Cardano Foundation deemed "ineffective" by IOHK and Emurgo

12 Oct, 2018
by David Borman
Cardano Foundation deemed ineffective by IOHK and Emurgo

In a joint statement from Charles Hoskinson and Ken Kodama, the Cardano Foundation has been called out for a lack of transparency and no clear indication of progress over the last two years. Hoskinson and Kodama ask for the Chairman, Michael Parsons, to step down so that their branches of the ecosystem, IOHK and Emurgo, can take over operations completely.

The Cardano Ecosystem is basically made up of three entities: IOHK, Emurgo and the Cardano Foundation. This letter is being presented by Hoskins representing IOHK and Kodama representing Emurgo. They lay out a list of grievances against the Cardano Foundation and Parsons.

The list includes a lack of transparency in both decision making and handling of funds, a complete lack of communication as to where it is in development or any plans for the future, a lack of diversity in its council (Parsons is in effect the only member), and a history of specifically misleading and false statements.

The letter calls for Parsons to step down and for the foundation to be voluntarily audited by Swiss authorities. IOHK and Emurgo have offered to step up and take over all responsibilities until at least 2020.

To be clear, this should not effect Cardano as an ecosystem in the short term. In effect IOHK and Emurgo have already been doing most of the work, so if anything this should make the whole project more efficient in the future.

Still, depending on how the Cardano Foundation and Parsons respond, things could get a little ugly first. Stay tuned right here to Chepicap for any updates!

Follow Chepicap now on Twitter, Telegram and Facebook!

Read more about: Cardano (ADA)


Should Parsons step down?

(9 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage