Cardano Founder Charles Hoskinson Reaffirms Cryptocurrency’s Core Purpose – Here’s What You Need to Know

Cardano Blockchain founder Charles Hoskinson reminded the cryptocurrency community of the true purpose and ethos of digital currencies in a sentimental X post on April 25, emphasizing that their use case goes far beyond trading.

Hoskinson underscored his point with a powerful quote from the 1938 song “I Don’t Want to Set the World on Fire” by Bennie Benjamin, Eddie Durham, Sol Marcus and Eddie Seiler, which he related to the nature of cryptocurrencies.

Charles Hoskinson and Buterin Agree on Freedom and Decentralization

“Remember, cryptocurrencies don’t want to set the world on fire, they just want to light a flame in your heart,” he said.

Remember, Crypto doesn't want to set the world on fire, it just wants to start a flame in your heart pic.twitter.com/LC7Ix64kdk

— Charles Hoskinson (@IOHK_Charles) April 25, 2024

The Cardano founder’s message aligns with that of Ethereum co-founder Vitalik Buterin, who explained that crypto is not just about trading tokens, but rather a broader movement to protect freedom, privacy and decentralization.

This is bad.

Crypto is not just about trading tokens, it's part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy.

And these values unfortunately continue to be under attack, globally. https://t.co/iFM932IBP6

— vitalik.eth (@VitalikButerin) April 20, 2024

Buterin reminded the community that Satoshi Nakamoto’s goal in creating Bitcoin was much broader than just facilitating digital transactions. He argued that it was rooted in the principles of freedom and decentralization and aimed to keep power in the hands of individuals rather than centralized authorities.

Hoskinson says Cardano’s vision aligns with the cryptocurrency’s purpose and core values

While Hoskinson’s message serves as a reminder of the true purpose of cryptocurrencies, he also addressed what he perceives as a worrying trend within the industry.

This is the prevalence of “kayfabe”, i.e. staged events and narratives that misrepresent the actual state of things.

In a live broadcast earlier this month, the Cardano founder revealed that certain players in the crypto space are actively creating decoy activities and promoting select projects while pretending that these activities reflect the real situation in the industry.

Hoskinson cited the recent exclusion of entrepreneurs from the Cardano ecosystem in a survey. In his opinion, the intention behind such actions is to give a boost to certain people and projects. He described these events as “kayfabe” – staged and fundamentally disconnected from reality.

The Cardano founder believes that some individuals are orchestrating these events to intentionally roil the Cardano community and put unsuspecting users in a state of fear, uncertainty, and doubt (FUD).

Well @BenArmstrongsX was always friendly in person to me. Sad to see him go down this road.

Wish him well and hope for the best. https://t.co/b9lFeO70oe

— Charles Hoskinson (@IOHK_Charles) April 7, 2024

“The problem with our industry is that we allow short-term narratives and barkers to dominate the conversation. AI has the same problem,” Hoskinson said.

Hoskinson has assured the Cardano community that he is committed to creating a transparent and inclusive social space where everyone can learn about the network according to their interests and curiosities.

He emphasized that the Cardano ecosystem goes far beyond the competing narratives and staged events that sometimes cloud discussion of the crypto industry. This claim aligns with Hoskinson’s prediction about Cardano’s growth.

Instead, Hoskinson focuses on the core principles of Cardano’s development, which are based on decentralization, security and transparency. As for security, it is recalled that the United Arab Emirates (UAE) adopted the Cardano blockchain to help Dubai Police secure its criminal investigations.

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