Cardano is one of the most promising projects in the blockchain sector. It is not just reimagining how blockchains work but also changing the world of digital currencies. In a new open letter, IOHK and Emurgo chiefs shared their opinions on Cardano. IOHK and Emurgo are engaged in developing and managing the Cardano blockchain, along with the Cardano Foundation.
In the letter, the two entrepreneurs talked about developing a financial system through Cardano for three billion people who remain outside the conventional financial system.
Splitting the Responsibility of Cardano
In the open letter, IOHK’s Charles Hoskinson and Emurgo’s Ken Kodama suggest that instead of starting a foundation that would be vested with all the power to raise funds, handle development, promote adoption, and attend to community concerns, they split the work between three entities — the Cardano Foundation, IOHK, and Emurgo. This helped in ensuring that no single entity took control of the job and that failure in one entity doesn’t jeopardize the future of the blockchain project.
Hoskinson and Kodama said that IOHK and Emurgo have worked transparently and collaborated on various projects, including the Yoroi wallet. They said that the initial release of Cardano wasn’t devoid of flaws. The team recognizes the issues with the blockchain, and they will be solved with new codebases.
Performance Issues With the Cardano Foundation
The two suggested that the Cardano community has been frustrated with the lack of activity by the Cardano Foundation. The duo wrote:
“There has been no clear indication of improvement, despite many fruitless attempts and approaches to the Foundation’s chairman and council to change this.”
The duo gave reasons behind the dissatisfaction of the community, which includes lack of strategic vision from the council, absence of a clear public plan, lack of transparency about the operations at the Cardano Foundation, and wrongful statements made by the Foundation’s Council, such as owning the Cardano trademark.
Emurgo and IOHK suggest that the Foundation council should “voluntarily subject itself to the Swiss authorities; for a complete audit of all of the Foundation’s financial transactions and major decisions to be conducted; and for the results to be released to the general public.” According to them, the audit must include all the direct and indirect remuneration paid to Michael Parsons, chairman of Cardano; Bruce Milligan, general manager, and Parson’s stepson; and Bruce’s wife, Julie Milligan, who served as Parson’s secretary.
The duo went on to suggest that their respective entities have secure and independent funding and will continue to build Cardano despite problems with the Foundation.