"How much is the freedom worth?" IOHK founder reflects on the state of crypto

03 Jul, 2018
by David Robb
News
How much is the freedom worth? IOHK founder reflects on the state of crypto

Charles Hoskinson, the founder of IOHK and a leader in the crypto space for over 5 years, recently posted on his blog with some of his reflections on his experiences and what he has learnt. He outlines three major lessons that he believes are important for future development. 

He states that his first major lesson was to "extract the politics and philosophy from the objectively scientific and engineering problems and then be honest about choices we have made in our particular deployments". This speaks to an increasing lack of openness and clear vision in the way many cryptos are managed, with EOS being the latest most high-profile example of questionable governance and limited transparency.

As for the second lesson, this relates to relationships and communication between people. According to Hoskinson, "Modern communication tools are incredibly good at keeping us all connected and informed, but they are useless for promoting empathy, building real relationships or proactively communicating implicit concerns."

He discusses the ways that ICOs and other types of investment have changed the way that cryptos work, in terms of introducing different incentives and types of relationship into what started as an open-source project.

This leads to the third lesson: "Conflict, pain and principles are a prerequisite to success." He reflects on the launch of Ethereum Classic in the wake of the Dao hack, and his respect for the way that ETC's developers maintain a stable, decentralized community.

This community is ultimately the most important part of crypto, as currencies are only worth what people believe they are worth: "It seems the belief that Bitcoin is worth a 100 billion dollars or that one social contract is superior to another is all that is really needed to actually realize it."

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