Problems in Cardano camp as the CEO disagrees with foundation chairman - Global Coin Report
Connect with us

Altcoins

Problems in Cardano camp as the CEO disagrees with foundation chairman

Published

on

Cardano
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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

Lotto Nation is Revolutionizing the Traditional Lottery Industry

Published

on

Lotto Nation
READ LATER - DOWNLOAD THIS POST AS PDF

As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of…

Continue Reading

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Press Release