Charles Hoskinson, founder of Cardano, has urged the Cardano Foundation to move its operations to a jurisdiction that allows users to vote for board members. He recommended moving to Abu Dhabi or Wyoming.
The Cardano Foundation was founded in 2016 and operates under Swiss legislation, which does not allow community board elections. Despite efforts to increase openness through open forums, there are continuing calls to restructure its leadership.
According to For Charles Hoskinson, locations like Abu Dhabi or Wyoming will provide more opportunities for the community to engage in governance, leadership, budget allocation and deep insights.
Both sites are also known for providing blockchain-friendly environments.
Cardano Foundation Concerns
Charles Hoskinson’s comments came in response to a post published by the Cardano Foundation that addressed governance concerns. The foundation pledged transparency and announced open discussions, starting with a virtual forum featuring CEO Frederik Gregaard.
In this publication, the Foundation stressed its commitment to transparency by emphasizing its initiatives to support its annual activity report. The report will include the publication of financial insights reports and audited data on-chain.
Transparency, clarity and dialogue are important to us. Over the past few years, we have made a significant effort to improve this, with the latest improvement being the launch of our Financial Insights Report, along with our online audited financial statements to…
– Cardano Foundation (@Cardano_CF) December 17, 2024
The Cardano Foundation explained, “The Foundation model is the legal form chosen in 2016 when the Cardano Foundation was created. If the goal is to create a membership-based model, the Swiss Association legal form, as we used in PRAGMA, would be a more appropriate choice.”
However, Hoskinson believes that these measures are insufficient and calls for the creation of a new decentralized structure consistent with the principles of blockchain technology.
Cardano fans are also looking for a governance model that prioritizes inclusivity. One user mentioned that Swiss regulations enforce strict compliance and provide some protection, but lack the flexibility needed for broader community engagement.
However, critics emphasize obstacles to effective governance and fair elections. This debate has gained momentum, especially in the wake of the sharing of an anonymous whistleblower about the organization.
Cardano is planning to organize a chain on X spaces after the recent X account hack
The Foundation currently intends to organize an X Spaces series where its senior leadership will provide additional information regarding its operations. This comes after the Cardano Foundation X account was hacked on December 8.
After X’s account was hacked, a fraudulent advertisement for a token called ADAsol was displayed to users of the social media platform.
This fraudulent advertisement boasted of the existence of a revolutionary bridge that was the result of a collaborative effort between the aforementioned entity and Solana.
Additionally, X’s post was visible to users on the platform, indicating that ADA withdrawals have stopped as the US Securities and Exchange Commission tightens its control over the cryptocurrency project.
However, this post appears to have been removed. Overall, the X account hack story attracted significant attention, underscoring the importance and complexities of cybersecurity in the cryptocurrency industry.
However, the attack led to significant market volatility for the project’s native currency, which is one of the most prominent cryptocurrencies in terms of market capitalization.
Cardano (ADA) recent prices
ADA also joined the broader cryptocurrency market rally. In the past two weeks, the price of ADA has seen a decline of more than 20%, from its peak of $1.22, which it reached in early December.
Cardano price fell by 5.4% in the last 24 hours due to the collapse of the altcoin market in preparation for the Federal Open Market Committee meeting.
Market analysts are optimistic about the upside potential for ADA, which currently has support at $1.02. According to Ali Martinez, a cryptocurrency analyst, ADA billionaires benefited from the price rise from $1.15 to $1.33.
However, these whales resumed buying, accumulating 160 million ADA since the drop despite falling to $0.91.
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Source: https://www.cryptopolitan.com/cardano-foundation-to-move-abu-dhabi-wyoming/