Charles Hoskinson, co-founder of Cardano as well as Ethereum and also CEO of IOHK, published a recent Youtube video in which he talked about the potential of the ADA blockchain and why the blockchain-based platform can never be compared to the now folded Theranos.
Cardano and Theranos
Charles Hoskinson said that in no way can the Cardano network be compared to Theranos as it did”no secretslike the latter firm. Theranos was a privately held American company founded by 19-year-old Elizabeth Holmes in 2013. The company was dissolved and liquidated as Holmes was convicted of wire fraud and conspiracy.
In a surprise Ask Me Anything (AMA), Hoskinson said Theranos was a company people wanted to be successful because of their desire for a “wife steve jobs.” He pointed out that the reason the company raised more than $700 million without allowing anyone to test its product claims is that the biotech company represented this desire that people had.
On the other hand, Hoskinson pointed out that Cardano is an open source project that can no longer be viewed.
“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.
Scam and genuine
Hoskinson also pointed out that the main difference between a scam and a genuine product is that the former doesn’t let the latter “see what’s behind the curtain” for there will be nothing to be found behind this curtain. The Cardano network has been branded a “ghost chain” and “vaporware”, but according to a recent report from Finders, the price of ADA by the end of 2030 will reach $58.