Cardano (ADA) embarks on a new era after Cardano Foundation excess and CEO resignation

After community and Charles Hoskinson coerced Michael Parsons to resign from his position of CEO of Cardano Foundation, a new start is in cards for the guardians of the ADA blockchain.

Hoskinson says that the Cardano Foundation will use the upcoming period to do some housekeeping and organize itself anew in order to restore faith, credibility and reputation that was severely tarnished due to the bad job done by its former head.

He also suggested that Foundation should install at least seven board members that will run it while emphasizing the importance of legal aspects of the Foundation and compliance with regulations.

Cardano Foundation was run by Michael Parsons and he was apparently not doing it too good, according to Charles Hoskinson and Ken Kodama.

Cardano is governed by a triplet of Cardano Foundation, IOHK and Emurgo. The chairmans of the latter two have come out with an open letter stating that Foundation is performing poorly and they would like to dissolve it and take over its role.

The long letter was addressed to the community around the crypto currency Cardano and was published by Charles Hoskinson, managing director of IOHK, via the social media. All three pillars were introduced for decentralization in order to place the decision-making in several hands. The Cardano Foundation’s area of responsibility was the acquisition of market participants’ rights, supervisory authorities, lobbying and public relations. In the opinion of the other side, IOHK and Emurgo, the Foundation has fulfilled its tasks extremely inadequately.

The public letter underlined that “the Foundation was indeed controlled by Mr. Parsons”, whereby this concentration on one individual had already ensured the opposite of decentralization since July 14, 2017. The consequence of Emurgo’s and IOHK’s lack of efficiency could be a break between the parties. This is at least the suggestion of the other parts at management level. Furthermore, many measures are to be taken to ensure a positive development of the ADA course in the future. For this purpose, Emurgo is to recruit suitable community members to actively participate in the design. According to the letter, the IOHK is also considering taking over employees from the Cardano Foundation.

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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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