In-depth Analysis: Charles Hoskinson’s Bold Stance on Cardano Foundation and Midnight Tokens
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Charles Hoskinson’s Critique of Cardano Foundation
In a recent “Ask Me Anything” session, Charles Hoskinson delivered a powerful critique of the Cardano Foundation (CF). He defended the decision to exclude the CF from Midnight’s NIGHT token allocation, citing a strategic risk management approach rooted in the airdrop’s conditions. Hoskinson emphasized, “It’s my project, my investment, and we can make decisions as we see fit,” highlighting the importance of safeguarding the network from potential harm.
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Ownership and Governance Concerns
Hoskinson expressed uncertainty about the ownership of ADA within the CF, alleging that the Swiss government unlawfully seized ADA assets. He warned that allowing the CF to redeem NIGHT tokens could introduce a conflicting governance faction, stating, “They would create contention, claiming governance control. Let others use NIGHT tokens more productively.”
He intensified his critique, questioning the community’s tolerance for what he described as the CF’s mismanagement of resources. “Why engage a detrimental actor in our ecosystem?” Hoskinson questioned, justifying the decision to blacklist the Foundation’s addresses.
Investments and Partnerships
Highlighting the financial challenges, Hoskinson stated, “I’m navigating this alone, and it’s costly. Some partnerships run into eight-figure deals.” He compared the situation to competitors with well-funded foundations, emphasizing the need for proactive investment and advancement.
Hoskinson assured that the Midnight token rollout would enhance Cardano, not detract from it. He noted upcoming custody and exchange integrations for both Midnight and Cardano-native assets, underscoring partnerships with significant players like Copper, Bitcoin.com, Blockchain.com, and Brave. “Copper’s custodial services will now support both Midnight and Cardano assets,” he announced.
Innovative Collaborations
Furthering his vision, Hoskinson revealed collaborations with Chainlink on pioneering UTXO deployments. “We discussed with Sergey Nazarov, despite skepticism regarding engineering costs, we’re optimistic about finding solutions,” he shared.
Midnight Foundation’s Distinctive Approach
Contrasting CF’s approach, Hoskinson portrayed the Midnight Foundation as commercially aggressive, with 110 deals underway and proactive account management. He highlighted Intersect, a Cardano members-based body, as a manifestation of his original vision, proposing substantial investment to enhance its potential.
Accountability and Transparency
Hoskinson criticized CF governance for reputational damage, alleging unfounded accusations of financial misconduct. He called for accountability and reconciliation, promising imminent release of an audit report covering Cardano’s historical journey from 2015 to 2025. This report aims to clarify financial transactions and the Foundation’s role in Cardano’s development.
Hoskinson anticipates the report will vindicate Input Output’s actions while exposing the CF’s failure to fulfill its responsibilities. “Transparency is essential,” he emphasized, expressing hope for positive outcomes for Input Output.
At the time of writing, ADA was trading at $0.8795, maintaining its position above critical support levels.
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