Robert Steinadler, 4 months ago
Charles Hoskinson is the founder of Cardano, and most of his public statements are broadcast on his own YouTube channel. Hoskinson is usually giving updates on Cardano and the recent developments and upgrades that are in the making. Recently, he announced something that comes as a little bit of a surprise.
Will the Cardano founder buy one of the biggest news outlets in crypto?
Charles Hoskinson is not only the founder of Cardano and IOHK, but he was part of the group of people who founded Ethereum. Both Ethereum and Cardano became groundbreaking successes, and so Hoskinson is super rich.
In 2018, Forbes estimated his wealth somewhere north of $500 million and since the whole crypto space took off, his net worth has most likely increased in the meantime. Coindesk is worth around $200 million, and that reveals that Hoskinson has indeed the money right in his pocket that would be needed to acquire Coindesk.
The media outlet is part of the Digital Currency Group and might be looking for potential buyers, as a report from WSJ suggests. Today, one of DCGs subsidiaries, Genesis Global Capital, had to file for chapter 11 bankruptcy. This situation could contribute to the need of finding new investors or selling Coindesk. In the face of these events, Hoskinson publicly mused on his channel if and why it would be worth his time and money to acquire Coindesk.
Hoskinson discussed the honesty and credibility of crypto media. Again, the Cardano founder complained ADA got attacked by some of the crypto media and alleged that certain outlets were simply paid to go against his brainchild.
While it is hard to judge if there was a conspiracy against Cardano, Hoskinson threw in some interesting ideas on how to improve news media through blockchain technology. Journalists could have a potential stake in their writing by making a security deposit. The public would be fact-checking them and if they publish fake news their stake gets devalued.
Other models that Hoskinson discussed would include a tokenized ecosystem, such as we have seen with Hive or Steem. Another pitch was his idea to make the content interactive through NFTs. It is not clear how serious Hoskinson is about bidding for Coindesk nor is it clear if the decentralization of a media outlet would be sustainable ad hoc. He also claimed that $200 million would be overpriced and that an investment in a decentralized business model between $5 to $10 million could be more worthwhile. Hoskinson expects such a business to outcompete traditional online media within the next few years.
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