Charles Hoskinson Criticizes Media’s Unfair Coverage of Cardano

Charles Hoskinson Criticizes Media’s Unfair Coverage of Cardano

EconomyFinance

By Jakub Lazurek

09 Jun 2024 (about 1 month ago)

3 min read

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Cardano founder Charles Hoskinson proposes a not-for-profit media DAO to combat perceived unfair coverage and highlight the network's progress and innovations.

Charles Hoskinson, the founder of Cardano, has voiced his frustration over what he believes is unfair media coverage of the blockchain network's progress. He suggested creating a not-for-profit media decentralized autonomous organization (DAO) funded by the Cardano Treasury to ensure fair reporting.

Hoskinson highlighted that despite many advancements, media outlets and crypto influencers continue to portray Cardano negatively. He emphasized the network's technological strides and expansions, noting significant developments such as an upcoming hard fork. He asserted that Cardano will continue to thrive and offer solutions to real-world problems.

“It’s beyond pathetic and just reflects on the low quality and low effort they put into our ecosystem. Cardano is here to stay, and it’s a juggernaut that will drag this industry kicking and screaming if it has to towards solving the real-world economic, political, and social issues we all face,” Hoskinson stated.

In response to the perceived bias, Hoskinson proposed a not-for-profit media DAO. This DAO would ensure fair reporting within the crypto industry. To gauge community support, he initiated a poll on X, asking if the Cardano Treasury should fund the DAO. Notably, 70% of respondents favored the proposal, with voting set to conclude by July 13.

This is not the first time Hoskinson has addressed criticisms of Cardano. The blockchain often faces scrutiny for not meeting expectations compared to Ethereum and Solana and for the ADA token’s price struggles. Earlier this year, Forbes listed Cardano as a “zombie chain,” suggesting the network’s value is driven by Hoskinson’s popularity rather than its technology. Cardano has seen limited adoption in decentralized finance (DeFi), with its DEX trading volume at just 0.04% of the market.

Despite these criticisms, Cardano continues to emphasize its technological progress. The network leads in scaling research and development and recently partnered with a province in Argentina to promote crypto adoption. A major hard fork is set for the second half of 2024. Input Output, the company behind Cardano, reports that developers are currently working on 1,362 projects on the blockchain, which has processed around 92 million transactions.

Hoskinson's frustration with media coverage stems from what he sees as a disconnect between Cardano’s capabilities and its public perception. He believes the negative narrative undermines the network's progress. Hoskinson's proposed media DAO aims to ensure accurate and fair reporting.

The proposed media DAO would function as a decentralized organization with community funding from the Cardano Treasury. This initiative is part of Hoskinson’s vision to address biased reporting in the crypto media landscape. By creating a platform dedicated to fair reporting, he hopes to counteract biased narratives.

The idea of a media DAO funded by the Cardano Treasury has gained substantial support within the Cardano community. The poll on X reflects this, with a significant majority in favor. If implemented, this DAO could set a precedent for how blockchain projects address media bias and ensure accurate representation.

In summary, Charles Hoskinson's criticism of media coverage highlights a broader issue of biased reporting in the crypto industry. His proposal for a not-for-profit media DAO funded by the Cardano Treasury aims to ensure fair and accurate reporting, reflecting the network’s true capabilities and progress. Despite facing criticism, Cardano continues to make technological advancements and expand its ecosystem, positioning itself as a significant player in the blockchain space.

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