Cardano (ADA) Is Centralized, Cyber Capital Founder Says
Cyber Capital Founder Justin Bons has laid out the several ways that, according to him, proves Cardano is highly centralized
HIGHLIGHTS • Cyber Capital Founder Justin Bons claims Cardano is highly centralized • He noted that the Genesis Keys control by IOG is the major concern • He, however, acknowledged the commitment to decentralization by Founder Charles Hoskinson
Justin Bons, a full-time crypto researcher and founder of Cyber Capital, has sparked a debate over the centralization of Cardano (ADA). In a series of posts on X, Bons explained his stance which has elicited pushback from users on the platform.
According to Bons, Cardano’s claim of being the “most decentralized” blockchain is undermined by its reliance on “genesis keys,” a multi-signature mechanism controlling the protocol’s rules.
Cardano Genesis Keys: the Point of Centralization In his assertion, Bons maintains that Cardano is uniquely centralized because these genesis keys allow the parent company Input Output Global (IOG) to exercise significant control over the blockchain. IOG reportedly holds five out of seven keys, enabling it to unilaterally change protocol rules.