Cardano: Charles Hoskinson demands resignation of Cardano Foundation President

cardano beef hoskins

In a letter issued yesterday, Charles Hoskinson (IOHK) and Ken Kodama (CEO of Emurgo) urge the Cardano Foundation to voluntarily subject to the Swiss authorities. They also demand the resignation of current Foundation President Michael Parsons. In the letter, Hoskinson and Kodama talk of a “great frustration” due to inaction and perceived shortcomings in the work of the Cardano Foundation. In return, IOHK and Emurgo offer to take over the tasks of the foundation until 2020.

Beef at Cardano

The Cardano project currently consists of three independent institutions: IOHK, Emurgo and the Cardano Foundation. All three are responsible for different tasks. IOHK’s main task is to technically develop the Cardano Protocol, from research to implementation, as well as the peer-review process.

Emurgo’s mission is to take care of venture capital, partnerships and business development.

The Cardano Foundation was founded to take on administrative tasks. Among other things, the Cardano Foundation was assigned the procurement of trademark rights. The foundation should also be active in the area of ​​regulatory public relations and lobbying, as well as public relations.

In the letter published yesterday, Hoskinson and Kodama express their “great frustration” over the inaction and perceived shortcomings of the Cardano Foundation. In a video posted on Youtube, Hoskinson also states that the board has “failed to fulfill its core duties and responsibilities.” In total, both accuse the Cardano Foundation of 8 violations in the letter:

    1. A lack of strategic vision from the council.
    2. The absence of a clear public plan for how the Foundation
    3. The lack of transparency in the Foundation’s operations
    4. Material misrepresentations and wrongful statements by the Foundation’s council including a claim that it owned the trademark in Cardano.
    5. Lack of financial transparency.
    6. The lack of a complete and diverse Foundation council.
    7. Lack of any concept of how the millions of dollars committed to the Foundation will benefit the Cardano community.
    8. Absence/unawareness of any meaningful internal governance system at the Cardano Foundation.

IOHK and Emurgo at the top of Cardano?

In addition to the demand of resignation of Cardano Foundation President Michael Parsons, Hoskinson and Kodama also demand that IOHK and Emurgo assume the role of the Foundation. Both companies want to commit themselves until 2020 to take over the functions previously reserved for the Cardano Foundation. They want to tackle the following tasks:

  1. IOHK and Emurgo will begin hiring dedicated community managers for the Cardano ecosystem and assign them to growing and informing our community through meetup groups, events, educational efforts and other metrics that can be tracked.
  2. IOHK is willing to hire, subject to reasonable due diligence and negotiations, Cardano Foundation personnel directly engaged in community management should they desire to leave the Foundation.
  3. IOHK will work with Emurgo to start efforts in Japan to improve exchange access and community understanding of Cardano.
  4. IOHK and Emurgo will scale up its educational and marketing efforts to include more content about the Cardano protocols, developer resources and USPs of our ecosystem.
  5. IOHK has hired an open source community manager to draft the Cardano improvement proposal process and begin its rollout.
  6. IOHK has expanded its research scope to include the areas originally forseen for the Cardano Foundation.
  7. IOHK will start a research agenda to design a decentralized Foundation built as a DAO to be deployed on the Cardano computation layer. We will announce a dedicated research center at a later date.

Future of Cardano

The Foundation has not yet responded to the letter. However, it can be assumed that this will not go unanswered. We are looking forward to the answer and will report if there is news about the internal dispute at Cardano. The project needs a clear plan for the following years in order to stay on track.


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