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Problems in Cardano camp as the CEO disagrees with foundation chairman

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Cardano
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Cardano (ADA) has been one of the best blockchain projects so far. The organization runs on three different arms to make it a tremendous decentralized blockchain protocol. Three different bodies behind Cardano:  IOHK – headed by Charles Hoskinson, oversees the software development of the blockchain network, Emurgo, manages the upcoming projects under developments by Cardano; and Cardano Foundation – led by Micheal Parson, takes charge of Cardano’s ecosystem.

However, despite being governed by three different bodies, there seems to be a significant conflict in the blockchain project’s camp. Hoskinson recently via an open letter accused the Chairman of Cardano Foundation of carelessness, prejudice, and misuse of Cardano funds.

Hoskinson stated that the Foundation Chairman had been the obstacle towards the progress of it. In a video, the head has urged the community to support the movement towards the sacking of the Foundation chairman.

Further, in Cardano’s open letter, Parson was accused of neglecting his chairmanship obligations. Firstly, Parson employed his colleagues and relatives with little or no knowledge and qualifications to show.

The open letter further stated that cases of fraud were also found on Parson during his time as the chairman of Cardano Foundation. He as well has been accused of staying away from his duties as a Chairman of the foundation, of which he doesn’t interact or chat with the community.

After the open letter was passed out by Cardano, the community has gone to support the movement by raising a petition, and it states:

If you are a believer in the Cardano vision, an investor in the Cardano venture, or if you simply believe, regardless of the loose regulation of the crypto space, that we still deserve crypto leaders to be accountable and to be brought to justice, then you should sign the petition to help us to raise our voices and make Mr. Parsons take appropriate action.”

Cardano’s CEO, Hoskinson, replied via an interview (a video one) and reported that Parson’s negligence is affecting badly. Hoskinson has further stated that Emurgo and IOHK have been taking the bulk of the work to make sure the cryptocurrency still stands.

He also emphasized on the laxity of the foundation chairman stating that Cardano was called upon to Ethiopia for striking a good deal but couldn’t actualize. On the other hand, Cardano’s Foundation accused its other two bodies of trying to boycott the agreement. Hoskinson said,

We just lost it at that point and we said, “Look, we are not going to work with you guys on any capacity until you publish a fair use policy” [….] This is what our relationship has been like for the past year, where they haven’t really collaborated or cooperated with us on a lot of things, they spend money in odd ways which have no purpose to the ecosystem”

The CEO of Cardano also talked on the ‘unconcerned nature’ of Parson as he said,

For two years, he didn’t even put ‘Chairman of The Cardano Foundation’ on his LinkedIn page.”

Hoskinson noted that its new members in the foundation should be elected and the best option for Parson is to tender his resignation. Meanwhile, despite the launch of several projects on Cardano’s network such as Cardano crypto-debit card, Rust SDK, and Yoroi Wallet, the CEO stated that there are more projects to come that will boost ADA value in the future.

Now, whether the CEO and community will be able to make the chairman step out or not, remains a question. And yeah, nobody knows how much damage he might do before the rest of the Cardano army (the CEO and community) succeeds. Would the fear cause investors of stepping back from ADA, and ultimately affect its price? We all will get to know that shortly.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Wensbos/PixaBay

Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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altcoins
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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

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TRON
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TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

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Altcoins

Why Tron (TRX) Price Won’t Remain Low for Long

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TRX
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TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

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