Cardano Foundation CEO Michael Parsons resigns after the public criticism from IOHK and Emurgo

The Cardano Foundation today announced that Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation, has resigned with immediate effect. Pascal Schmid, Council Member, will take over as Chairman of the Foundation Council on an interim basis.

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.

Cardano is one of the so called Blockchain 3.0s – fast, modern blockchain that aims to solve all the current issues incumbent platforms like Ethereum and Bitcoin have. It is currently mostly theory, although a well researched and strongly grounded theory.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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