Following Michael Parson’s resignation, the Cardano foundation has come out to state that “The Babylonian Captivity of Cardano Is Over”.

Charles Hoskinson, one of the pioneers behind the Ethereum and Cardano projects recently made a remarkable announcement via the Cardano Foundation’s formerly dormant Twitter account, revealing that there has been a change in hierarchy in the leadership of Cardano. According to him, “The Babylonian Captivity of Cardano Is Over.”

The foundation issued a public statement that Michael Parsons, the former chairman, has willingly stepped down from his role, immediately. His speedy exit is likely to be the effect of key players tenaciously seeking his resignation.

Pascal Schmid will become the interim chairman. Still, the foundation was clear on seeking to expand the Foundation Council with “suitable people,” as it has become crystal clear that its namesake, The Cardano Project, wasn’t acceptable to Zug, the Switzerland-based organization.

Ethereum World News reported in mid-October that, Hoskinson and Ken Kodama summoned the Foundation, stating their dissatisfaction with the accomplishment of the Cardano ecosystem. They expressed a list of pertinent qualms.

Charles Hoskinson Confident On the Future of the Cardano Ecosystem

The standing CEO of Hong Kong-based Input Output (IOHK), Hoskinson, in a short, but gratifying YouTube live stream gave assurance for the future of ADA and its ecosystem.

He first said that Schmid will be accountable for “reinvigorating” and recreating the Foundation, adding that the organization still has a long way before becoming an “effective” entity. To begin with, immense administrative work and paperwork need to be finalized. Hoskinson added that the Cardano Foundation needs to restore its former credibility because the community “has a rigid association with the Foundation.”

Anyway, the IOHK CEO is optimistic and claims:

Upon the exit of Parson, the Foundation has to take pains to restore its trust, credibility, and faith within the Cardano community. The Foundation also needs to be loyal to the Swiss jurisdiction and I believe that it needs to make some investments to grow its presence in the region.

The Foundation should see this as an opportunity to reinvent itself and show good administration. Unfortunately for two years, the Foundation was rather unsuccessful in exchange listings, lobbying, basic community management goals, and regulatory outreach but now, it can no longer rest on the laurels of prior leaders.

He later spoke on Cardano’s newest developments, disclosing that Ledger support is on the way and that the “Daedalus” wallet is maturing quickly.

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