Hoskinson Responds to Cointelegraph Claims on ADA Staking

Hoskinson Responds to Cointelegraph Claims on ADA Staking

Cardano Founder Charles Hoskinson reacts to errors about ADA staking In a recent article by Cointelegraph.

Philippe Le Long, a supporter of Cardano, shared a screenshot of a recent Cointelegraph article outlining “the risks of staking Cardano.”

Although users can generate passive income by staking ADA, specific hazards are still involved with the service, according to the cryptocurrency media outlet.

It asserts that ADA stakes come with a hefty transaction price and that Cardano stake pools are subject to assaults since they must be accessible 24/7.

Also, according to Cointelegraph, users risk losing their ADA tokens if a stake pool operator does not prioritize strengthening security.

Errors About ADA Staking Addressed

Long responded to the story by criticizing Cointelegraph for making three significant inaccuracies in just five phrases. 

Because the crypto news site lacked access to reliable information, Long claimed he wasn’t sure if it had erred. 

However, he addressed the errors the crypto news organization had made.

Cardano’s transaction costs are notably lower than those of other well-known Proof-of-Stake networks, such as Ethereum. 

It is untrue that Cardano staking pools must be active constantly, as claimed by Cointelegraph. 

The consensus protocol underlying the blockchain, Cardano’s Ouroboros, allows for dynamic availability, allowing staking pool operators to experience occasional downtime without jeopardizing the security of the blockchain.

According to one of Cointelegraph’s statements, since Cardano staking is non-custodial, users do not risk losing money due to pool operators’ incompetence.

Hoskinson replied with the phrase “Cointelegraph gonna Telegraph” in response to the development.

Hoskinson Vs. Crypto Media Outlets

Hoskinson has made a point of criticizing crypto media outlets’ animosity against Cardano. 

According to Hoskinson, media sources like CoinDesk haven’t supported Cardano.

CoinDesk referred to Cardano as vaporware in December 2022. 

Also, it foresaw that Cardano would finally turn into a zombie chain this year. 

Cardano, a well-known blockchain, may drop out of the top 10 cryptocurrency rankings as “speculative money” departs, according to CoinDesk.

Meanwhile, Coindesk staff ridiculed the blockchain and provoked hysterical laughter after Cardano’s temporary network failure earlier this year when discussing whether Cardano is centralized in an episode of The Hash. 

Many ADA supporters criticized them for their attitude and made crude remarks about them. 

In response to their behavior, Cardano’s founder called them “high school kids.”

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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