Report Cardano Ecosystem Has A Complex Governance Structure
Report: Cardano Ecosystem Has A Complex Governance Structure
October 6, 2020
Report Cardano Ecosystem Has A Complex Governance Structure
Report: Cardano Ecosystem Has A Complex Governance Structure
October 6, 2020

A report said that the Cardano (ADA) ecosystem has a complex governance structure, not dissimilar from the way the US democracy operates, with its built-in checks and balances. 

It has been reported that according to the Foundation’s incoming CEO Frederik Gregaard, there are three main players: the Cardano Foundation, EMURGO, and IOHK, where the governance will only get more complicated as more organizations join. 

However, he also said that he intends to maintain the Foundation’s independence from Cardano’s founder and IOHK CEO, Charles Hoskinson, who created this structure in the first place.

He added:

“The Foundation law in Switzerland says that we need to be independent. That’s exactly why it’s interesting and why Charles chose to set it up like that, because he really, truly feels that the people who are going to protect the Cardano protocol for the generations to come, need to be independent.”

As per the report, the Foundation’s mission is the advancement of “the Cardano protocol.” It also retains a development company for the protocol, which is currently IOHK, though its contract expires later this year. With the Voltaire era scheduled for release in a few months, the community will soon vote on whether to extend IOHK’s contract. In the unlikely event that IOHK fails to secure the backing of the community, another development company will be hired to take their place.

ALSO READ :  Uniswap Protocol Shares 2021 Roadmap

Gregaard accepts that Hoskinson is more than just the head of Cardano’s development company and there may be times when they will butt heads over the direction of Cardano’s development.

He said:

“Charles did initiate the project together with one of his colleagues. So, there’s no doubt about how brilliant he is and how visionary he is. But he’s running a product company that needs to deliver products. <…> I’m sure that there are going to be some fights in terms of priorities and some spots where we believe, together with the community maybe, that we should go a bit more right and Charles wants to be a little bit more left and we need to agree on that together.”

Also, he said that having worked with Hoskinson for the past 6 to 12 months (as a PwC consultant), he has a good feeling about this relationship, though he does not expect it to be easy.

ALSO READ :  Ethereum Classic Hit By Another 51% Attack, Causes More Than 7,000 Blocks

Thus, Gregaard is a big supporter of decentralized governance, as, for him, this presents a viable alternative to the current state of the world, where Facebook and Google manipulatively exploit their users.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin car, the car branded with the Bitcoin logo, will be racing in circles against 32 others in this month’s Indianapolis 500. It has been reported by Jack Mallers, the CEO of Zap, that US racing driver Ed...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.