What is Going on With Cardano (ADA)?
In a recent AMA session, Charles Hoskinson, the founder of Cardano, discussed several noteworthy developments.
He started by announcing the launch of Intersect, an organization focused on shaping Cardano’s future, which has already attracted more than 200 members in just a few days. Hoskinson also highlighted upcoming plans, including the transfer of code from IOHK and Intersect. He touched upon various Cardano workshops and partnerships as well.
Regarding the legal battle between the US SEC and Ripple, Hoskinson expressed optimism about Judge Analisa Torres’ ruling, which he sees as a victory for the crypto community. He believes this ruling will enable XRP to be listed on major exchanges and could serve as a precedent to demonstrate that cryptocurrencies like Cardano (ADA), Solana (SOL), Polygon (MATIC), and others should not be considered securities.
Hoskinson emphasized the importance of passing clear and favorable crypto legislation in the United States to strengthen the industry. He argued that ADA is not a security since it operates as an open-source, community-driven project.
During the session, Charles Hoskinson also provided updates on several projects, such as the data protection-focused sidechain Midnight. He praised Ergo for implementing NIPoPoWs, making it the first blockchain to do so. He also discussed his focus on multi-delegation in the Lace 1.4 version and elaborated on the Hydra L2 scaling solution, along with upcoming releases and features.
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In response to the proposal of backing the USD with Bitcoin by Presidential Candidate Robert Kennedy Jr., Hoskinson expressed reservations due to the limited supply of Bitcoin. He raised concerns about inflation, the rising US debt, and other economic tensions, suggesting that underlying issues need to be addressed.
Regarding the recent crypto bills passed by the US House, Charles Hoskinson acknowledged their significance. Still, he mentioned that he would consult with his “government affairs people” before forming a definitive opinion on the matter.
ADA’s price is currently trading at $0.31, with a 1% increase in the past 24 hours and displaying mostly sideways movement over the week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
