Cardano New CEO Says The Foundation Will Remain Independent

Cardano NEW CEO Frederik Gregaard, believes that the foundation will preserve its independence as the inherent separation of power is in accordance with Hoskinson’s vision so let’s read more in the Cardano crypto news.

The Cardano ecosystem has a complex governance structure with its own checks and balances. There are three major players in-game: EMURGO, IOHK, and the Cardano Foundation. Now, the Cardano NEW CEO believes that the government will only get more complicated as more entities join. He said that the independence of the foundation will remain intact from Cardano’s founder Charles Hoskinson who created the structure in the first place:

 “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.”

The mission of the Foundation is to advance the Cardano protocol by retaining a development company for the protocol which is now IOHK, via its contract expires at the end of the year. With the Voltaire era which is scheduled to be released in a few months, the community will vote on whether to extend the contract. In the unlikely event that IOHK will fail to secure the backing of the community, there will be another development company hired to take their place.

Back in 2018, there was a major issue between the two but now it seems that the relationship was mended. IOHK is an independent entity with Cardano as its main focus but it also works with other projects. Recently it proposed a few solutions to Ethereum Classic likeEMURGO which was established as a venture arm for the ecosystem but it seems to be embedded into a broader technology company. Frederik Gregaard accepted that Hoskinson is the head of Cardano’s development company and that there will be times when they will fight over the direction of Cardano’s development:

 “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.”