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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

Top 3 Cryptos to Serve as an Alternative to Bitcoin

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cryptos
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The crypto market continues to struggle on its way of reaching mass adoption, with most people focusing on Bitcoin. However, Bitcoin still has its fair share of problems, a few of which are quite challenging, with no guarantee that they will ever be fully solved.

While Bitcoin is, and has been the largest cryptocurrency from the moment it was created, there is no guarantee that it will remain at the number one spot forever. While this is mostly what skeptics tend to say, it is still a possibility that cannot be ignored. With that in mind, here are top 3 cryptos that might serve as an alternative to Bitcoin in the future, or maybe even now, considering how high its fees are, and how long its waiting periods tend to be.

1. XRP

XRP has become known as a ‘remittance coin’ due to its goal of providing better, faster, and cheaper international transactions. It was created by a company called Ripple Labs, and so far, it has been one of the best ways for sending money cross-border. It works in combination with Ripple’s products such as xRapid, fueling it and allowing for near-instant transactions at low fees.

The company has decided to offer its products to banks around the world, and most of the financial institutions decided to accept the offer. This is their way of trying to…

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Why HODLing XRP, BAT, and EOS is a Smart Idea

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HODLing
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The crypto market continues to grow, even though the prices of its many coins were severely damaged during the so-called ‘crypto winter’ of 2018. Even so, the market has grown a lot, and it currently features over 2,100 digital currencies, all parts of their own projects, with a goal of making an impact and entering the mainstream.

Of course, it goes without saying that not a lot of these coins have real potential. Many of them came to be during the ICO craze of 2017 and early 2018 when investors were willing to buy just about any coin. As a result, new startups emerged, each offering its own cryptocurrency. Most of these coins are believed to be bad projects with no future, with only a matter of time before they are declared ‘dead.’

However, there are several coins out there which are worthy of investing in, as well as HODLing on to them. Three such coins that we will focus on today are XRP, Basic Attention Token (BAT), and EOS.

XRP

Let’s start with XRP. This is a coin created by a company called Ripple Labs. As a result, the coin has a strong connection to the company, which many have taken as proof that it is not a real cryptocurrency, that it is centralized, and that it will eventually fade away as a bad project.…

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Why XRP is Worth Much Less than What Fans Expect

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XRP
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The crypto world is currently facing an uncertain situation as a result of XRP value. Many fans of the digital currency are arguing that the worth should be higher than what it now. A poll taken by Twitter this year showed that 80% of the participants want XRP to be higher than Ethereum. The participant preferred the digital currency to occupy the second largest position against what experts thought. Since XRP has not offered much to improve its reputation, the participant’s reaction was surprising indeed.

From what we have seen so far, one question to ask is, why does the cryptocurrency have many supporters? The simple answer is that Ripple focuses on offering remittance services to its fans more than other digital currency. The company offers many products of which one known as xRapid a cross-border payment service impress many supporters.

Why Fans expect an increase in value

Weiss Ratings did not hide the fact that their agency is not supporting Ripple. However, they admitted that the global payment platforms which the cryptocurrency created are commendable. This commendation proves that Ripple has been impactful in that area of blockchain tech application. Also, the players in the community have seen these achievements as well. Therefore, it is not a surprise that they expect an improvement in the market cap and price of XRP

Many people have raised arguments…

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