Cardano Foundation Changes Leadership After Losing Support of Allied Groups

Nov 15, 2018 at 21:16

Michael Parsons finally resigned as chairman of the Cardano Foundation following misunderstandings with other key figures behind the Cardano cryptocurrency.

Notably, Cardano is run by the trio of Cardano Foundation, IOHK and Emurgo. However, Charles Hoskinson and Ken Kodama, who serve as leaders of the latter two groups, stated their dismay with Parsons’ leadership, via an open letter.

“For more than two years there has been great frustration in the Cardano community and ecosystem. This has been caused by a lack of activity and progress on the assigned responsibilities of the Cardano Foundation and its council. Furthermore, there has been no clear indication of improvement, despite many fruitless attempts and approaches to the foundation’s chairman and council to change this,” Hoskinson and Kodama expressed in their letter.

Meanwhile, Cardano Foundation said Parsons’s chairmanship will be replaced by council member, Pascal Schmid, but only in an interim basis.

“The foundation is working to supplement the foundation council with suitable persons as soon as possible,” the Cardano Foundation said in its official statement.

Cardano is among the so called Blockchain 3.0 which promises a fast and modern blockchain platform that aims to solve current issues of Ethereum and Bitcoin.

As of this writing, the cryptocurrency is valued at $0.0606 a piece, down by 14.99 percent with a market cap of $1.5 billion.