Chapter IOHK Charles Hoskinson (Charles Hoskinson), who is also the founder of Cardano, and CEO Emurgo Ken Kodama (Ken Kodama) announced the severance of relations with Cardano Foundation. The reason for this decision was to centralize the management of the organization and the fulfillment of its functions.
Previously, the structure Cardano included 3 organizations, each of which was assigned a certain area of work:
- Cardano Foundation was responsible for administrative matters, including communications with regulators and state authorities, lobbying interests of the project and interaction with the community.
- IOHK was responsible for the development of protocols Cardano and test the code.
- Emurgo engaged in management of venture capital and agreements with other projects.
October 12, Hoskinson held a YouTube live broadcast in which he stated that in contrast to IOHK and Emurgo, Cardano Foundation does not fulfill its part of the job.
He also noted that under the leadership of Michael Parsons (Michael Parsons) the organization gradually became more and more centralized. In recent years, Parsons has reduced the organization’s Board of Directors to two persons, including himself. It was expected that it will create a well-developed management structure.
On the same day in the blog IOHK published an open letter on behalf of Hoskinson and Kodama. In it they described the situation and stated that it cannot require the resignation of Michael Parsons as Cardano Foundation is an independent organization. So they offered to deliver this demand to the community, which, in their opinion, can convince Parsons to resign.
Hoskinson and Kodama, also urged the Council Cardano Foundation voluntarily submit to the Swiss authorities, so they can conduct a full audit of the financial operations of the organization.
According to experts, the split in the management structure of the project may lead to deviation from the road map, which in turn may have a negative impact on the attitude to Cardano and the cost of the token.
At the time of publication the average rate Cardano was $0,072. In recent days the price of the token fell by 1.79%.