Co-founder of Ethereum Invested in Bitcoin for $ 1 in 2011, what has changed?


  Charles Hoskinson Ethereum Cardano

Charles Hoskinson, co-founder of Ethereum and Cardano, entered the cryptocurrency sector when Bitcoin was valued at just over $ 1. Since then, the infrastructure supporting the market and blockchain systems has changed drastically, at an exponential rate.

The price of bitcoins in 2011, chart provided by 99Bitcoins

In an interview with Mpho Dagada, Hoskinson, CEO of IOHK, a technology company that drives the development of Cardano (ADA) and Ethereum Classic ( ETC), said he started dealing with the cryptocurrency industry by extracting Bitcoin in 2011, when the dominant cryptocurrency was worth around $ 1.

In 2013, as the price of Bitcoin rose 250 times from $ 1 to $ 250 , Hoskinson has decided to be involved in the sector, with the passion of leading big projects.

Meeting with Vitalik Buterin, after the differences with EOS CTO Dan Larimer

Initially, Hoskinson revealed that he was contacted by a Chinese businessman to create a stablecoin for $ 500,000 in funding. At the time, Tether (USDT) was not around, and there were no stablecoin in the market that investors could use to cover the value of cryptocurrencies with that of the US dollar.

After rejecting the offer, Hoskinson met with Dan Larimer, the creator of BitShares, to work on the first decentralized cryptocurrency exchange platform. However, Hoskinson eventually left the company because of the differences between him and Larimer, and he met Anthony Di Iorio and Vitalik Buterin to create Ethereum.

Hoskinson said:

"[Anthony told me] There is this child called Vitalik, at that time He was 19 years old and he wrote this great white paper, I really can not make me a head or a cross. know what you think, and I said sure, Anthony, so I read the paper, it was very hard but I said, there's something here and that's how I met Vitalik Buterin. "

North American Bitcoin Conference in January 2014, Hoskinson and the rest of the founding members of Ethereum including Buterin, Di Iorio, Joseph Lubin and Gavin Wood met to officially develop and launch Ethereum.

"The North American conference of Bitcoin in January 2014. So Anthony rented a house on the beach, we all bought his way, there we met everyone, Joseph Lubin, Gavin Wood came, many of the big time that they were not so great guys came then and this really was the birth of an Ethereum, "added Hoskinson.

4 years of exponential growth

Since 2014, the cryptocurrency sector has shown an exponential improvement of market infrastructures, blockchain systems and scalability. The launch of Ethereum in 2014 opened the first path to decentralized applications (dApps) and the first decentralized computing system in the world.

Ethereum also initiated the initial coin market (ICO), which allowed blockchain projects to increase billions of dollars developing blockchain protocols. Interestingly, EOS, the largest ICO in history after raising over $ 4 billion, was led by Dan Larimer.

After establishing Ethereum, Hoskinson launched Cardano in 2015, the first Proof-of-Stake (PoS) blockchain protocol, built specifically to manage dApps and payments with two separate layers to maximize scalability.

Parallel to massive progress in development, the price of Bitcoin reached a new all-time high of $ 19,500. Although Bitcoin has dropped to $ 6,500 in the last nine months, since 2011, Bitcoin has shown a yield of 6,500 times.

The largest regulated financial institutions such as Citigroup, Morgan Stanley and Goldman Sachs have begun to commit to cryptocurrencies, with interest from companies and investment institutions.

Featured Image by IOHK / YouTube

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