Cardano Foundation chairman Michael Parsons resigns, Pascal Schmid takes over |

Cardano Foundation chairman Michael Parsons resigns, Pascal Schmid takes over

Cardano Foundation chairman Michael Parsons resigns, Pascal Schmid takes over

Cardano Foundation announced on Wednesday that their chairman, Michael Parsons, has resigned with immediate effect. The position will be filled by Pascal Schmid who will be the new chair of the Cardano Foundation. Parsons decision to resign comes soon after all the trouble that happened at the network lately. Mainly because there was a sort of “civil war” in the community that was centred on Michael Parsons. And, a lot of people in the community demanded Parsons’ resignation.

The news announced on the official website stated that Parsons has officially resigned the position of interim chairman of the Cardano Foundation will be taken over by Schmid. Along with the announcement, it was also noted that Pascal Schmid has graduated from the University of St. Gallen in 2004 with an M. A. HSG in Finance, Accounting and Controlling and has a professional experience of many years. “Foundation is working to supplement the Foundation Council with suitable persons as soon as possible,” according to their official site.

In fact, it’s known that Michael Parsons wasn’t much of a loved figure. Powerful figures of the community such as Charles Hoskinson, creator of Cardano and it is still its main public figure, and the Emurgo CEO Ken Kodama accused him of poor leadership.
Both of them shared how disappointed they were with the foundation and that its inactivity, perceived failures were worrisome. In the open letter published on the IOHK blog the Foundation was accused of, “Material misrepresentations and wrongful statements… including a claim that it owned the trademark in Cardano.”

“The council has even tried to assume the power to decide who speaks for the protocol, what should be deployed on the protocol and how the press should represent relationships between Emurgo, IOHK, the Foundation and third party projects,” the letter continues, “Having identified the legal dubiousness and profound consequences of the Foundation’s claims in respect of trademark ownership, IOHK ceased collaboration with the Foundation until it published a fair use policy for the trademark. This process took weeks.”

Michael Parsons was accused of monopolizing the power of the Cardano foundation. All the accusations resulted in a power struggle within the foundation and other leading bodies in the Cardano ecosystem. The “civil war” gradually became so big that Parsons had to resign due to the peer pressure and resulted in the change of seats as the Foundation announced.

See also:

Cardano (ADA) on a high, coin gets listed on OKEx

What is GeoGnomo? Cardano aims to improve Interoperability standards with it

Image via Shutterstock


Author: Pinaz Kazi
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