Rumors that the Cardano project is going through hard times appeared a few weeks ago. But only on October 12, 2018, Charles Hoskinson сleared the air. CEO of Input Output HK announced in his YouTube broadcast that the Cardano Foundation was no longer a partner in Cardano business development.
For those who are not familiar with the Cardano structure, the situation may seem strange. This is not at all the case though. The fact is that the Cardano project consists of three separate legal entities: the Cardano Foundation, IOHK and Emurgo. In such enterprise confederation, IOHK was engaged in the technical development of the project, Emurgo was responsible for the development, support and implementation of Cardano commercial projects, and the Cardano Foundation was engaged in building relationships with the crypto community. Now the operation of the project will be revised.
The reason for the exclusion of the Foundation from the members of the team was problems with the transparency of its financial activities, significant distortions of information, unlawful and inconsistent statements.
“Unexpectedly, the Foundation decided to back out the week before and claimed in an email to IOHK’s communications director that it – without any basis or underlying agreement – was to be the single guardian of the Cardano brand and protocols,” Charles Hoskinson explained.
As you can see, someone decided to hog the blanket. Of course, this is contrary to normal partnership agreements.
The split in the Cardano team caused a storm of emotions in the crypto community. Many users took this event as a project crash. Others, due to the lack of sufficient information, began to spread rumors that Cardano had ceased to cooperate with all its partners.
In fact, nothing terrible happened. The project is alive though it will have some difficulties. We are sure that this is temporary. We would like to draw your attention to the Cardano Reddit subscribers’ response. It was almost completely approving. This suggests that the project will not lose its users. Probably, the ADA price will be subject to correction. But it will be associated solely with the mood of the community.
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