{"id":3323,"date":"2024-11-26T17:32:22","date_gmt":"2024-11-26T17:32:22","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3323"},"modified":"2024-11-26T17:32:22","modified_gmt":"2024-11-26T17:32:22","slug":"hoskinson-unveils-next-step-over-cardano-and-xrp-omission-in-wyoming","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3323","title":{"rendered":"Hoskinson Unveils Next Step Over Cardano And XRP Omission In Wyoming"},"content":{"rendered":"
\n

Charles Hoskinson, the founder of Cardano, has publicly criticized the Wyoming Stable Token Commission\u2019s recent blockchain network selections for the state\u2019s upcoming stablecoin, the Wyoming Stable Token (WST). In a livestream<\/a> titled \u201cXRP and Wyoming\u201d broadcasted on November 25, 2024, Hoskinson questioned the commission\u2019s opaque selection process<\/a> and raised concerns about potential conflicts of interest.<\/p>\n

The Wyoming Stable Token Commission announced the initiation of its procurement process for WST, expected to launch in 2025 as \u201cthe first fiat-backed and fully reserved stable token issued by a public entity in the United States.\u201d The commission intends to engage qualified third-party vendors to facilitate the development, deployment, and management of WST and its underlying reserves.<\/p>\n

The selected blockchain networks for the initial deployment are: Solana, Avalanche, Stellar and Ethereum, inclusive of Layer 2<\/a> networks like Polygon, Arbitrum, Base, and Optimism. These selections were determined by the commission\u2019s Blockchain Selection Working Group, a process that Hoskinson described as \u201cvery opaque.\u201d<\/p>\n

Cardano Founder Unites With XRP Community<\/h2>\n

Hoskinson expressed bewilderment over the exclusion of prominent blockchain networks such as the XRP Ledger and Cardano from the selection. He highlighted Ripple\u2019s RLUSD<\/a> and questioned how Stellar qualified over Ripple, given their shared history and Ripple\u2019s substantial market presence.<\/p>\n

\u201cLet me get this straight: apparently Stellar can do stuff that Ripple can\u2019t do according to the scoring criteria,\u201d Hoskinson remarked. \u201cRipple just announced the launch of RLUSD, and the last time I checked, when we look at market cap here, look at XRP\u2014an $84 billion ecosystem with almost $12 billion in trading.\u201d<\/p>\n

Cardano, with a market cap of $34 billion and a trading volume of $3.2 billion, was also excluded. Other notable exclusions include Algorand, Tezos, and Aptos. \u201cDozens and dozens and dozens of viable, interesting ecosystems were excluded\u2014not even given a chance to try to build a proof of concept to demonstrate that they were capable,\u201d Hoskinson stated.<\/p>\n

Hoskinson suggested that the selection process may have been influenced by former affiliations of key individuals within the commission. He pointed out that Anthony Welfare, the Executive Director of the Wyoming Stable Token Commission, is a former ConsenSys<\/a> employee who also worked in the Polygon ecosystem.<\/p>\n

\u201cIt\u2019s almost as if ConsenSys doesn\u2019t get along so well with Ripple, isn\u2019t it?\u201d Hoskinson mused. He further noted that one of the commissioners used to work for Circle, a company known for its stablecoin, USDC. \u201cCircle just announced Circle support; in fact, I think all those chains that were announced were all Circle chains\u2014every single one of them. Interesting how that happens.\u201d<\/p>\n

Hoskinson implied that the selections favor networks associated with Circle<\/a> and ConsenSys, potentially creating an unfair competitive advantage. \u201cIt\u2019s not okay to use public funds to create an unfair competitive advantage for certain companies and certain ecosystems and to whitewash it as if it was an open process,\u201d he asserted.<\/p>\n

Hoskinson criticized the commission for not following standard procurement procedures, which typically involve publishing functional and non-functional product requirements and allowing interested parties to submit proofs of concept. He argued that the process lacked transparency and did not provide an opportunity for excluded networks to demonstrate their capabilities.<\/p>\n

\u201cOpaque processes are not how we\u2019re going to have a relationship with the government moving forward,\u201d Hoskinson declared. \u201cBecause we don\u2019t qualify, we can\u2019t even bid to build. We didn\u2019t lose an RFP; we weren\u2019t even allowed to participate.\u201d<\/p>\n

He suggested that the exclusion could have legal implications, stating, \u201cThere might even be a class action because anybody excluded certainly has standing. This creates an unfair competitive advantage to those chains selected and an unfair disadvantage to the chains not selected.\u201d<\/p>\n

Hoskinson also highlighted the exclusion of Bitcoin, the largest cryptocurrency by market cap. Through Cardano\u2019s project called Bitcoin OS (BOS), he noted that there was an opportunity for Bitcoin to have its first stablecoin via WST.<\/p>\n

\u201cI would also like to point out, because of Cardano\u2019s partnership with BOS (Bitcoin OS), Cardano creates an opportunity for Bitcoin to have its first stablecoin,\u201d he said. \u201cThis commission decided under these criteria to exclude Bitcoin\u2014the largest cryptocurrency by far and the only one the current president who\u2019s coming into power, Trump, is considering starting a strategic reserve.\u201d<\/p>\n

Hoskinson called upon the XRP community to join in addressing the issue. \u201cXRP community, you know what to do, and we do too,\u201d he urged. \u201cWe\u2019re going to get this fixed one way or the other.\u201d He emphasized the need for fair and transparent processes in government-led cryptocurrency initiatives.<\/p>\n

\u201cWe don\u2019t have any patience or tolerance for this type of stuff anymore,\u201d Hoskinson stated. \u201cThings are changing in 2025 and opaque processes are not how we\u2019re going to have a relationship with the government moving forward. [\u2026] \u201cWe\u2019re going to do to we\u2019re going to score you ourselves and we\u2019ll just publish who qualifies.\u201d<\/p>\n

At press time, ADA traded at $0.9785.<\/p>\n

\"Cardano<\/div>\n","protected":false},"excerpt":{"rendered":"

Charles Hoskinson, the founder of Cardano, has publicly criticized the Wyoming Stable Token Commission\u2019s recent blockchain network selections for the state\u2019s upcoming stablecoin, the Wyoming Stable Token (WST). In a livestream titled \u201cXRP and Wyoming\u201d broadcasted on November 25, 2024, Hoskinson questioned the commission\u2019s opaque selection process and raised concerns about potential conflicts of interest. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3323","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3323"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3323\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}