On Sunday, Cardano experienced a gradual decrease, with this shift possibly being linked to Charles Hoskinson’s defense of Input Output Global (IOG) on platform X. IOG, a blockchain research and development company, faced criticism regarding its ADA holdings and the progress of its efforts to promote network adoption.
Hoskinson clarified that IOG earned its ADA, rather than receiving it as a gift.
According to Hoskinson, it wasn’t handed to IOG, but rather earned. He emphasized that the ADA isn’t public money; instead, it serves as a profit from constructing Cardano. The initial value of IOG’s ADA was roughly $8 million in 2015, and they’ve been working diligently on the project for nine years.
See below.
Initially, IOG did not receive ADA; instead, we accumulated it through our efforts. It’s important to clarify that this is not public money but revenue generated from the construction of Cardano. Approximately 8 million dollars worth of ADA belonged to IOG in 2015.
For nearly a decade, we’ve been tirelessly working on this project. The Community Foundation (CF) received ADA as a donation. Their role is defined by their mandate, which outlines their responsibilities within the Cardano ecosystem.
— Charles Hoskinson (@IOHK_Charles) January 12, 2025
Hoskinson distinguished between his own IOG’s ADA holdings and the Cardano Foundation’s (CF) ADA, which they received as a gift or donation.
According to him, the organization’s role is to channel these funds towards enhancing ecosystem growth. These remarks were made during discussions about whether IOG might donate its ADA for the collaboration with Circle on their USDC stablecoin, a possibility that Hoskinson appeared to reject.
Hoskinson: ‘Dishonest people have no place at IOG’
On Saturday, 11th January, Hoskinson alleged that a former Cardano Foundation staff member had tried to rewrite the narrative about the integration of stablecoins within the blockchain’s history.
Previously employed individual voiced concerns about insufficient advancement in this particular aspect. In response, Hoskinson pointed out that the opportunity to incorporate USDC was overlooked in 2021, which could have generated approximately $3 million. At that time, the foundation’s assets were estimated to be worth nearly $2 billion.
Hoskinson stated that they declined the agreement based on their own employee’s decision. However, you seem to distort the facts to avoid any accountability and portray it as a matter of power struggles? Frankly, I’m relieved you no longer work for me. Dishonest individuals have no room at IOG.”
Or
“According to Hoskinson, they rejected the agreement based on their own employee’s judgment. But it appears you’re twisting the truth to sidestep blame and present it as a power struggle? Honestly, I’m thankful you’re no longer part of my team at IOG. There’s no place for deceit there.
The dispute highlights larger obstacles that Cardano encounters as it strives for broader acceptance. Notably, significant stablecoin creators like Circle and Tether seem reluctant to align with the platform, expressing apprehensions about the scarcity of successful decentralized apps and inadequate transaction numbers.
According to Hoskinson’s comments, it is clear there are persistent disagreements among the Cardano community members, as they navigate critical choices that will determine the direction and future of their blockchain platform.
At last check on Sunday, Cardano was trading at roughly $0.96.
Cardano, initially rolled out in September 2017, is preparing to merge with BitcoinOS, a move that could potentially unleash over $1.4 trillion worth of liquidity.
The developers are also working on Midnight, a scaling project for the ecosystem.
It’s possible that Cardano could gain advantages under President-elect Donald Trump, as he is anticipated to take a more lenient stance on cryptocurrency regulations.
Whether a spot ADA ETF, or exchange-traded fund, gets introduced remains to be seen.
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2025-01-13 05:32