Cardano blockchain, clarifies about layoffs

Cardano blockchain, clarifies about layoffs

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Charles Hoskinsonthe founder of the Cardano blockchain, recently commented on an article written by CoinDesk regarding the alleged layoffs he implemented to revamp into a smaller Venture Studio model.

Below are all the details.

The words of the founder of the Cardano blockchain

These are the words of Charles Hoskinson, founder of the Cardano blockchain, regarding a recent article written by CoinDesk. In particular, the article refers to layoffs of “an unspecified number of employees”.

Thus, the critical problem for Hoskinson is in how the story is reported, as if it were a narrative of simple layoffs without getting to the heart of the problem he explained in the recent tweet.

In addition, Hoskinson also shared his long-term perspective for the company, pointing out that an average of 3 to 5 companies are expected to be created each year.

With this new business model, strategy and business aspects will not be managed centrally, but will be delegated to spinout companies led by dedicated CEOs.

So this approach will allow IOG to focus on its core business while exploring new initiatives which will benefit both the company and the customers in the long run.

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Focus on the price of Cardano (ADA)

Last week, the value of Cardano fell significantly against the US dollar, falling well below $0.350. The ADA/USD pair broke through the $0.32 and $0.30 support levels, entering a bearish trend.

Currently, however, the price is experiencing a correction of losses. There has actually been a move above the resistance levels to $0.245 and $0.250.

The price has crossed the 23.6% Fibonacci retracement level of the bearish move, from the high of $0.3820 to the low of $0.2300.

Currently, the ADA price is trading below $0.30 and the 55-period simple moving average (on a 4-hour chart). On the upside, immediate resistance is around $0.278 area.

Additionally, an important bearish trend line is forming on the 4-hour chart with resistance nearby $0.278.

The next significant resistance is around the $0.300 level or the 50% Fibonacci retracement level of the bearish move, which goes from the swing high of $0.3820 to the low of $0.2300.

It follows that a clear break above the $0.300 resistance could trigger a sharp rise in price. If so, the price may head towards the $0.350 resistance.

On the downside, immediate support is around the $0.260 level, while the next major support is around the $0.250 level. A clear break below $0.250 can push the price towards $0.220 level.

Further losses could push the price towards the $0.212 support and then the bears could look to test the $0.200 level.

Hoskinson responds to Bill Morgan’s tweets

In a series of tweets, both Ripple CTO David Schwartz and Cardano blockchain founder Charles Hoskinson objected to the SEC’s classification of ADA as a security under today’s restrictive regulatory climate.

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Hoskinson and Schwartz’s objections were prompted by tweets from Bill Morgana lawyer known for his support of XRP.

In his recent tweets, Morgan expressed skepticism about the SEC’s argumentquestions the validity of the agency’s claim that appears to ignore the transformative nature of technological progress and innovation in the cryptocurrency industry.

Focusing on part of the charge filed by the SEC, Morgan pointed out that the agency’s argument is based on the idea that The ADA is a safety due to IOHK’s efforts to improve Cardano’s blockchain and published blogs.

Accordingly, Charles Hoskinson and David Schwartz evaluated Morgan’s argument and provided details of recent developments.

Hoskinson particularly sought to shed light on the situation regarding ADA’s Initial Coin Offering (ICO)and provides important clarifications for cryptocurrency enthusiasts.

In fact, he pointed out that ADA’s ICO took place in Japan and did not involve the direct sale of ADA tokens, but instead used coupons, targeted marketing strategies and prices denominated in yen and Bitcoin.


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