• 29 May, 2024
News

Charles Hoskinson Steps Back as Cardano Foundation Faces Delegation Uproar

In a surprising turn of events, Charles Hoskinson, the visionary founder of Cardano, has broken his silence on X, formerly known as Twitter, to distance himself from the ongoing saga enveloping the Cardano Foundation’s recently updated delegation strategy.

The Cardano Foundation, an autonomous entity overseeing Cardano’s development and ecosystem, recently unveiled a series of significant alterations to its delegation strategy. These changes span delegation packages, their duration, the criteria for selection, and the entire selection process.

However, the community’s reaction was far from celebratory. Cardano enthusiasts promptly swarmed social media platforms, expressing their apprehensions and discontent regarding the revamped delegation strategy. Many within the Cardano community have raised concerns that the updated strategy tilts the scales in favor of rewards at the expense of staking pools. Additionally, they accused the organization of introducing a degree of centralization into the network, marking a stark departure from the platform’s existing consensus mechanism.

Notably, a section of ADA enthusiasts turned to Charles Hoskinson, seeking his insights and guidance on the unfolding situation. However, the Cardano figurehead surprised many by distancing himself from the Cardano Foundation-ADA community strife. Hoskinson urged ADA holders to address their concerns or inquiries directly with the foundation.

This uncharacteristic response from Hoskinson has raised eyebrows within the Cardano community, given his historical proclivity for active engagement in the network’s development and growth. Speculation is rife among community members regarding Hoskinson’s distancing act. It may be linked to the recent scrutiny faced by Input Output Global (IOG), a significant entity in the Cardano ecosystem.

This month, critical voices, exemplified by a self-acclaimed Cardano ambassador, Fabian Bergen, accused IOG of wielding excessive influence by holding most of the Genesis keys and effectively controlling the network. Hoskinson took to X to address these allegations, disclosing that the Cardano Foundation, Emurgo, and IOG all hold Genesis keys and emphasizing that the CIP 1694 proposal nullifies IOG’s network control.

As the Cardano community navigates this sea of change and intrigue, it remains to be seen how the saga surrounding the delegation strategy and the evolving dynamics between key entities will shape the future of this ambitious blockchain project.

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