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Cardano crypto coin in purple

Michael Parsons Resignation – Is It Affecting Cardano?

· 02 Dec 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation, resigned from his position last week. His place will be taken by Pascal Schmid on an interim basis. The information was released last week by the Cardano Foundation in a blog post.

Michael Parsons Resigned from Cardano’s Foundation

In a press release unveiled some time ago, Cardano announced the resignation of Michael Parsons. The decision was taken by the project after the Cardano’s community gathered 6097 firms in Change.org. Guardians of Cardano, a Cardano’s community-related organization was pushing for this decision.

The official campaign in Change.org reads as follows:

“As committed members of the Cardano community, we want to liberate the Cardano Foundation, which seems to us hijacked and paralyzed by its chairman who by inaction appears to risk damaging the Cardano venture.”

Charles Hoskinson, the CEO of IOHK, a company in charge of Cardano’s development, has also shown his unconformity with the work performed by Mr. Parsons. Indeed, Hoskinson has a very influential role in Cardano and the community behind it. He is one of the masterminds behind the project.

Some of the problems that he mentioned were related to financial accountability or fund allocation. He has also mentioned that Parsons managed Cardano with some attitudes of nepotism.

The community started to be worried about the future of the project. They felt that Cardano (ADA) was paralyzed and that it couldn’t evolve as it should. Because of this negative sentiment in the community, Parson resigned as Chairman of the Cardano Foundation. The decision was celebrated by the community in many different ways.

Hoskinson said that the Cardano foundation must clean itself in the coming months. The main intention is to reinvent itself, became more democratic and transparent. Moreover, he says that he expects more diversity in the board increasing the number of members.

Furthermore, he mentioned that the Foundation should invest in Switzerland, work side by side with regulators and become a viable entity in the crypto ecosystem. He has also informed the community that IOHK will keep working with Cardano in order to move the project forward.

Some time ago, Cardano received support from one of the largest cryptocurrency hardware wallets in the market, Trezor. In 2019, the project is expected to keep growing with a renewed team and a better management of the foundation.

At the time of writing this article, Cardano is one of the largest virtual currencies in the cryptocurrency market. It has a market valuation of $1.6 billion dollars. Each ADA token can be purchased for $0.061 dollars, and it has a trading volume of $15.9 million dollars in the last 24 hours.

With the decision taken by Parsons to leave Cardano, the community is very enthusiastic about the future growth potential of the project. Compared to 24 hours ago, Cardano has achieved the third largest growth among top 10 virtual currencies with an increase of 1.85%.

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