Article discovered by GuardaiansofCardano, i just use translator. Hope this help and the pressure is definitely getting somewhere.
Cardano leads like many other Blockchain projects a foundation in Zug. Now there is an uprising against the foundation leadership.
By Marc Badertscher
For a long time everything just seemed to fit. Attractive Taxes, Informed Authorities, and Good Foundation Law: Zug magically attracted Blockchain projects. Dozens of foundations sprung up, which should take over administrative functions and the promotion of projects. Crypto Valley by Zug - made in Switzerland - guaranteed quality.
But one of the big crypto projects is not satisfied with the way things are going: Cardano. The project is developing an app transactional platform and is currently valued at $ 1.9 billion. So much, at least its own currency ADA on the stock exchanges worth. But last time there was massive criticism of the foundation. No dedication, no transparency, mismanagement and nepotism: that is what the software developers and large parts of the Cardano community accuse the foundation in Zug. There are threats of lawsuits.
Meanwhile, the relevant Internet forums are full of criticism and discussions about the possible misconduct of the Foundation. There are petitions that have been signed by thousands, open letters from the developers. Charles Hoskinson, founder of Cardano, says to the Handelszeitung: “We just realize that the foundation is not doing what it should.”
Hoskinson himself is the boss of the company IOHK, which is responsible for the programming and development of the Cardano platform. He works closely with the company Emurgo, which is responsible for economic cooperation. According to IOHK, the foundation in Switzerland should, above all, build up the community, make Cardano more widely known, but also initiate audits of the code. The purpose of the foundation is to promote the development of new technologies. The foundation can not complain about lack of funds. It had been endowed with Bitcoin and Ada, which are well worth the 60 million francs, as observers report.
The center of criticism is Foundation Council President Michael Parsons. The 72-year-old trustee has been involved since the very beginning, when a Cardano Foundation was first built on the Isle of Man, before being founded in Zug and declared to be an important pillar in the promotion of Cardano. In the Zug Foundation Parsons has more or less the sole say. Next to him, after retirement, only Pascal Schmid sits on the foundation board. But since Parsons has the casting vote as president, he actually rules alone.
Fight with hard bandages
How serious the situation is and how disrupted the relationship between the founders and the foundation is, a letter from Hoskinson’s IOHK to the Foundation confirms. This refers to clues “which, among other things, point to gross, unethical business conduct”. This is how “a picture of nepotism” emerges. Apparently both the stepson of Parsons - as general manager - as well as his wife is committed to the foundation. In addition, high compensation could have been paid out by unusual early fixing of exchange rates.
In the same vein proposes a movement called “Guardians of Cardano”. It is made up of supporters of the new Blockchain Protocol and also worries that the project will be detrimental to the Foundation. What’s right, and what’s not, remains open at the moment. For example, the foundation has not accounted to the public for the cash flow. However, she does not have to, according to foundation law. According to informed circles, there are question marks regarding bookings. In the meantime, the federal foundation supervision has been informed.
The Foundation says through a London adviser that, unfortunately, much of the recent public debate is not factually accurate. Cardano consists of several units. “And the Cardano Foundation is by far the smallest of the three protocol units in terms of funding and size,” the PR agency says. “Unlike other similar cryptocurrency foundations, it has not received or paid any fundraising proceeds and has no control over the software development of the Cardano Protocol.” The Foundation will provide more detailed information about its activities and plans in the near future.
Meanwhile, in the environment of the foundation resistance against this representation increases. The PR agency, which is the statement was unilaterally instructed by Parsons and not by the entire Board of Trustees. But Parsons was not entitled to act on behalf of the foundation in this matter, because it was primarily about himself and he would have to step into the strike, the criticism. Also, the statement was wrong that the foundation has received any funds from the fundraising.
The pressure on the foundation is increasing every day. Responsible are not only the dissatisfied software developers, who examine civil and criminal complaints, but also the so-called community. As with all major blockchain projects, this mostly well-informed, dedicated group, organized via the Internet and Twitter, plays an important role. Not least because of the price development of the platform’s own currency, they want a quick solution to the unsightly situation surrounding the Zuger Stiftung.
Update: Added with new review