Hi everyone. We already know that $62 million was raised at the ICO. Part of this went to IOHK. In addition, IOHK received about 2.4 billion ADAs. The contract runs until 2020. Here are my questions:
Does the contract with IOHK expire in December 2020 or earlier?
At the current price of ADA ($0,04), IOHK has about $96 million. Is there any chance to use this amount (or part of it) to extend the contract beyond 2020? (Without the need of voting. The argument is: as the project was highly valued, the ADAs received are sufficient to continue the development)
Treasury model is predicted to be implemented in Voltaire phase. Until then, there may not be time to raise enough funds to hire the development team that will take over after 2020. How is Cardano dealing with this scenario? Is there any treasure reserved for the time when IOHK’s contract expires? What’s the plan?
When will the voting phase begin? (To decide the future of the development team)
Is there a possibility that the entire IOHK team will not continue in the project after 2020 but will still have its reserve of ADAs? (Since the ADA reserve is high, this represents a risk for IOHK (if the company decides to maintain these ADA for the future). It would make sense to sell everything. Or maybe don’t sell and keep at least part of the team working to ensure the success of the project.
*My personal opinion: The project is fantastic, but I’m afraid that the delay in implementing the treasure will compromise the hiring of the development team in 2020. I would like to know IOHK’s intention about Cardano. I mean: is it just a business relationship or is the company willing to donate for the project in difficult situations? I hope everything goes well, but it is important to be aware of the risks.
Thank you in advance!
I would like to get that clarified as well. I was under the impression that the “contract” quoted by Charles was until 2020 meaning the period 2017-2019 but maybe im just fueling rumors.
Well, deep questions about the project.
Maybe Charles could answer that on some on some AMA session.
R.4) Well, I think on Basho phase (4.N) we will be able to vote on updates and protocol changes, according to the roadmap. But I don’t know when. Maybe on half 2020 (Q2-2020), supposing a Q4-2020 roadmap.
There will be a built-in governance system.
Let’s see if someone could help us with your questions. Some of them are ontologic.
I believe there will be changes in Basho and Voltaire phases since Shelley and Goguen are about a year behind the inicial schedule
They raised BTC and sold it with profit.
I wouldn’t be surprised if it was sold on double price.
So who is gonna pay for IOHK’s contract renewal (assume they are willing to continue)??
Another fund raise again?
Cardano is long term sustainable if all those who look forward to benefitting from its later success realise there is a reciprocal duty of maintaining unity owed by all of us and to all of us. We cannot just benefit on our own terms regardless.
Seeing IOHK is still actively working on ETC, I can’t see them walk away from Cardano after their official contract expires. Funding isn’t an issue.
No more fund raise.
Future developments will be financed by the treasury system.
But 2020 is coming very soon, and the assumption is that treasury and vote system are out before 2020?
IOHK made more money from the ICO then the value of the Bitcoins they collected as they sold the BTC later (end of 2017) on higher price with considerable profit.
I would even assume they could have at least 50–100% more USD if not magnitudes more.
I don’t think we have to worry about funding following 2020.
Money should not be a concern.
I’m already considering that. Cardano audit showed that a total of $62 million were raised. If you look at https://www.cardano.org/en/genesis-block-distribution/ you will see that as well.
The question is: how many dollars were paid to IOHK and how many were saved for 2020. Does anybody know?
They could have multiplied this 68m even by 10x times …
Again I don’t see the reason for worry.
It’s not something IOHK would publish I believe.
I don’t think so. $62 million is the the value converted to dollars, related to the highest point of appreciation of the market. Anyway…IOHK is a private company. If IOHK made more money, it doesn’t matter to Cardano. I would like to see Cardano’s current balance and future projections, it’s more important than IOHK’s balance
Charles has stated several times that IOHK is fully funded for the whole contract period. (And probably a couple of years after that is my impression)
IOHK is not the point. It’s a private company and doesn’t belong to Cardano. If IOHK is fully funded, great, but it doesn’t change the contract with Cardano. IOHK has no obligation to extend the contract if the company is financially well. The contract runs until 2020 and Cardano will have to pay again for development.
He’s said more than once that IOHK will complete the job, having other sources of revenue. It’s in one of the last 2-3 videos of 2018.
What does it mean to complete the job? Honor the contract that expires in 2020 or finalize the planned roadmap even if it results in 2 more years of development? I believe Charles is only saying that IOHK will honor the contract that ends in 2020.
It means finalizing the roadmap. It’s clear in the video context. If you don’t believe me check it out.
Can you please show me the video? I always watch Charles’ videos and I never understood it that way. On the contrary, the 2020 date never seemed to be subject to change.