The CEO of IOHK, Charles Hoskinson, recently appeared on an interview to share his thoughts on the Cardano Foundation. He also made comparisons with the Bitcoin [BTC] Foundation, stating that the coin did not need the Foundation to become successful.
This comes after one of the three main parties in charge of managing the Cardano [ADA] project, the Cardano Foundation, was cut off from the other two parties, IOHK and Emurgo. Hoskinson detailed his thoughts in a letter to the Foundation, to which they have not yet responded. In an interview with Crypto Insider, he stated:
“The reality is we’ve been working with this situation for two years it’s just it’s gotten to a point where Emurgo and IOHK have just normally given up on the existing leadership structure of the Foundation and we feel we have a duty to tell the community that we’re just going to move without them.”
Hoskinson alleged that the Chairman of the Board of Cardano Foundation did not comply with business ethics, reportedly employing practices of nepotism. Moreover, the Foundation did not carry out its detailed duties such as managing the meetup groups, providing timely and accurate information to the community, and carrying out regulatory outreach, leading to the split. He went on to say:
“They are no more useful to us at the moment than Bitcoin Foundation is useful to Bitcoin and Bitcoin didn’t need the Bitcoin foundation to become successful. Frankly, the hard work of other people did it.”
Hoskinson also spoke about the state of the Cardano community all over the world, stating that he traveled to 27 countries this year alone to develop the ecosystem. He stated:
“I meet the people and I see their frustration. It was inexcusable for us not to have a good presence in South Korea. When we hit the markets a lot of people bought at the top, at $1.20 and those people are loyal they’re still there. They still believe in the project even though they’ve lost a heck of a lot of money.”
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