Monday, April 12, 2021

Charles Hoskinson: Steem Takeover Has No Impact on Cardano (ADA); Ouroboros Is Not a DPoS Protocol

The CEO of IOHK Charles Hoskinson has recently clarified the possible impact of the attempted takeover of Steem blockchain on Cardano (ADA).

Charles said the Steem supremacy tussle has zero impact on Cardano (ADA) since Ouroboros is not DPoS protocol.

Between Charles Hoskinson and a Supposed Cardano (ADA) Community Member

Charles Hoskinson, who is presently in London with his team had to make this clarification after a supposed Cardano community member asked him to clarify the possible impact that Steem blockchain takeover has on Cardano.

The community member asked thus, “What do you Charles Hoskinson think of steem’s hostile takeover, especially an impact on Cardano’s consensus mechanism btw?”

“No impact on us. Ouroboros is not a DPoS protocol. Only Larmier coins are affected,” Charles Hoskinson responded.

Recap of the Steem Blockchain Hostile Takeover Saga

In mid-February 2020, the CEO of Tron (TRX) Justin Sun acquired the Steemit platform. On 24th February, a reversible soft fork was conducted within the Steem community to prevent the centralization of the Steem blockchain.

This action was swiftly thwarted on 2nd March by a coordinated vote between several exchanges, including Binance, Huobi, and the Sun-affiliated exchange, Poloniex.

Using the exchanges’ users token, the control of the decentralized Steem blockchain was allegedly transferred to the Tron’s founder Justin Sun. This has since raised controversy in the crypto community at large.

Afterward, Sun revealed the reason behind such action and promised to withdraw the votes of the exchanges as soon as possible to bring back normalcy.

This saga has initiated the resignations of several prominent Steemit employees, such as Andrew Levine, the Head of Communications.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles