Ash Bennington, Senior Editor at Real Vision interviewed Charles Hoskinson. Charles was asked to tell something about the Framework being the founding father of the space from the very beginning.
Framework for the Crypto Space: Charles Stated that George Lucas stated that History does not repeat, it rhymes. He stated that there was a lot of truth to that. He stated that when looking at the cryptocurrency industry, the industry really came from the internet.
Before the internet, he stated that the major thing was that information used to be expensive to move. So, it took time effort and money to move a book from Bob to Alice or to tell somebody something. When the internet comes around he stated how magically it was possible for people to learn almost anything instantaneously, and on how the cost of moving information was nothing.
So, because that became a thing, people started thinking what else can be teleported all around the world. Also, that it was very expensive to move money around the world with all sorts of things like remittances and wire transfers and all types of things. So, for a long time lot of people were trying to create an internet native digital currency that represented value and can nearly be teleported – and e-mails teleported anywhere.
These attempts were happening as early as the late 1980s and early 1990s by lot of pioneers. There was even a company called Digicash that was trying to do it, but nobody were able to figure it out as to how to do it without involving some trusted third party. Without a central trusted company or an automated clearing house. There were times when you take out the internet everything stops working.
In 2009 Bitcoin came around. And, Bitcoin basically proved that you could find a way to Teleport value anywhere in the world instantaneously with no counter-party risk. It worked like the e-mail for money. And, nobody really believed that and it really took a long time for it to reach a network effect. During the first year, it was so unstable that if one person would stop mining, the hash rate would fall by 50% or something like that. And, the tokens had no value.
Charles recollects on how when he came in to the cryptocurrency space, they used to trade on spread sheets. He also pointed to how it was not common for people to say,“ I have seen around a 10,000 of these things as I have no idea if they are going to be worth anything or not.”
He recollected on how way back then when Bitcoin did not gain recognition one of the games paid the 5th price as 200 Bitcoin as a consolation prize for the participants! He stated this was where they were in the beginning. He stated how on 2013 Bitcoin got real.
Get the latest Crypto & Blockchain News in your inbox.