By Brenda Collins
Charles Hoskinson founded of Cardano, a blockchain platform that recently came under fire and criticism from community member Alf – Vault #119 – about a possible $10 million investment to integrate USD Coin (USDC).
While clarifying the circumstances surrounding the USDC integration, Hoskinson highlighted Cardano’s dedication to a community-driven decentralization strategy, setting it apart from Ethereum’s native USDC implementation.
While venting his displeasure, Alf – Vault #119 opened up about his worries and displeasure on social media in an open discussion about the rumored $10 million investment needed to integrate USDC on the Cardano blockchain. The Crypto Capital Venture founder, Dan Gambardello, in a separate post on X has formally endorsed the integration of USDC, stating that it will help boost the coin’s relevance.
Gambardello, while defending his post said that there are many advantages that comes from doing such. He’d listed the expansion of the credibility of Cardano and seamless on-ramping of the coin as part of the advantages.
Hoskinson Responds Alf, Hints on Cardano’s Decentralization Methodology
In response to Alf’s worries, Hoskinson—renowned for his interaction with the Cardano community—explained the integration process in detail. His answer highlighted the community-driven philosophy of Cardano’s decentralization and development methodology.
According to Hoskinson, the primary difference between Cardano and Ethereum is the native implementation of USDC. He says that since USDC is native to the Ethereum blockchain, integration is more straightforward. On the other hand, Cardano uses a different approach and treats USDC like an ERC-20 asset.
Also read:The bridging technique known as a Cryption Network (CNT) representation is required to represent USDC in the Cardano ecosystem. USDC, which runs on a separate blockchain—usually Ethereum—can communicate with Cardano’s blockchain through this method. Hoskinson claims that part of the reason for the accompanying expenditures is the intricacy of this bridging process.
Hoskinson Gives More Explanation, Encourages More Cardano Community
Hoskinson said the $10 million Alf had indicated was an estimate for the integration, not a set cost. He emphasized the complex interplay between legal and regulatory issues, the technological complexities of the bridging process, and the integration of a significant stablecoin such as USDC.
The Cardano boss emphasized that the larger Cardano community is involved in choices regarding significant integrations and advances rather than being made unilaterally. Marcel Knobloch from ETH News explained that this methodology contrasts with the more centralized decision-making mechanisms of specific other blockchain initiatives.
The focus on community engagement is consistent with Cardano’s overarching goal of building an inclusive and decentralized blockchain ecosystem. He added that Cardano’s dedication to open communication, transparency, and community involvement has been evident throughout its development process.
Hoskinson Blast Politicians, SEC for Harsh Treatment of Cryptocurrency Pioneers
The Cardano boss’s explanation revolves around creating a more integrated and effective decentralized finance (DeFi) ecosystem to transfer assets between blockchain networks quickly.
Cardano’s CEO suggested the management arrangement of an Intersect working group, encouraging more quality conversations with people who matter. Hoskinson also spoke on decentralization. He said (decentralization) needs effective participation from the Cardano community to work effectively.
He also stated that the United States Democratic party embarrassed Sam Fried, the FTX founder, despite getting enormous donations from the company. He also accused the party of shifting its two-party system to the cryptocurrency sector, tagging everyone a lousy actor, and most times, calling for their arrest.
The CEO also disclosed that the current regulatory pressure by the SEC is hurting the United States’ cryptocurrency industry, hence causing many entrepreneurs in that sector to leave the country and create more jobs for their new host.
Meanwhile, as of press time, Cardano is trading at $0.482797, with a 3.35% increase in price. CoinMarketCap data shows that Cardano recorded a trading volume of $360,056,422 in the last 24 hours after ranking #8 on the CoinMarketCap most traded cryptocurrency ranking. It ended its trade with a market capitalization of $17,097,770,203.
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