Cardano Founder Charles Hoskinson Reiterates Core Purpose of Cryptocurrency – Here’s What You Need to Know

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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April 25, 2024 15:02 EDT

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Cardano Blockchain founder Charles Hoskinson reminded the cryptocurrency community of digital currencies’ true purpose and ethos in a sentimental April 25 X post, emphasizing that their use case extends far beyond trading.

Hoskinson drove his point home with a powerful quote from the 1938 song “I Don’t Want to Set the World on Fire” by Bennie Benjamin, Eddie Durham, Sol Marcus, and Eddie Seiler, which he related to the essence of cryptocurrency.

Crypto’s True North: Charles Hoskinson and Buterin Unite on Liberty and Decentralization

“Remember, crypto doesn’t want to set the world on fire, it just wants to start a flame in your heart,” he said.

Remember, Crypto doesn't want to set the world on fire, it just wants to start a flame in your heart pic.twitter.com/LC7Ix64kdk

— Charles Hoskinson (@IOHK_Charles) April 25, 2024

The Cardano founder’s message shares a similar sentiment with Ethereum co-founder Vitalik Buterin, who explained that “Crypto is not just about trading tokens” but rather as part of a broader movement to protect freedom, privacy, and decentralization.

This is bad.

Crypto is not just about trading tokens, it's part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy.

And these values unfortunately continue to be under attack, globally. https://t.co/iFM932IBP6

— vitalik.eth (@VitalikButerin) April 20, 2024

Buterin reminded the community that Satoshi Nakamoto’s goal in creating Bitcoin was much broader than just facilitating digital transactions. He argued that it was rooted in the principles of liberty and decentralization, aiming to keep power in the hands of individuals rather than centralized authorities.

Hoskinson Says Cardano’s Vision Aligns with Cryptocurrency’s Purpose and Core Values

While Hoskinson’s message serves as a reminder of the true purpose behind cryptocurrencies, he has also addressed what he perceives as a concerning trend within the industry.

That is the prevalence of “Kayfabe,” or staged events and narratives that misrepresent the actual state of affairs.

In a live broadcast earlier this month, the Cardano founder revealed that certain actors in the crypto space were actively creating decoy activities and promoting selected projects, all while pretending that these activities reflect the genuine situation in the industry.

Hoskinson cited the recent exclusion of entrepreneurs from the Cardano ecosystem in a poll. According to him, the intent behind such actions was to generate momentum for particular individuals and projects. He described these events as “Kayfabe” – staged and fundamentally disconnected from reality.

The Cardano founder believes that some individuals stage these events to intentionally cause uproar within the Cardano community, potentially causing unsuspecting users to fall into a state of fear, uncertainty, and doubt (FUD).

Well @BenArmstrongsX was always friendly in person to me. Sad to see him go down this road.

Wish him well and hope for the best. https://t.co/b9lFeO70oe

— Charles Hoskinson (@IOHK_Charles) April 7, 2024

“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation. AI has the same issue,” Hoskinson said.

Hoskinson has reassured the Cardano community that he is committed to creating a transparent and inclusive social space where individuals can learn about the network based on their interests and curiosities.

He emphasized that the Cardano ecosystem extends far beyond the competitive narratives and staged events that sometimes cloud the discussion of the crypto industry. This claim aligns with Hoskinson’s prediction of Cardano’s growth.

Instead, Hoskinson focuses on the core principles centered around Cardano’s development, which is rooted in decentralization, security, and transparency. Regarding security, it could be recalled that the United Arab Emirates (UAE) has adopted the Cardano blockchain to help the Dubai Police secure their criminal investigations.