Who does control the foundation, elect the board and CEO?

1

This is a follow up to this poll as some people suggested asking the question directly.

  • Who does control the foundation, elect the board and CEO? Now and in the future.
  • What are the checks and balances in place for the foundation?

If you are pro-transparency, you shouldn’t downvote this question! Please feel free to comment if you disagree with any aspect of it.

On Reddit

1 Like
2

Comments from the reddit post:

  • It is about the credibility of Algorand network and foundation. The stakes are very high. They have sold billions tokens and decide how the proceeds are spent or given to different individuals or entities. So far they have made two major mistakes and probably others that we don’t know. The problem isn’t these mistakes but how the foundation is structurally credible from the perspective of Algo-holders/Investors and millions people who want to trust and use the Algorand network.

  • See this post for two major mistakes.

  • The last CEO left abruptly and there was a long delay until the community was informed about the changes.

  • The relationsship and deals between inc. and the foundation are vaguely known, which are a critical part of network future. We just know that the foundation paid 330M algos to inc. to develop the Algorand protocol, which doesn’t make any sense given that the inc. name is “Algorand” and its business is developing the Algorand protocol. Then if inc. must be paid to develop the protocol what about the future?

  • Both inc. and the foundation hide behind the regulatory concerns to avoid providing transparency and a compelling story for the long-term network success.

  • Both inc. and the foundation have been havily dumping (directly or indirectly) Algo tokens with no end in sight. What happens when the easy money is gone? Are they gonna leave Algo-Holders (mostly retail) as bag holders? If there is no money people in inc. and the foundation would stop working immediately; As simple as that.

  • The inc. says that we are a separate entity and not that much reason to respond to the community. We get sudden twitter AMAs from the CEO which are 90% about random stuff with short responses. So, the foundation should be at least accountable and responsive to the community.

1 Like