Cardano Founder Criticizes Cardano Foundation, Asks Chairman To Step Down – The Cryptograph

  • Hoskinson says the Cardano Foundation isn’t fulfilling its role
  • He calls for the resignation of the chairman
  • Hoskinson is positive about the future of Cardano and emphasises that Cardano has a huge advantage 

THERE’S trouble in paradise. Cardano’s founder Charles Hoskinson has come out over the past few days to voice his dissatisfaction with the conduct of the Cardano Foundation.

In a video interview with The Crypto Lark, he candidly shared the challenges that the foundation has presented to Cardano’s developers and what he thinks is the way forward.

It’s Time To Go

Cardano is run collectively by three organizations, IOHK, Emurgo and the Cardano Foundation. IOHK does the engineering, Emurgo is in charge of business relations while the foundation operates community outreach and regulatory relations.

The foundation, chaired by Michael Parsons, has however been negligent of its duties, an open letter by Hoskinson alleged.

The letter accused Parsons of several wrongdoings, the first of which was nepotism.

Parsons has allegedly appointed his son-in-law as well as several other friends to high positions in the foundation with no regards to their qualifications.

Parsons was also accused of misappropriating funds and denying the necessary funding to Cardano’s community development.

And in a recent interview, Hoskinson reiterated his stand that Cardano is best served by the resignation of Parsons.

Rocky Relationship

He also explained in detail the rocky relationship that the foundation has had with the Emurgo and IOHK.

“This is what our relationship has been like for the past year. They haven’t really collaborated or worked with us on a lot of things, they spend money in odd ways [….] which have no purpose to the ecosystem and which make absolutely no sense.

It wasn’t all doom for Cardano however, as Hoskinson revealed new updates were on the way. The Cardano team is currently in Toronto attending the ACM CCS conference.

The conference is one of the top cryptography and cybersecurity conferences globally. The team will present its sharding design for the first time, as well as its take, Decentralize Autonomous Government (DAGs).

Hoskinson stated that the development is happening much faster now that IOHK and Emurgo have severed ties with the foundation.

“Our best days are ahead of us. We have a huge research advantage on everybody and we were kind of stuck in the mud with some bad processes and this issue with the foundation, but we are almost actually unstuck.”

Cardano is currently the ninth-most valuable crypto, with a market cap of $1.95 billion at press time.

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