What does the open letter to the Cardano Community mean for the ADA future?

 

If you keep a close eye on Cardano, you will also find out to what extent the ADA Community is unhappy with the Cardano Foundation. Its comparatively weak performance over the last few months has caused criticism. But how exactly do the points of criticism come out and what steps does the company have to take now as a reaction?

 

Individual overrides decentralisation

The Cardanos system is an extensively planned. It is based on three pillars, which should control it. These pillars are called IOHK, Emurgo and Cardano Foundation. The latter has now been sharply criticized in an open letter from IOHK and Emurgo. The long letter was addressed to the community around the crypto currency Cardano and was published by Charles Hoskinson, managing director of IOHK, via the social media. All three pillars were introduced for decentralization in order to place the decision-making in several hands. The Cardano Foundation’s area of responsibility was the acquisition of market participants’ rights, supervisory authorities, lobbying and public relations. In the opinion of the other side, IOHK and Emurgo, the Foundation has fulfilled its tasks extremely inadequately.

The public letter underlines that “the Foundation was indeed controlled by Mr. Parsons”, whereby this concentration on one individual had already ensured the opposite of decentralization since July 14, 2017. The consequence of Emurgo’s and IOHK’s lack of efficiency could be a break between the parties. This is at least the suggestion of the other parts at management level. Furthermore, many measures are to be taken to ensure a positive development of the ADA course in the future. For this purpose, Emurgo is to recruit suitable community members to actively participate in the design. According to the letter, the IOHK is also considering taking over employees from the Cardano Foundation.

Meetups, events and education the mission of community managers

The much stronger involvement of one’s own community is understandably raising questions. What exactly are the tasks to be entrusted to the selected managers? According to an open letter, these should primarily be in public relations work. The existing members and investors who invest in Cardano should attract other people to do the same. The candidates would be expected to put in a corresponding amount of effort. This includes, among other things, the planning of Meetups and Events as well as the control over the various educational measures, which should inform about Cardano and its characteristics.

IOHK and Emurgo are also reportedly interested in launching initiatives in Japan to facilitate access to exchanges. Thanks to their liquidity, crypto exchanges are a central point of Cardano’s plans. Furthermore, the Cardano Foundation should voluntarily submit itself to the Swiss authorities in order to initiate an investigation into the funds and their origin. In order to ensure the greatest possible transparency, the process should take place publicly in order to involve the community accordingly.

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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