The CEO of IOG, Charles Hoskinson has recently discussed the reason why Cardano is the best project in the crypto space. He also stressed the decentralized venture capital (VC) fund and the importance of the partnership with Wolfram Alpha for his company’s eye in developing an oracle framework.
In a new interview with Crypto Banter’s Ran Neuner, Charles Hoskinson was asked about what Cardano is doing to bring DeFi projects to the Cardano blockchain, how unique it is from Polkadot’s strategy and whether Cardano is also planning a Launchpad.
Charles Hoskinson noted:
“We already have that. We have the best in the entire industry. That’s another thing. It’s like … ooh Polkastarter. It’s a centralized organization with some committee or group of people. We have Catalyst. There’s 200 million dollars in it, and its community run. It’s partnered with IdeaScale, one of the best innovation management companies in the business. We are just about to put an accelerator on top of it.”
Regarding Cardano’s decentralized VC fund, Hoskinson said over 5,000 people took part in the first experimental round of Catalyst. As Project Catalyst advances, half of the entire network is expected to take part in funding new projects under the decentralized venture capital (VC) fund:
“The first experimental round we had with Catalyst over 5,000 people participated. Our goal is to get 50% of the entire network voting and participating in that. Literally a hundred of thousands of people voting, being experts, curating, going back and forth about proposals and then of course thousands of applications and projects and efforts being approved on a yearly basis.
“It’s a decentralized VC. This is what we have been talking about for five years. We spent 4 years spending on the voting science. …So that’s the way to do it. Because no one is in control. Also, you can diversify: So you can do a little bit of marketing, a little bit in project, a little bit in DeFi. So Goguen is coming, so what we’re going to do? All the funds and the millions of dollars there are Goguen targeted.”
Stressing on his own VC fund, Charles Hoskinson said, “I have put 10 million USD with ADA in it, and what we gonna do is bootstrap critical infrastructure, like the DEXes, the stablecoins and the oracles.”
Regarding oracles, Hoskinson stated that the partnership with Wolfram Alpha will provide his company with a natural language processing tool since the firm is the world’s largest source of computational knowledge, adding that Apple’s intelligent assistant, Siri, and Amazon’s Alexa, among others, are also based on it.
He also stated that IOG is determined to work with Wolfram to develop an oracle framework.
“We are working with Wolfram, and we are very keen to do an oracle with them. And we think we can build a very generic and beautiful oracle framework with them to plug things in.
“This is a mature ecosystem, it’s not a moon boy, unicorn, rainbow ecosystem. This is something where real money is at stake, where real people are at stake.”