Should Cardano (ADA) Add KYC? Charles Hoskinson Weighs In


Should Cardano (ADA) Add KYC? Charles Hoskinson Weighs In

Last Update: 2023-02-13

Should Cardano (ADA) Add KYC? Charles Hoskinson Weighs In

Charles Hoskinson, the founder of Cardano and IOHK, has recently engaged in a Twitter exchange regarding the controversial topic of adding know-your-customer (KYC) support on the first layer of the Cardano blockchain.

The debate was sparked by a tweet from Calvin Koepke, lead engineer at SundaeSwap Labs, who argued that while some users may not want to use a chain with KYC support on the L1, it will be necessary for mass adoption.

In response to Koepke's tweet, Cardano enthusiast Alexander Monad expressed his concerns about the potential for a centralized system, stating, "You cannot have KYC exist at the L1 and still have any hope for an open permissionless system."

Hoskinson then weighed in, defending the idea that a decentralized protocol will have users who write software for their specific needs, regulated and unregulated.

He argued that there is no need for a false dichotomy between regulated and unregulated systems. The conversation then took a heated turn, with Monad accusing Hoskinson of wanting to take Cardano in a centralized direction, to which Hoskinson responded by calling out the user for creating a false narrative.

The debate underscores the ongoing tension between those who believe that regulation is necessary for mass adoption and those who prioritize decentralization and privacy. As the Cardano community continues to grow, it remains to be seen how the platform will navigate these complex issues.


Features Blogs

More Blogs