Cardano Foundation announced yesterday that its London-based Z / Yen Group Limited think tank has initiated legal proceedings against it.
The Cardano Blockchain project is the issuer of the ADA token and has collaborated with Z / Yen Group Limited in the past. Apparently, the process is related to an alleged agreement between the two organizations, dating from July 2017.
Cardano said he terminated the agreement for unnamed reasons, but Z / Yen probably has some unresolved issues with the situation. The ADA issuer fully rejects the claims made by its former partner.
The Swiss Foundation has stated that it will not provide more information because the judicial process is ongoing.
At the end of 2017, Cardano researched the blockchain applications it develops within the Z / Yen Group activity. The collaboration was intended to contribute to the expansion of the Cardano Protocol and the use of the ADA token.
The co-founder of Z / Yen Group, Professor Michael Mainelli, later became the research director of the Cardano Foundation. In 2017, Mainelli stated:
“By developing a better understanding of the situations in which DLT tools could be applied, we can engage and educate key industry stakeholders, such as decision makers, investors and regulators to ensure that the industry is moving in the right direction.” .
The two organizations collaborated on several research projects, but this dispute shows that they have now taken separate paths.
The Cardano Blockchain Project launches Shelley
Currently, Cardano is preparing for the launch of the Shelley network, which aims to multiply the nodes and increase the decentralization of the project. However, the migration has been delayed several times. IOHK CEO Charles Hoskinson warned that Shelley will not necessarily have a positive effect on the ADA price:
“We are in a market situation now that, even if we launch Shelley, it will not have a significant impact on the ADA price. So if you expect Cardano to go up in the top three cryptocurrencies when Shelley comes out, I think you have unrealistic expectations. ”
Currently, ADA is trading at $ 0.024, a 12% decrease over the last 24 hours. Cryptocurrency ranks 15th in the CoinMarketCap ranking, with a total valuation of $ 623 million.
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