Charles Hoskinson responds to controversy over Cardano’s gambling capabilities

02/16/2023 10:09 • Metaverse & Beyond • 91 views

It is reported that Charles Hoskinson, the founder of Cardano, solved the misunderstanding and criticism about his recent or gambling on Twitter. According to Hoskinson, the contingent pledge proposal does not mean that the KYC system will be implemented on Cardano. In the pledge proposal, Hoskinson hopes that the pledgor and the equity pool operator (SPO) will reach a formal agreement to meet all the regulatory requirements of the SEC. In addition, the founder also claimed that the pledge model would make the Cardano agreement more comprehensive.

Cardano founder: hope the pledgor and equity pool operator reach a formal agreement to meet the regulatory requirements of the SEC

Interpretation of the news:

Charles Hoskinson, the founder of Cardano, is no stranger to criticism since the launch of the blockchain platform. Recently, the founder was accused of promoting a gambling feature on Cardano, which was believed to be against the regulatory requirements of the SEC. However, Hoskinson has come forward to clarify the misunderstanding and address the criticism by explaining what the contingent pledge proposal of Cardano entails.

In his response, Hoskinson has stated that the implementation of the KYC system is not part of the Cardano agreement. Instead, the pledge proposal aims to ensure that the equity pool operator (SPO) and pledgor reach a formal agreement to comply with all regulatory requirements of the SEC. This agreement, according to Hoskinson, will make the Cardano network more comprehensive.

The controversy arose from Cardano’s proposed contingent pledge proposal, which some parties misconstrued as a means to facilitate gambling. However, Hoskinson has clarified that the pledge model is simply a tool that will help Cardano align with the regulatory requirements of the SEC. With this proposal, Cardano users can make a pledge that will ensure compliance with the rules and regulations set forth by the SEC.

As the founder of the network, Hoskinson has emphasized that the primary goal of Cardano is to support the development of a secure, transparent, and decentralized blockchain network that functions in compliance with regulatory bodies. Hoskinson has also added that the implementation of KYC is not the only way to ensure regulatory compliance, and Cardano is exploring different approaches to meet that goal.

In conclusion, Charles Hoskinson has responded to the criticism over the gambling feature on Cardano, stating that the implementation of the KYC system is not part of the Cardano agreement. The pledge proposal is instead a way to ensure compliance with the regulatory requirements of the SEC. The response clears the air around the controversy and assures Cardano users that the platform remains committed to a secure, transparent, and compliance-focused blockchain network.

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