IOHK Exec Says Very Few Whales, Very Few Insiders in ADA

Jerry Fragiskatos talked about blockchain technology & needs to study blockchain technology first before going with the cryptocurrency’s investment or use.

Input Output Hong Kong (IOHK) Global is a development team behind the Cardano blockchain. Cardano is a Proof-of-stake (PoS) consensus-based commercial blockchain network, which was founded by Charles Hoskinson. Hoskinson is one of the founders of the Ethereum blockchain. After leaving the Ethereum project, he started to work on the Cardano blockchain as a rival of the Ethereum blockchain.

In the recent week, Jerry Fragiskatos, Chief Commercial Officer at IOHK, appeared in a podcast with Scott Melker. In the podcast, Jerry said that Cardano’s ADA coin is unique and more likely to be Bitcoin because its distribution is free from big insiders or big holders, which is a very usual thing in other crypto Projects where VCs holds 20%-30% of coin supply.

“Cardano is that there are not many insiders. If you look at the distribution of ownership of ADA, it’s primarily individuals.”

Further he talked about the role of Venture capitalists (VCs) in the Cardano project. According to him, in Cardano, there is no one VC and this is the big reason why VCs pay to the media as a rival crypto project Investor to spread false news & spread FUDs.

“they’ll say it’s a ghost chain. Plus they are also paid off by our competitors. And they’re also incentivized to create that FUD (fear, uncertainty, and doubt),” IOHK Chief said.

Projects in the Cardano blockchain ecosystem

In September 2021, IOHk introduced a smart contract feature in the Cardano mainnet. So far to this date, there are a total of 108 completely operating crypto projects in the Cardano Smart Contract ecosystem and 1,151 projects are under the development phase.

Ada price action

Ada is a native coin of the Cardano blockchain and the current price of ADA is $0.3 and this price is 0.36% down over the last 24 hours’ trade price.

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