Hoskinson Blasts Analyst over a FUD Comment on Cardano Governance
- The analyst claims IOG designed CIP-1694 to always retain control over Cardano.
- Hoskinson later hosted the Twitter space to clarify the confusion.
On Twitter today, Charles Hoskinson, the founder of the Cardano blockchain, called out crypto analyst Vanessa Harris regarding a misstatement she made about the governance process of the Cardano network.
Hoskinson said Harris’ position was “categorically false,” noting that such postulation was capable of fuelling a round of fear, uncertainty, and doubt in the crypto community.
On Sunday, Harris wrote a 17-part long Twitter thread on Cardano governance. Part of what she stated was that the Cardano development team, Input Output Global (IOG), designed CIP-1694 such that they will always retain control over Cardano, except in extreme circumstances.
Consequently, the crypto analyst argued that the governance structure of Cardano was centralized and controlled by a few individuals, which was concerning for decentralization advocates.
Furthermore, Harris said regular ADA users could only participate in governance if they become Delegated Representatives (DReps). It implies the governance body excludes normal users and gives more power to those who are part of the Stake Pool Operators (SPOs)and DReps.
A Cardano community member, Rick McCracken, recommended that the Cardano founder host a Twitter Space to explain the distinction between the Initial Committee and follow-on Committees. McCracken stated that Harris’s comment was based on published information about the CIP, which was why a clarification would be satisfactory.
Hoskinson later hosted the Twitter space without over three thousand people tuning in. In other news, the Cardano native token is down by around 6% in the last seven days, according to data from the market tracking website, CoinMarketCap, trading at $0.3389.