Under pressure, the President of the Cardano Foundation resigns

A few weeks ago we were talking about the internal discord between IOHK and the Cardano Foundation. On November 13, the resignation of the President of the Cardano Foundation (ADA) was formalized. Good news that now allows you to look forward.

Recall of facts

Cardano is run and run by a triumvirate: IOHK, Emurgo and the Cardano Foundation. These three entities each have different responsibilities for the development of the blockchain and the digital currency ADA.

On October 12, IOHK leader Charles Hoskinson issued an open letter jointly with Ken Kodama, the leader of Emurgo, condemning the way the Cardano Foundation was run. On this occasion, the attitude of the President of the Cardano Foundation, Michael Parsons, was strongly criticized. Various drifts and failures in his responsibilities had been pointed out.

The community supporting Cardano sided behind founder Charles Hoskinson and on November 13th, we learned of Michael Parsons’ resignation for the benefit of Pascal Schmid through an official statement.

Who is Pascal Schmid?

Pascal Schmid only takes on the role of Michael Parsons as Ad Interim. New appointments should be announced soon. Pascal Schmid, Swiss National, has a degree in Finance, Accounting and Auditing from the prestigious University of St. Gallen. He was already on the board of the Cardano Foundation.

The man also appears as a member of the Lisk Foundation (LSK), another cryptocurrency known to investors currently occupying the thirtieth place in the market in terms of capitalization.

On November 16th, Pascal Schmid confirmed that the assets of the Cardano Foundation are now secure and confirmed by the Foundation’s desire to look to the future.

And the future for Cardano?

The bet of exposing internal dissensions in the public square was risky but paid off. Charles Hoskinson has more than ever the support of the Cardano community. Like Charlie Lee for Litecoin (LTC), his opinions are listened to and respected. Other communities find it harder to get behind a figurehead. This is particularly the case of Vitalik Buterin Ethereum (ETH) even if it remains very influential.

The technology developed by Cardano is, according to many, one of the best currently. It is now important to find concrete applications and make it popular.

At the end of 2018, ADA remains in the top 10 capitalizations in cryptocurrencies but the course of Cardano continues to fall. We must now revitalize the project and set goals for the year 2019 so that Cardano can finally claim the rank that is due to him.

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