The last few months have been rather intriguing to anyone who has been following the developments at IOHK and Cardano. For the uninitiated, Cardano is the platform on which Ada functions, a cryptocurrency with a different infrastructure-level design than Bitcoin and other popular cryptos. At the moment, it is a collaboration between three entities. The foundation looks towards ensuring the community wellbeing and driving its adoption. While Input Output Hong Kong (IOHK) and Emurgo look after the technical aspects and business development of the ecosystem.
The CEO and Founder of IOHK, Charles Hoskinson recently spoke about his perspective and the direction he would like the Cardano Foundation to take, on his Youtube channel. After the recent chain of events, He started by saying he would like the two entities IOHK and Emurgo to take a little break but then join forces again. In Charles, talk, he outlined a wish list that included a more democratic setup, and have seven board members at the very least. Other items on that list, in his own words, are:
“I’d like a very skilled and prominent executive director who has the faith and calmness of the community. I’d like to see diversity and community management with large grants and the hundreds of thousands to millions of dollars be given to many different organizations that are responsible for building Cardano communities across the globe.”
What Exactly Has Been Going On
The much-reported saga that has finally drawn to a close began in September, when the IOHK CEO expressed his concerns about the foundation's general policy and specific funding choices. These were soon joined by murmurs in the community, many expressing their reservations about the functioning of Foundation’s chairman, Michael Parsons. To assuage concerns a video-chat with community members was set up but no major issues were addressed.
This week things came to a head when after a lot of public pressure the Cardano Foundation announced the resignation of Michael Parsons. As of now Pascal Schmid, the only remaining council member, is the interim chairman as they look to find suitable board members.
Charles was mostly discussing the future rather than harp on the past, he hoped that the Foundation would look to invest in Japan. In his opinion, this would ensure adequate exposure to ADA and give it a boost in East Asia.
” because it frankly never really has the way it deserves given that we have such a strong a great community there. But, anyway this is all going to come at some point in the future and we now have a great community holding the Foundation accountable and its restructuring and in its path forward,”
he further opined.
Having moved to Switzerland allows the IOHK boss to better understand and monitor the situation as it develops, he says. Adding that this was also a great opportunity to meet Pascal, to iron out issues face to face and then have numerous productive discussions with regulators and various power interests.
This he feels is the perfect way to move forward, a clean slate to ensure the morale of the community is high. To clarify matters he says
“That will give Cardano the best chance to move forward. It is also important to point out that in Parsons leaving, there was no severance paid and no exchange of funds. He left of his own will and resigned with no strings attached. So it’s nice to know that he did the right thing and it’s nice to know that we kept our integrity and principles as an ecosystem.”
While a little disappointed with the time it took for things to eventually fall into place, things are looking up. Expressing sadness Charles felt that the community did not deserve the long drawn out saga but was glad that this is now closed. He summed up by reiterating his immense gratitude to the community for being so strong and staying together for a project they all care so so deeply about.
This rearguard action by the community is heartwarming, ensuring that businesses reconcile to the fact that accountability is built into the blockchain. The positive direction taken by the Cardano foundation will hopefully lead it towards a promising future.