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This open letter to the Cardano community starts by explaining that when work on Cardano first started in 2015, "instead of launching an all-powerful foundation that would raise funds, manage development, encourage adoption and address the concerns of the community," it was decided to "diligently split the governance of Cardano into three legal entities: IOHK, Emurgo and the Cardano Foundation." The hope was that such a separation of powers would "ensure that the failure of one legal entity, if any, could not jeopardise or destroy the Cardano project."