As a seasoned researcher with over a decade of experience in the crypto space, I find Charles Hoskinson’s recent pitch for Cardano Foundation’s potential relocation intriguing. Having closely followed the development of Cardano since its inception, I can appreciate the concerns raised by its founder regarding the current board structure and governance model.
As a researcher, I’ve been following the latest developments in the Cardano community. Recently, Charles Hoskinson, the founder of Cardano, has suggested a potential relocation of the Cardano Foundation from Switzerland to other jurisdictions such as Abu Dhabi and Wyoming. This proposed move could offer an exciting change, as it would enable users to have a more active role in selecting the board members, thereby fostering a more decentralized and community-driven governance structure.
In a recent post on social media, Charles Hoskinson invited members of the Cardano community to engage in discussions with the Cardano Foundation about their current board structure and decision-making process. Notably, under the current setup, the Swiss government selects the board members without any direct input from the community.
As a researcher, I express my apprehensions regarding this setup and urge the community to scrutinize the background of those who have influenced the Cardano Foundation’s past decisions, particularly their relationship with Intersect.
Additionally, Hoskinson voiced his critique towards the Foundation for maintaining its presence in Switzerland, all the while advocating for alternative cryptocurrency-friendly locations such as Wyoming and Abu Dhabi. These places offer inclusive governance structures that could potentially be beneficial.
As per the Cardano founder’s statement, this method facilitates collaboration between the community and the Foundation in developing a fresh framework that fosters transparency and boosts member participation. Furthermore, he mentioned:
It’s not necessary for the foundation to be located in Switzerland. Other regions such as Abu Dhabi or Wyoming offer options for Digital Ledger Technology (DLT) foundations. The community could collaborate with the CF to create a novel structure, and the CF could provide funds to this newly designed entity.
Established in 2016 and governed by Swiss law, the Cardano Foundation has a structure that currently does not support community-led board elections. While they strive for transparency via open discussions, there are persisting requests for changes within their leadership. The Foundation plans to conduct an X Spaces series, where its top executives will provide additional clarity about their functioning.
Cardano (ADA) Price Action Ahead
Cardano’s native cryptocurrency ADA experienced a surge alongside the broader crypto market after Donald Trump’s election win. However, over the past fortnight, its price has been fluctuating, correcting by approximately 20% from its peak of $1.22 in early December. Currently, ADA is trading at $1.03, with a 24-hour volatility of 5.6%. The market capitalization stands at around $36.85 billion, and the 24-hour volume amounts to $1.61 billion.
Over the past day, the price of Cardano has decreased by approximately 6.5%, following the broader altcoin market’s decline before the Federal Open Market Committee (FOMC) meeting. At present, the ADA token is holding steady around $1.0, and financial analysts are optimistic about a potential increase in its value.
crypto expert Ali Martinez indicates that large Cardano (ADA) investors cashed in their profits when the price went from $1.15 to $1.33. But after a fall to $0.91, these big investors have started purchasing again, amassing approximately 160 million ADA since then.
Large investors (Cardano whales) cashed out their gains as Cardano rose from $1.15 to $1.33, but when the price of ADA fell to $0.91, these investors began purchasing it once more.
In fact, they’ve bought 160 million $ADA since the dip!
— Ali (@ali_charts) December 17, 2024
According to certain cryptocurrency market forecasters, the value of ADA could rise to approximately $1.67 before the end of this year; however, some analysts have set even more optimistic predictions at $3 or higher.
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2024-12-18 17:56