Hoskinson defends Cardano against Theranos analogy

  • February 22, 2022

According to IOHK CEO Charles Hoskinson, Cardano (ADA/USD) has “no secrets” unlike the bankrupt Theranos it’s being compared to. Cardano cannot be compared to this company in any imaginable scenario as anyone can verify its product, he added during a surprise Ask Me Anything (AMA) broadcast he held today, reported on by news aggregator CoinFi.

A failed female Jobs

The CEO of Cardano’s development arm described the now-defunct Theranos as a company that many wanted to succeed because they wished for a “female Steve Jobs.” According to him, that’s the reason the biotech company was able to get away with not admitting public testing of its product for such a long time.

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Hoskinson drew attention to the fact that Cardano’s open-source papers were available for anyone interested to try out or even personalize, which Mina and Polkadot (DOT/USD) have done to an extent.

He commented:

Anyone in the world can fork Cardano…anyone in the world can take our paper and implement our papers as has been done by Mina Protocol and Polkadot for some of our papers. There are no restrictions.

Conversely, a scam product wouldn’t let people look “behind the curtain”. With Theranos, which promised to launch a revolutionary blood testing kit, this was exactly the case. At one point, the company’s valuation was over $9 billion. It went bust after it emerged the kits would never be delivered.

The company’s founder, Elizabeth Holmes, was recently convicted of fraud. She was 19 when she founded the company in 2014. Of course, the entity pulling the strings hasn’t been identified.

A ghost chain?

Despite being called things like “ghost chain,” Cardano is not without its supporters. A large panel of analysts at Finders expressed high optimism for the blockchain recently. Finders predicted that 1 ADA would change hands for $2.79 by the end of the year.

According to Kraken, the blockchain’s value-based approach to development will put it at the top of L1 blockchains.

At the time of writing, Cardano was trading for $0.84 with a 24-hour trading volume of $2.5 billion and had lost 12.66% of its value in the last 24 hours.

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