"We're just gonna move on out": Hoskinson on split from Cardano Foundation

15 Oct, 2018
by David Robb
News
We're just gonna move on out: Hoskinson on split from Cardano Foundation

Following a recent statement regarding the Cardano Foundation that was issued by Charles Hoskinson and Ken Kodama, Hoskinson has given an interview to clarifiy his position. His claim is that the Foundation was ineffective, and becoming too centralized.

In a video posted on The Crypto Lark Youtube channel, Hoskinson reassures viewers that "the fundamentals of Cardano are still sound". His letter was intended to express frustration and disappointment at how the Foundation itself was being run.

The Cardano Foundation is a distinct entity from IOHK and Emergo, and these three organizations were kept separate deliberately. Unlike with most other cryptos, Hoskinson and his colleagues wanted to break the eco-system up, in order to limit the potential for centralization. The Cardano Foundation's role was primarily to manage the crypto's community, as well as reach out to regulators at different levels and lobby for the ADA token to be listed on exchanges. 

Read more: Cardano Foundation deemed "ineffective" by IOHK and Emurgo

Hoskinson started to feel that the Foundation was "not fit for purpose" in the way that it is currently organized. He says that the board of top-tier executives was recently cut down from four to just two, and there are now allegations of nepotism due to the family relationship between them, as well as the organization having questionable ties to other businesses and being lacking in diversity.

Hoskinson claims that Foundation crossed a line when it began "weaponizing" the Cardano trademark in ways that were "counter-productive for the eco-system", using its name in order to act as a "gatekeeper" to decide what projects are allowed to build on the Cardano network.

IOHK and Emergo have now parted ways with the Cardano Foundation. They will continue to use other means "to try to effect change" at the Foundation, but will otherwise work to improve the Cardano (ADA) project as much as possible without having to be accountable for what the Foundation does.

Follow Chepicap now on Twitter, Telegram and Facebook!

Read more about: Cardano (ADA)

Poll

How likely are you to invest in Cardano?

(78 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage