Charles Hoskinson Calls For Cardano Foundation Move To Abu Dhabi Or Wyoming

Cardano founder Charles Hoskinson has recently sparked market discussions with his recent comment on the Cardano Foundation (CF) jurisdiction. In a recent X post, he said that the Foundation should consider shifting its legal base from Switzerland if it doesn’t allow it to elect its board members “democratically.” Besides, he also urged CF to move its base to other places like Abu Dhabi or Wyoming.

Charles Hoskinson Calls For Cardano Foundation’s Jurisdiction Change

In a recent social media post, Cardano founder Charles Hoskinson expressed concerns over CF’s adherence to democratic principles. He argued that Switzerland’s legal framework limits the community’s role in electing board members, creating a governance gap.

Having said that, Hoskinson proposed an alternative and recommended CF’s jurisdiction shift to “Abu Dhabi or Wyoming”, both known for their blockchain-friendly environments. Notably, the call for Cardano Foundation’s security and transparency also surged among users after a recent X hack incident of the organization.

However, Hoskinson noted that Switzerland’s governance model restricts community influence. He emphasized the need for transparency and a shift toward community-driven decisions. Besides, the Cardano founder also questioned past board appointments, urging more accountability.

Meanwhile, this sentiment echoes frustrations from Cardano enthusiasts who seek a governance model that promotes inclusivity. One user responded, stating that Swiss bylaws enforce strict compliance and offer some protection but lack flexibility for broader community involvement.

Hoskinson acknowledged the challenge, stating:

“The alternative is having people appointed by the Swiss government forever choose their successors and never have any community input in the use of funds, leadership, or oversight.”

Cardano Foundation Addresses Concerns

The recent comment from Charles Hoskinson comes as the Cardano Foundation has recently made an X post addressing user concerns. In a recent X post, CF has responded to governance critiques with a promise of transparency. The Foundation announced a series of open discussions to address community concerns, starting with a virtual forum featuring CEO Frederik Gregaard and other leaders.

In an official post, the Foundation stated:

“Transparency, clarity, and dialogue are important to us. Over the past few years, we have put considerable effort into improving this, with the latest improvements being the launch of our financial insights report, along with our on-chain audited financial statements to complement our annual activity report.”

However, the Foundation’s recent efforts seem insufficient for the Cardano founder, who has called for an entirely new structure. He believes shifting to a decentralized framework can better align with the blockchain’s ethos. Hoskinson’s push for change has sparked widespread discussion in the crypto community.

Supporters of his proposal see it as an opportunity to elevate Cardano’s standing as a decentralized ecosystem. However, critics warn of potential challenges, including the complexities of implementing a fair election process and securing effective governance. Meanwhile, this comes after Hoskinson recently engaged in a Cardano Foundation’s anonymous whistleblower’s post, which has gained notable traction.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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