOHK… contributing real resources and attention to Ethereum Classic

As his IOHK begins the process of contributing real resources and attention to Ethereum Classic, his position becomes increasingly important. Even if he does not want any formal acknowledgment on leadership.

It will be important for the market to monitor Charles and IOHK’s position going forward.

What is ? is part of the MakerDAO system and is the official website and portal for Trading, Borrowing DAI and Saving in the Makerdao system 

It is a non custodial platform and service for minting DAI and managing the CDP vaults created by Maker. 

The smart contracts have been audited and formally verified and it is the leader in the decentralised finance space. 

Here you can see an example of a cdp on whioch shows your liquidation price and how to top up your loan, borrow more and see your interest rate accruing every second. 

How does MakerDAO work?

The borrower sends his crypto currency to a smart contract and in return receives an additional amount in DAI into his wallet by the next block (~15 secs). 

The user retains full ownership of the crypto currency sent which is locked to the smart contract as collateral and can be retrieved at any time by repaying the amount lent in DAI.

An example:

Send 15,000 USD equivalent of ETH to Maker smart contract

Receive up to 10,000 USD worth of DAI in loan instantly

You now have 15,000 USD worth of Ethereum under you custody locked up AND and additional 10,000 USD of DAI in your wallet.

You can do whatever you want with the new 10,000 USD but you have to pay it back plus the stability fee (in DAI or MKR) to unlock the 15,000 USD equivalent of ETH. 

If ETH price goes up you win.

If ETH price falls you need to watch your liquidation price .

What is MakerDAO?

Maker is an Ethereum based lending platform responsible for the creation of DAI, the world’s first decentralised ‘Stable Coin’ soft pegged to 1 USD.

Maker allows any user to autonomously take out a loan (denominated inDAI) by staking Ether (ETH) as collateral. Other Ethereum based tokens can also be staked as collateral. 

The Maker system is inherently permission-less , meaning that there are no requirements other than holding crypto currency or buying DAI to get started.

All loans are issued automatically by a smart contract so no human is involved in the facilitation of any loan.