On November 13, 2018, the Cardano Foundation announced via a press release, the resignation of the Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation. He acted in response to the petition signed by members of the cardano community in early October, calling for his resign.
Parsons was replaced with immediate effect on an interim basis by another member of Council, Pascal Schmid.
This leadership change in the Cardano Foundation was foreseen, as an internal rift was taking place in the organization for a while. The CEO of IOHK, Charles Hoskinson, has not hidden his dissatisfaction of the occurrence in the Cardano Foundation.
Hoskinson has a lot of influence in the Cardano community, as he is one of the masterminds behind Ethereum and Cardano.
He has noted previously the lack of vision, proper fund allocation, transparency, and financial accountability as major problems in Cardano.
Michael Parsons, was said to have paralyzed the project because of his dictatorship in the Cardano community. This was perhaps the propelling force behind Parsons’ resignation as Chairman of the Cardano Foundation.
The news of Parson’s resignation is a victory for the Cardano community according to Hoskinson and he likened the event to the end of an era of captivity.
What’s Next for the Cardano Foundation?
Hoskinson says that the Cardano Foundation has to spend the next few months for clean-up, restructuring and rebuilding itself.
With Parson’s exit, he believes the Foundation can restore its credibility, trust, and faith with the community. He expects a more democratic foundation, more variety in the board, and suggests about 7 board members.
He also advised that the Foundation should invest in its Swiss jurisdiction, cooperate with regulators while operating as a viable entity inside the ecosystem. He also mentioned that IOHK will keep working with the Cardano Foundation to move Cardano forward.
Despite having internal squabbles, Cardano has witnessed tangible progress recently, which includes Trezor wallet stating their official support for the ADA cryptocurrency and Project Icarus passing the security audit.
Q1 2019 is expected to bring developmental achievement for Cardano, as the project will progress without the restraints of the previous leadership and management.
This change in Cardano proves democracy’s power over authoritarian governance structure in the blockchain industry. It is important that democratic, transparent governance structures are established in the crypto industry, as those ideals of decentralization will differentiate it from the traditional fiat system.
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