Charles Hoskinson, the CEO and Founder of IOHK, spoke about the recent announcement made by the Cardano Foundation, in a short video on YouTube.
The announcement was regarding Michael Parsons’ resignation as the Chairman of the Foundation Council of the Cardano Foundation. Moreover, at present, Pascal Schmid, a member of the Council has been appointed as the interim Chairman of the Foundation Council.
On this, Charles Hoskinson said:
“What this means is that at the moment Pascal is the current custodian of the Foundation and will be in charge of the transition to reinvigorate and reconstruct the Foundation. there are a lot of things that have to be done between now and when the foundation can become effective as an entity.”
He went on to say that there will be litany of administrative takes that has to be resolved and that there will a lot of paperwork that needs to be filed. Hoskinson added that before Parsons resigned from his position as the Chairman of the Foundation Council, he had reached out to the entire community, management, and the core of the Foundation. He said:
“There were four members there and we made offers for them to leave the Foundation and join IOHK. All four of them accepted and transferred over to IOHK and we were preparing to try, to take more foundation members and have them leave the Foundation and join us”
The team reached out to ensure that their work is undisrupted while the Foundation was in crisis, he said. The new members are expected to stay with IOHK for a longer duration. Furthermore, Hoskinson stated that there are three essential things that the Foundation will have to work on now. The first is that the Foundation needs to restore its credibility and trust with the community. He went on to say:
“I’d like to thank the guardians of Cardano and the over 6,000 people who signed the petition for their incredible vigilant work, their investigative work, their passion and their belief in the project as a whole despite the fact that certain members of the project didn’t live up to their social contract. It really was quite humbling to see how much passion and how much hard work all uncompensated that people did for the good of Cardano.”
He further spoke about the second important aspect that needs work, the Foundation will need to be a good citizen with the Swiss jurisdiction as it is a Swiss Foundation. Hoskinson believes that the Foundation need to make some investments and build its presence in that jurisdiction in order to operate without any disruption.
The third important thing, Hoskinson said:
“Finally the foundation can take this recent crisis as an opportunity to reinvent itself and become a bastion of good governance. It was quite unfortunate that for over two years the Foundation was rather ineffective in everything from exchange listings to lobbying and regulatory outreach to basic community management goals.”
The Founder continued to say:
“But now it can no longer rest on the laurels of prior directors and prior decisions, it has to actually do things it actually has to move forward the foundation as an entity has to become effective for you the community and it cannot do that alone and it cannot do that unilaterally, it’s a two-way relationship and it must work with the community. So Emurgo, IOHK and the remaining members of the Cardano Foundation, we’re hopefully going to be able to work together after the next one or two months of cleanup”
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