Cardano no more needs its Foundation: Charles Hoskinson 25112
News
Pinaz Kazi
Oct 13, 2018 at 2:06 PM

Cardano is governed by three independent bodies – Cardano Foundation, IOHK and Emurgo. Recently, the chairmen of the latter two revealed that the Foundation is not performing well. In an open letter, Charles Hoskinson, founder of Input Output Hong Kong (IOHK), and Ken Kodama, CEO of Emurgo, called for the Foundation to “voluntarily subject itself to the Swiss authorities” and requested its chairman, Michael Parsons to resign.

In the open letter published on the IOHK blog the Foundation was accused of, “Material misrepresentations and wrongful statements… including a claim that it owned the trademark in Cardano.”

“The council has even tried to assume the power to decide who speaks for the protocol, what should be deployed on the protocol and how the press should represent relationships between Emurgo, IOHK, the Foundation and third party projects,” the letter continues, “Having identified the legal dubiousness and profound consequences of the Foundation’s claims in respect of trademark ownership, IOHK ceased collaboration with the Foundation until it published a fair use policy for the trademark. This process took weeks.”

Charles Hoskinson, creator of Cardano, recently revealed the problems with the Cardano Foundation in a video and the also mentioned the challenges of using a centralized body in order to propel a decentralized technology. Hoskinson pointed out that the board has not executed “on its core responsibilities and duties.”

He explained the reason behind the decision being taken saying, “It has reached a point where we do not want to fight anymore and the reality is that since the very beginning. Cardano has always been a federated ecosystem and it does not require a foundation to be successful just like Bitcoin didn't need the Bitcoin Foundation for it to reach its levels of success, Cardano no more needs a Cardano Foundation.”

In the open letter, Hoskinson and Kodama outlined the plans to expand the scope of the organizations in order to fill in the gaps of the Foundation’s role.
The authors of the letter also that propose their organizations (IOHK & Emurgo) will take over the role of the Foundation.

However, it will take time as they plan to make a full takeover until 2020 and aims to change the Foundation with an automated “decentralized Foundation” built as DAO.

See also:

Cardano unveils new roadmap: on track to move to Shelley phase in 2019

 U.S. SEC reveals progress made on Bitcoin ETF proposal; sets deadline for comments

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