Some members of the Cardano community have been unhappy with the initiatives. They are convinced that it will have the opposite effect: it will make the blockchain ecosystem more centralized. Community members worry that the acquisition of Nami Wallet will encourage an even greater monopoly for IOG.
Cardano founder Charles Hoskinson supported IOG’s efforts and reminded the community that IOG, like any other company, creates decentralized applications for the Cardano network. We create products and services to bring millions of people into our ecosystem. CIP-1694 will create a more decentralized ecosystem rather than an oligarchy. The Lace wallet will help Bitcoin and Efirium users access the Cardano ecosystem, while Midnight aims to make Cardano a leader in data privacy. As for the Nami Wallet acquisition – it’s just an attempt to speed up customer interaction,” Hoskinson tried to explain himself on X (Twitter).
The businessman has previously said he has no preference for any of the NFT projects, even if he mentions them somewhere. In July, Hoskinson proposed making the Algorand network a sidechain to Cardano, for which he was heavily attacked by crypto-enthusiasts.