Lets discuss a topic that unfortunately has not attracted much attention, but in my opinion is extremely important. This topic is about the so-called “governance” keys, also called BFT-keys, which have a lot of power. My request would be that IO should relinquish keys back to CF and governance operate as before. But lets start from the beginning.
7 governance keys were distributed to the 3 founding entities at the beginning. 3 of them went to IOG (former IOHK), 2 to Cardano Foundation and 2 to Emurgo. To make a decision, 5 of the 7 Keys must agree. This also means that IOG has a de facto VETO right.
For whatever reason, the keys from the Cardano Foundation were “delegated” to IOG. That means IOG has been single-handedly (since they now control 5 Keys) able to make parameter changes or withdrawals from treasury/reserves for a while.
While I do not doubt the intentions of IOG, the concern why the distribution occured was - Single entity could decide to empty the treasury/reserves/introduce changes without any authenticity, and EM/CF/community could do absolutely nothing about it (besides more plausible case could be keys leaking into wrong hands from a mishap, which is more likely in a single org than across).
However, my goal is to start a discussion whether this status as it is now is still justifiable or not and also why all 3 founding entities agreed to this process at all, to give up a basic principle of the fundamental agreements for the creation of the protocol like this and this was also hardly communicated anywhere.
My opinion on this subject is clear. For me personally it is an absolute no-go if an organization has so much power. That’s exactly why these keys have been distributed to these 3 founding organizations, so that not one of them alone can make such far-reaching decisions.
Sure - there are plans to rectify this for future fork (assuming in next 6 months) but given the behaviour - it becomes very difficult to believe there is a trustless system, given the extent to which protocol security has been risked purely based on management agreements , leaving the Cardano community as well as other stakeholders in the dark.
I am aware of the fact that this is a delicate topic and possibly also offers a target for other projects. However, I am convinced that we can only develop further if we discuss such unpleasant issues together in a transparent way.