No I don’t have to time to do that for you, it’s not my problem, if you’re so concerned you should watch them again.
The 2020 date doesn’t change because that’s the contract end date, what he’s said is that they will work beyond the end of the contract if necessary to make Cardano self-sustaining.
IMO anyone who has watched many of his videos knows how personally committed he is to this project, so his willingness to go “above and beyond” should not be a surprise.
And if you think he might be overruled on that by others within IOHK, you don’t know much about IOHK.
I really believe in the commitment of Charles and IOHK. I’m not being rude, I just have doubts. You brought an argument, I friendly asked for the source. I’ll look into it, as you’re so sure of that, I’ll watch all of Charles’s videos again. I hope you’re right.
they have been contracted to build Cardano, and they will even if it takes longer, because they have to ship. It’s not like they can say: ok guys time is up, we are done. Charles addressed this already two times in the AMA.
Charles has said multiple times that they are under contract through the end of 2020. In the event that the roadmap has not been completed, then they will continue working beyond that date. The ADA funds that belong to IOHK are not to be used for developmental funding. Those ADA belong to IOHK and act as an incentive for them to build a robust and sustainable product. Once the current roadmap has been fully implemented, then it will be up to the community to utilize the on-chain voting mechanism to fund the next round of protocol upgrades. These upgrades will be funded by the treasury.
The $62M raised was the value of the BTC at time of sale. Since the last trench was completed in Q1 of 2017, it’s very likely that the BTC were worth $1-2k each. It’s very possible that IOHK sold much later and actually has 100’s of millions in reserves. Nevertheless, that is not our business. The only thing that ADA holders should be concerned with is that IOHK is able to fulfill the contract to which they agreed. As of now, it looks like they clearly have ample funding to do this.
Thank you for the videos. Let’s dive into it:
In the first video Charles said: “if the treasury system exist we will submit a ballot asking for aditional funding and the community will get to decide that.”
In the second video, Charles said: “by 2020 we will have a fully operational treasury and we’ll stick around until that’s done so if it bleeds in the 2021 we’ll keep working untill that’s done and at that point there’s going to be specifications, Cardano improvement proposal process, competing clients written in different languages by different development teams…IOHK would love to continue doing research and engineering but you the ADA holders will be able to do that choice. So we’ll submit funding proposal to keep the contract going but you get to decide whether that happens.”
So I believe this solves the main question. Thank you guys.
Cardano will have a new roadmap after IOHK summit. I was wondering if eventually they would announce the continuity of the IOHK contract after 2020 to finalize the treasury system, but they’re calling it “Cardano 2020 vision”…Regarding the treasury, I’m curious as to what will be announced. Any thoughts?
I believe IOHK will not do a funding proposal untill the community has enough funds to decide. This is why Charles mentioned entering 2021 working at Cardano. The community will vote when it has the powers (system and money) to do so
However, no massive adoption = no transactions = no money in the treasury
I remember around 120K ADAs were burnt last year for collecting transaction fees.
Just wondering how should/will the community have " enough funds" to contract IOHK or others? While the most possible funds, the 640M ADAs from Cardano Foundation, right now is also controlled in IOHK’s hands. Isn’t it a conflict of interest?
Sorry, I’m kinda new to this community governance and sustainability issues, things just really don’t make any sense to me.
It is hard to anticipate these kind of factors. Who knows if 120K ADA won’t be enough ? For doing what ? Might be, might not. Best case scenario is that IOHK delivers a strong enough protocol and run untouched for a couple of years. Let the dust settles and see where we want to go from there. Who can predict the price tag of ADA, or the daily usage of the platform in 2 years from now ?
Seriously though, your points and more have been on my radar for a long time. Anyone investigating, monitoring, and discussing issues surrounding the personal and business best-interest of Cardano’s ‘developers’ deserves community respect and encouragement. Everything should be analyzed eg. what’s said, what’s done, contracts, legal and regulatory, and future choice probabilities.
People say trust is hard, I disagree. We are completely trustworthy to act in our own best interest, which at best is approximated from past choices vs past statements, and an objective cost benefit assessment of present and future options.
We can potentially lower our risk if we trust from verification vs “Trust but verify”
I read/watch/listen to everything regarding IOHK/Emurgo/Cardano & their partners, for what it’s worth…you can bet your ass Charles, IOHK & Emurgo are “in it to win it” - they’ve put their hearts & souls into developing a superior blockchain platform that is changing the industry as we speak…there’s not a chance in hell they won’t see Cardano through the completion of the roadmap; hopefully, IOHK will be the development team beyond the roadmap as well.
Just my 2 cents worth - have a good weekend y’all.
It’s worth a heck of a lot! Not ever my intention to speak for anyone, but if your current assessment’s a result of objective research - and it looks like it is - it’s infinitely more valuable to me than the faith-based, circle-jerk variety.
“And if you think he might be overruled on that by others within IOHK, you don’t know much about IOHK.”
I could be wrong RobJF or perhaps there was no intention, but it looks as though your response is a mild version of, shoot first and ask questions later. I don’t sense the typical FUD agenda from Chess . What I do sense is someone pursuing answers to obvious and objectively critical questions which by there nature, effect us all.
So, I want to step-in in defense and support of anyone who by their actions assist me in protecting and asserting my best interest.
