Charles Hoskinson Reveals True Cost of Building Cardano
2024-11-04

Cardano Founder Charles Hoskinson has addressed calls for transparency within the blockchain’s ecosystem. In a short video excerpt shared by Plutus Staking on X, Hoskinson clarified for users the sacrifices he has made for the community.
Charles Hoskinson’s massive financial investment and sacrifices
According to Hoskinson, a lot of investment has gone into the development of Cardano. He stated that initially, he spent a lot of resources as payment for development contracts. This includes about $36 million worth of Bitcoin and around $6 million of Ethereum. Together, this is worth about $38 million in payments.
Hoskinson emphasized that his out-of-pocket expense for the Cardano project is $450 million. These funds were channeled into growing the blockchain from its inception stage to date.
Charles on the true cost of building #Cardano
"Spent out of my own pocket $450M for this ecosystem"$ADA $BTC pic.twitter.com/C6qxX4ZpgY
Hoskinson did not appreciate the naysayers who constantly demanded the publication of Cardano’s books. The Cardano founder explained that the blockchain does not operate as a profit-driven organization like traditional businesses. He suggests that those making the calls were not being fair in their criticism of the platform.
Interestingly, the video has sparked debate among some members of the broader cryptocurrency community. While acknowledging Hoskinson for his vision, a user, Shiv_ada (@shivam140307), maintained that those questioning him were not out of line.
“We all are in blockchain space where we were told from the first day to not trust but verify… we can't blindly trust anyone including Charles,” he wrote.
Vision for Cardano’s future
Despite perceived criticism, Hoskinson says he remains confident that Cardano will surpass Bitcoin and Ethereum’s achievements in the next 10 years. He stated this at the fourth edition of the Cardano Summit held in Buenos Aires, Argentina. He based his optimism on the significant milestones it achieved in seven years.
Charles Hoskinson has consistently explained and defended the Cardano network and ADA on podcasts and at conferences.
ADA has sharply declined, with several episodes of volatility within the last 24 hours. According to data, ADA trades for $0.3341 as of this writing, up by 0.21%.