Charles Hoskinson responds to critique on Cardano’s governance calling out FUD
|- Charles Hoskinson, the CEO of Cardano’s developer IOG called out FUD in the recent critique of ADA’s governance.
- Vanessa Harris, a web3 advisor, identified that the CIP-1694 setup of Cardano’s governance ensures that IOG continues controlling the project.
- Critics question the “decentralization” of Cardano’s governance, while Hoskinson dismisses it as FUD.
Web3 advisors criticized Cardano’s decentralized governance. Charles Hoskinson called out the Fear, Uncertainty and Doubt caused by the comments in the crypto community.
Also read: Ethereum blockchain deploys feature to help ETH users recover crypto if they lose private keys
Charles Hoskinson responds to criticism of Cardano’s governance
Cardano got criticized for its governance proposal, questioning its “decentralization.” Vanessa Harris, a web3 advisor, claimed that Cardano’s governance is not centralized. In a recent Twitter thread, she stated that Input-Output Global (IOG), the developers of Cardano, will dominate a large part of the project’s governance.
The dominance of IOG and the subsequent lack of decentralization would occur due to the CIP-1694 proposal. The proposal puts the control in the hands of Cardano’s Constitutional Committee, which comprises insiders from IOG. These insiders would veto any governance action, except motions of no confidence and calls for a new committee.
Vanessa believes replacing the committee would be difficult, and a no-confidence vote would require a large majority of representatives. ADA stakers would not be able to participate in the governance affairs of Cardano.
The stakers who become Delegated Representatives would be able to participate in Cardano’s governance.
This is going to be a mega thread on Cardano governance.
— Vanessa Harris (@technologypoet) March 4, 2023
We're about to enter the Voltaire era, and I've got things to say on the proposed governance mechanisms.
Follow along to learn what is being proposed, what it means for you, and how I think it should be changed
1/
This is going to be a mega thread on Cardano governance.
— Vanessa Harris (@technologypoet) March 4, 2023
We're about to enter the Voltaire era, and I've got things to say on the proposed governance mechanisms.
Follow along to learn what is being proposed, what it means for you, and how I think it should be changed
1/
Hoskinson quickly responded to the critique and dismissed it, saying, “This is categorically false and a great example of how FUD spreads.”
This is categorically false and a great example of how FUD spreads. https://t.co/GMGkXxRce2
— Charles Hoskinson (@IOHK_Charles) March 4, 2023
This is categorically false and a great example of how FUD spreads. https://t.co/GMGkXxRce2
— Charles Hoskinson (@IOHK_Charles) March 4, 2023
Charles received requests from several users for a Twitter space to be held where all doubts about Cardano governance can be clarified.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.