Cardano Founder Says Genesis ADA Was Profit, Not Community Funds
Charles Hoskinson has drawn a firm line under one of Cardano’s longest-running controversies, declaring that the allocation of Genesis ADA to Input Output (IO) and EMURGO was private profit for early risk, not a community-controlled pool to be repurposed for new initiatives. Cardano Founder Closes Door On Genesis ADA Criticism In a November 30 livestream titled “Genesis ADA,” the Cardano founder called the topic “a closed matter” and rejected renewed calls to use Genesis ADA for current integrations such as oracles and stablecoin issuers. “The Genesis ADA is profit for services rendered taking a risk, doing an activity and building an ecosystem,” he said. “It was a deal between us and the primary buyers of ADA, the Japanese who put up the initial wave of capital to get it done […] Those are the people that mattered in that transaction and every single one of them has been made whole.” Hoskinson walked through the original funding structure: a Japanese crowd sale that raised about ...