A few weeks ago we reported on the internal conflict between IOHK and the Cardano Foundation. On November 13, the resignation of the Cardano (ADA) Foundation President was made official. This development opens the way to move forward.
Background
Cardano is overseen by a triumvirate: IOHK, Emurgo and the Cardano Foundation. Each of these three organizations has distinct responsibilities related to the blockchain’s development and the ADA digital currency.
On October 12, IOHK CEO Charles Hoskinson published an open letter together with Ken Kodama, CEO of Emurgo, criticizing how the Cardano Foundation had been managed. In that letter, the conduct of Cardano Foundation President Michael Parsons was strongly challenged. Several alleged lapses and failures to meet responsibilities were highlighted.
The Cardano community rallied behind founder Charles Hoskinson, and on November 13 it was announced via an official statement that Michael Parsons would step down and be succeeded by Pascal Schmid.
Who is Pascal Schmid?
Pascal Schmid assumes Michael Parsons’s role only on an ad interim basis. New appointments are expected to be announced soon. A Swiss national, Pascal Schmid holds degrees in Finance, Accounting and Auditing from the University of St. Gallen. He already served on the Cardano Foundation board.
He is also listed as a board member of the Lisk (LSK) Foundation, another recognized cryptocurrency project currently ranked around the thirtieth position by market capitalization.
On November 16, Pascal Schmid confirmed that the Foundation’s assets are now secured and reiterated the Foundation’s intention to focus on the future.
What’s next for Cardano?
Making internal disagreements public was a risky move but it appears to have paid off. Charles Hoskinson now enjoys strong support from the Cardano community. Like Charlie Lee for Litecoin (LTC), his views are widely heard and respected. Other projects find it harder to consolidate around a single leading figure — for example, Vitalik Buterin remains influential for Ethereum (ETH) but does not always attract unified backing.
Many consider Cardano’s technology to be among the best currently available. The immediate challenge is to identify real-world applications and increase adoption.
At the end of 2018, ADA remains among the top 10 cryptocurrencies by market capitalization, but Cardano’s price has continued to soften. The project now needs renewed momentum and a clear set of objectives for 2019 so Cardano can reclaim the position many believe it deserves.