hi everyone this is charles hoskinson broadcasting live from warm sunny colorado very briefly i figured i'd make a beating the dead horse video today as usual uh etc is rearing its head again this time because of the minor transition so there seems to be some economic play all right now as many of you know i was a member of the etc community for several years i joined immediately after etc was born because i felt that the ethereum holders deserved to have a choice between the original chain and the new chain which rolled back a particular feature wrote back an event i should say related to the dow hack we as a company io decided to build a full featured client called mantis we invested millions of dollars we had lots of people work on it and we attended all the etc events every year for several years and we put a lot of effort into the ecosystem uh years ago we said well what do you guys want to do do you want to innovate or not um do you just want to preserve the status quo because the status quo is unsustainable and not stable the design of ethereum is flawed everybody agrees to that this is why ethereum 2 is underway it's why the merge is underway that model just doesn't work and everyone's moving away from it now there's enormous innovation that has occurred for example polygon has the ckevm there's uh protocols like prism for example that promote veswana's developed uh there's all kinds of things that are occurring in fact we even published a paper called ophthalmols which we recently talked about at crypto that paper was actually inspired by our participation in ethereum classic because we imagined that proof of work would need to be enhanced and innovated so we created a useful proof of work we started that research agenda years ago when we were still members of that community the problem is that there's no money in working on etc there was an attempt to put a treasury system in and that fell apart when it was going to be structured in a way that if etc went up the developers would actually have to give the excess profits back so in other words the investors the people like greyscale who own it they buy etc they get to hold it and keep it and if it goes up they keep the profits but the people actually building the chain don't get anything they only get time and materials work okay so the people doing all the work get paid time and materials and people who do no work just buy etc they get all the profits so why not just buy etc why do any work at all why actually invest time effort money into building up a project so it wasn't a reasonable or well thought out approach and so we just said you know there doesn't seem to be any desire to really innovate here that's fine and i thought that was the end of it now i still have um the ethereum classic twitter handle and lately members of that community been reaching out harassing me through multiple channels demanding that i turn it back to its rightful owners true to form there's just demands nothing for it um and this is just the nature of this community i don't understand what they want or what they seek to accomplish at the end of the day even if they get the miners from ethereum they're stuck with all the problems of ethereum that ethereum is actively discarding their old chain to attempt to resolve they have no technical team no real dap traction at all and no philosophy other than well we are really angry that vitalik did something years ago and were the true chain the true vision of vitalik could have been something very different it could have been a technological marvel that would have looked at proof of work from an actual viable scalable way and shown new ways to do things it could have been a bastion of formal verification for solidity and the evm could have been first introduced recursive snarks could have had a high throughput proof of work algorithm i mean don't take my word for it take a look at these papers that were written by credible scientists at princeton and university of illinois and so forth like prism for example scaling bitcoin by 10 000 x they also tried on the ethereum virtual machine they got over 100x and this is 2018 paper the world has moved on first to market with useful proof of work and then look at these beautiful things polygons done and there's many many many more so anyway my recommendation is if you're interested in proof of work ergo is a real project and it's an example of something that has a philosophy it has that same principles much better i'd say than etc a very fair allocation proof of no pre mind these types of things it's got a very evangelistic active community they're really fired up ergo is got a it's a proof of work ecosystem it's got sigma protocols and extended utxo it's got a lot of really cool ideas built inside of it and frankly it's it's very innovative it has a reason to exist it's a small team and they're fighting hard and they're very scrappy uh and they keep growing and they're um just nice people and they want to innovate they want to do new things and they care by the way it also has a treasury not a big one but one and it pays their developers of and just full disclosure um i uh i'm not a core developer of ergo now we bought some when the project came out so i guess i'm in barry's position in that respect i'd love to be a developer of erko we just haven't had the time or the resources to commit to it that said we talk to them all the time because they tend to implement things before we do like they were some of the first to do reference inputs and these types of things i think they're also implementing nepa pals as well which gives them beautiful light clients and side chains in the proof of work ecosystem just because the price of a token goes up doesn't mean it has an ecosystem it doesn't mean it has developers it doesn't mean it has the right philosophy to do something interesting and unique i tend to look at fundamentals and uh there were there was a moment in the history in the cryptocurrency space where ethereum classic could have had phenomenal fundamentals gotten a different brand and become something unique and treasured i feel that moment's closed now i could be wrong but i've been dragged back into it because of the twitter handle i'm not going to give it away just going to keep it it's a momento just like the things in my office and you guys are just going to have to figure out what to do and i understand your price is going up and you're all excited and fired up and the people who hold bags are real excited about that but ultimately you have to say are there developers the answer is no is there a road map that's reasonable and that road map is going to go places and are people behind that roadmap who have the resources and the ability to execute no is there a commitment in the community to make meaningful significant sustained changes towards a vision to be able to capture philosophy no that's just a fact and if you disagree well then where's the evidence of it you had an opportunity to have a tier one blockchain development company come in you passed on that you have an opportunity to get create dedicated funding for your developers so that they can actually go and have multi-year incentivized projects to build things and you're competing with people of billions of dollars not millions billions of dollars in their development fund and the and you say well we're ideologically pure well so is bitcoin much more so than all of us combined and they have a lot more money so anyway it's beating a dead horse at this point but please stop asking me for the ethereum classic twitter handle and if you're a miner and trying to make a decision go to the ergo side it's a great community and you're not going to be disappointed and i really believe in what they're doing over there cheers everyone
