Addressing Network Capacity Concerns
Charles Hoskinson, Co-Founder and CEO of Input Output Global (IOG), addressed the growing concerns regarding Cardano’s network capacity. His comments come amidst a broader discussion about the platform’s scalability and utility, challenging previous narratives that labeled Cardano as a ‘ghostchain.’ On 18 December 2023, Hoskinson took to social media platform X (formerly known as Twitter) to respond to some concerns about Cardano’s blocks being too full.
Community Engagement and Bitcoin
Hoskinson emphasized that Cardano’s growth was achieved through community engagement, drawing parallels with Bitcoin’s growth model. He also critiqued the U.S. Securities and Exchange Commission (SEC) for its perceived leniency towards Bitcoin, challenging the SEC to apply the Howey Test to Bitcoin and questioning how it is differentiated from Ethereum and Cardano.
Regulatory Struggles and Libertarian Lawmakers
Hoskinson accused the SEC of engaging in an ineffective legal battle against the crypto industry and expressed his belief that this regulatory struggle would end without formal acknowledgment of errors or compensation from the SEC. Additionally, Hoskinson showed support for libertarian lawmakers aiming to reduce government influence, aligning with his view that cryptocurrencies should rebuild the ‘horrifically broken’ social contract.
Adam Back’s Perspective on Bitcoin
Adam Back, a notable figure in the crypto world and CEO of Blockstream, engaged in a discussion with Charles Hoskinson about the SEC’s stance on Bitcoin, arguing that Bitcoin’s unique characteristics set it apart from cryptocurrencies like Cardano and Ethereum.
Cardano’s Launch and Regulatory Status
Back noted the reliance on a management team in Cardano’s case, which aligns with the Howey Test’s criteria for a security, based on the expectation of profits from managerial efforts. He also viewed Ethereum, Cardano, and similar cryptocurrencies as securities, considering them unregistered and incapable of registration under current regulations.
Hot Take
While the conversation between Hoskinson and Back may continue, Cardano’s growing network capacity and regulatory status are being critically examined and discussed in the cryptocurrency community, shaping narratives about the platform’s scalability and utility.
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