Charles Hoskinson, CEO of Input Output Global (IOG), won a $ 50,000 bet with Polymarket when Cardano launched smart contracts on time. The proceeds will go to a charity chosen by Hoskinson.
Since @PolymarketHQ lost, they need to donate $ 50,000 to a charity of my choice. I thought about it and found a little one with a really good heart https://t.co/dIgeqCrEuK
– Charles Hoskinson (@IOHK_Charles) September 13, 2021
Given IOG’s patchy history of meeting implementation deadlines, some had questioned whether smart contracts would be live on the deadline. Nonetheless, Alonzo smart contracts were officially launched late on Sunday evening.
But how did Polymarket and other skeptics react?
Cardano and the scientific method
Cardano’s “scientific method” is known to focus on accountability, repeatable processes and iterative testing. While that’s all well and good, the downside is often slow progress.
This became apparent last year when IOG was in the process of launching the Shelley phase. Delayed deadlines caused a lot of criticism, as Cardano is just talk, not substance.
Hoskinson has defended the scientific approach to building blockchains on many occasions. He said his priority is getting things right the first time.
Hoskinson recently commented on this, saying it is the mature and responsible way to get rid of system failures. Which in the long term benefits users in terms of avoiding damage.
Compared to Ethereum’s heuristic approach, Hoskinson said:
“I just believe that the way we do things is a little more sophisticated and responsible because the way we do things leads to a better assurance that the systems we build are not failing.”
One heuristic approach is related to Problem solving by any means, even shortcuts to get things done. These solutions may not be ideal, but they will be sufficient under the circumstances.
Polymarket describes itself as “an information market platform where you can trade on the most debated topics in the world (e.g. coronavirus, politics, current affairs, etc.).” By the way, it runs on the Ethereum blockchain.
When Polymarket lost the bet with Hoskinson, Polymarket did the deal well and kindly accepted that they were wrong, that smart contracts weren’t launched on Cardano on time.
“Yesterday@Cardanomonumentally introduced smart contracts & $ ADA Believers have won more than $ 1 million Polymarket.com
At Polymarket, we believe in giving credit where it is due and we stand by our word. We stand corrected and donated $ 50,000 on behalf of@IOHK_Charles& the Cardano community. “
Hoskinson selected the Magic Yarn Project, which helps children fight cancer by making character wigs to cover hair loss due to chemotherapy treatment.
But that’s not all. Polygon co-founder Sandeep Nailwal also bet that Cardano wouldn’t make it. This time for a bet of $ 20,000.
Although Hoskinson asked Nailwal to do so, he has so far not responded.
Come on Sandeep, it’s time to pay.
It looks like we’re getting another donation https://t.co/Km6gsL8S6i
– Charles Hoskinson (@IOHK_Charles) September 14, 2021
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