In an Ask Me Anything [AMA] session conducted by the Founder and CEO of IOHK, Charles Hoskinson, answered several questions posed by the cryptocurrency and blockchain space members.
Here, he spoke about the correlation between different cryptocurrency ecosystems raising capital vs the success that they achieve. Specifically, about EOS and Tezos, Hoskinson stated that they can lure parties into building on their blockchain, at their best, which is a short-term boost to the ecosystem.
It was stated by a user that EOS raised about $4 billion whereas Cardano only managed to scrape around $60 million as capital for the development of the ecosystem. Regarding this, the user also asked if the money raised makes a difference to the success of these ecosystems.
Hoskinson responded and explained that the 2nd largest cryptocurrency in the world, Ethereum, raised only about $18 million to get to this position whereas the leading coin in the cryptocurrency space did not raise any capital. In his words:
“It’s kind of funny that the number two cryptocurrency raised 18 million to get where it’s at and the number one cryptocurrency raised nothing. So if you think about that, there is strong evidence in the space – the amount of money you raise doesn’t really have a lot to do with your ability to succeed.”
He then moved on to talk about Monero [XMR], the leading privacy coin that recently integrated bulletproof into their ecosystem. Hoskinson also stated that bulletproof is a great invention and is likely to succeed after the necessary audits. According to the IOHK Founder, bulletproof will prove to be highly beneficial for Monero.
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