On Tuesday (13 November 2018), as covered by CryptoGlobe, Charles Hoskinson, the creator of Cardano (ADA) and the CEO of IOHK, announced to the Cardano community the good news that he had been hoping to deliver ever since he and Ken Kodama, the CEO of Emurgo, published a joint statement (on the IOHK blog) with the title “An Open Letter to the Cardano Community from IOHK and Emurgo.”

The purpose of this statement was to explain why they were disappointed by the performance of the Cardano Foundation, to ask the Cardano Foundation council to subject itself to a full audit, to ask for the resignation of Michael Parsons, the chairman of the Cardano Foundation, and to announce that IOHK and Emurgo were going to take over the main responsibilities of the Cardano Foundation until at least 2020. 

Finally, last night, Hoskinson got his wish: Parsons decided to resign. So, naturally, Hoskinson who is very comfortable talking to the Cardano community via his YouTube channel, made a new video to provide more details about the resignation, and to explain its implications.

The Resignation

“Right around 3pm London time, in the UK, Michael Parsons met with Pascal Schmid, and his lawyers, and signed a resignation… And Pascal has filed that, and the Foundation, shortly thereafter, made the announcement that Michael Parsons will be stepping down from the Cardano Foundation effective immediately.”

The Cardano Foundation’s statement on the matter was a short one. The three main points were:

  • “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.”
  • “The Foundation is working to supplement the Foundation Council with suitable persons as soon as possible.”

The Implications of This Resignation

Pascal is currenbtly the custodian of the Foundation, and “will be in charge of the transition to reinvigorate and reconstruct the Foundation.”

According to Hoskinson, there are three main things that need to be done: 

  1. “The Foundation needs to restore its credibility and trust with you, the community.”
  2. “The Foundation needs to be a good citizen within the Swiss jurisdiction. It is a Swiss Foundation, and my belief is that it does need to make some investments in that jurisdiction, and build up its presence in that jurisdiction so it can continue to operate wthout disruption, and continue to perate as a viable effective entity within that ecosystem.”
  3. “The Foundation can take this recent crisis as an opportunity to reinvent itself and become a bastion of good governance… Emurgo, IOHK, and the remaining members of the Cardano Foundation will hopefully going to be able to work together, after the next one or two months of cleanup occur, to try to figure out a permanent form of governance for the Foundation.”

 

Featured Image Courtesy of Cardano