IOHK and Emurgo announced the severance of the partnership with Cardano Foundation

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IOHK and Emurgo announced the severance of the partnership with Cardano Foundation

The head of the company IOHK Charles Hoskinson and CEO Emurgo Ken Kodama published an open letter to the community in which it is reported about the rupture of relations with Cardano Fondation.

An Open Letter to the Community Cardano //t.co/YrKWfAxEot

— Charles Hoskinson (@IOHK_Charles) October 12, 2018

Hong Kong blockchain company IOHK specializiruetsya on the development of the underlying blockchain Protocol project Cardano (ADA). While the Japanese company Emurgo is principally engaged in the conclusion of agreements and involvement from other projects. Thus, both companies are key elements of the ecosystem Cardano.

The statement said that for two years Cardano Foundation has not achieved any visible progress. Moreover, the organization did not even set itself key performance indicators.

Hoskinson, and Kodama invited the President Cardano Foundation Michael Parsons to resign, they headed to the other two participants in the ecosystem, IOHK and Emurgo were able to take the situation into their own hands. The organization asked to undergo a voluntary audit by the Swiss authorities.

Among other defects Foundation Cardano lists:

the lack of transparency and consistency in the decision-making process, as well as when using tools;
no established channels of communications and, in particular, the lack of notifications about the current status of the project and future plans;
incomplete and poorly diversified Board of Directors, in which Parsons was in fact the sole member (the organization is not regulated and not audited, which is contrary to the rules of the Swiss law);
misleading and false statements of the organization.

“As leaders IOHK and Emurgo, we are very sorry that we failed to strengthen and enhance the effectiveness of the work of Cardano Foundation. We also failed to solve the aforementioned problem. In addition, we are very disappointed that the organization had repeatedly failed our community,” — said in a statement.

Hoskinson Kodama, and promised to seek personnel who will perform the functions originally assigned to Cardano Foundation. They also noted that attracting project funding remains at the disposal of their companies, and not depend on Foundation.

Chapter IOHK also recorded a video with an appropriate treatment to the community.

I will be broadcasting a brief statement in a few minutes: //t.co/a4FFivmtXN

— Charles Hoskinson (@IOHK_Charles) October 12, 2018

Cardano Foundation has not yet commented on the situation.

We will remind, recently IOHK presented opencarry a set of tools for blockchain developers Cardano Rust.

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