The Cardano community has been dissatisfied with the slowness in the progress of Cardano projects and the lack of performance of the Cardano Foundation. Taking the concerns of the community to heart, IOHK and Emurgo decided to write an open letter to the Cardano community. The letter was shared on Twitter by Charles Hoskinson it was followed by a brief statement on a YouTube video.
The latter acknowledges that the Cardano Foundation has been ineffective in its role to Cardano. The letter states that the Cardano Foundation has been controlled by Mr Parsons since power was handed to him on the 14th of July 2017. As a solution to the problem, Emurgo and IOHK have decided to break away from the Cardano Foundation and put things in place to remedy the Foundation’s failure.
Cardano (ADA) Price Today – ADA / USD
The letter suggested that Emurgo and IOHK starts recruiting community managers who are 100% dedicated to the ecosystem. Any personnel who is in the Cardano Foundation but has interest in being hired by IOHK will be welcomed as long as they are willing to leave the foundation. The managers will have the responsibility of organizing meetups, expanding the community and planning events. They will also be responsible for overseeing educational measures that are aimed at the development of Cardano.
Both Emurgo and IOHK will launch initiatives in Japan. This will promote the community understanding of Cardano and access in Japan. Some other parts of the letter were about the importance of liquidity provided by cryptocurrency exchanges. The later subsequently noted that Emurgo and IOHK is planning to add more effort to marketing and education in order to include more content about developer resources, protocols and USPs within the Cardano ecosystem.
IOHK has also made arrangements for a research agenda that will be aimed at designing a decentralized Cardano Foundation that will be based on a DAO. The goal will be to build a computational layer for Cardano and a research institute that is dedicated to Cardano. They also suggested that the Cardano Foundation subjects itself to Swiss authorities voluntarily and go for an audit of how the foundation makes financial transactions and decisions. The result of this audit is to be released to the public. The audit is to include indirect and direct remuneration paid to Mr Parsons, as well as his son in law Bruce Milligan and his wife Julie Milligan.
In the letter, it was also stated that the chairperson of IOHK, Charles Hoskinson, does not have the authority to force the chairperson of Cardano Foundation, Mr. Parsons to step down. The Cardano community, Emurgo and IOHK hope that Mr. Parson will step down voluntarily for the sake of the Foundation. The Cardano community has launched a campaign aimed at liberating Cardano Foundation from Mr. Parson. They created a petition which was signed by over one thousand people at the time of writing. The Cardano Foundation is yet to respond to the petition.
Cardano Price Analysis
Main while, at the time of writing, Cardano (ADA) was trading at $0.075474. This shows that it is up by 3.71% against the USD but down by 2.52% against Bitcoin. The trading volume over a 24 hour period is $68,179,628 and the total market capitalization is $1,956,823,438.