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Cardano [ADA]’s update galore put forth by Charles Hoskinson

Akash Anand



Cardano [ADA]'s update galore put forth by ADA's Charles Hoskinson
Source: Unsplash

Cardano [ADA] has been in the spotlight due to the Founder and CEO of the IOHK Foundation, Charles Hoskinson, talking about the faults within the network and making a comparison with the Bitcoin Foundation.

Recently, Charles Hoskinson had given his two cents on the split between the Cardano Foundation and the rest of the projects in the pipeline. His main issue was the lack of transparency in the system and even attacked the Cardano Foundation for its dictator-like rule. He even spoke about a hypothetical intervention with the Cardano Foundation by stating:

“I’d ask basic questions like, do you think it’s in the interest of the community to have the Foundation led by a king? There is no oversight or checks and balances when you have a board of two where one doesn’t do much other than file the paperwork and the other one has absolute power. Why do you feel you’re above transparency?”

Hoskinson also openly attacked the Cardano Foundation by comparing it to the Bitcoin Foundation, stating confidently that the cryptocurrency does not need a Foundation to become successful. Speaking to Crypto Insider, he went on to say:

“The reality is we’ve been working with this situation for two years it’s just it’s gotten to a point where Emurgo and IOHK have just normally given up on the existing leadership structure of the Foundation and we feel we have a duty to tell the community that we’re just going to move without them.”

On a technological aspect, Cardano was given another boost when it was revealed that the Trezor hardware wallet will support the ADA token.

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Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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