Cardano: IOHK will aidrop Kanye West Coin, stablecoin in the works

  • After Kanye West’s US presidential candidacy announcement, Charles Hoskinson declared that IOHK will issue a “Kanye Coin” to demonstrate the uniqueness of Cardano’s multi-asset standard.
  • As Hoskinson also eagerly stated, Cardano will compete with every project in the crypto market within the next 12 months.

After the Cardano Virtual Summit ended just a few days ago, Cardano inventor Charles Hoskinson once again took the time to answer the questions of the community in an AMA on YouTube. Hoskinson began by talking about the US presidential candidacy of Kanye West and explained that he and IOHK West will be supporting the candidacy with a Kanye Coin. The issuance of the token is intended to promote Cardano’s multi-asset standard, which will published with Goguen.

If it is not a joke, when Cardano has native assets, to demonstrate the power and uniqueness of native assets we will issue a Kanye Coin and the circulation will be 1 token for each vote Kanye gets in the election. That can be a nice collector’s item and we will airdrop them proportionally to all the ADA holders. So we wish you very well Kanye. […] Brock Pierce also announced [it]. He’s an old friend of mine. […] So to also advertise our native asset standard we will do the same thing for Brock Pierce.

As Hoskinson also noted, Cardano will need to have an oracle to transfer the election results to Cardano Blockchain. The release is planned until election day. Hoskinson also considered a platform for prediction market similar to the Ethereum-based Augur:

This will require an Oracle, so obviously we will build an Oracle and will get it up and running, hopefully before the election. […] and also it would be very cool to have a prediction market in place, so maybe we can use the cFund to figure that out. So we can have predictions, who will have a higher circulation: Kanye Coin or Pierce Coin.

As announced at the Virtual Summit, the multi-asset standard is expected to be released within 120 days. In addition, the foundation stone for Plutus and the smart contracts of Cardano is to be laid within 150 days.

Cardano will compete with every project in 12 months

Not the first time Hoskinson also pointed out that Cardano is gaining more and more respect from all sides and will be able to compete with any project within the crypto community within the next 12 months, especially Ethereum. He also recognized the importance of decentralized finance (DeFi). The days when Cardano was flirted with as a purely scientific project are over, Hoskinson said:

Nothing is out of reach for us at this point. Anything in the DeFi space within 12 months we can be a leader in that category. There’s a lot of use and utility projects right where they need to be and they are right to pop. That will bring lots of users into the system.

Hoskinson also made an interesting statement in the AMA about stablecoins. IOHK is currently investigating two stablecoins: One possibility is that IOHK will join forces with ERGO and EMURGO in a joint venture to develop a stablecoin. This is not to be covered by USD and will thus pursue its “own monetary policy”.

According to a June announcement, the two companies are collaborating on the research and development of a stablecoin and on the provision of financial services through decentralized applications. Another option is a “basket token” that holds various stablecoins, such as Tether, in reserve and whose “basket” is mapped to the blockchain via an oracle.

Below you will find the complete AMA by Charles Hoskinson:


About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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