Charles Hoskinson, CEO and founder of IOHK, spoke in a short video on YouTube about the recent announcement by the Cardano Foundation.

The announcement referred to the resignation of Michael Parsons as Chairman of the Foundation Board of the Cardano Foundation. In addition, Pascal Schmid, Member of the Board of Directors, has been appointed Chairman of the Board of Directors of the Foundation.

Charles Hoskinson said:

“What this means is that at the moment Pascal is the current custodian of the Foundation and will be in charge of the transition to reinvigorate and reconstruct the Foundation. there are a lot of things that have to be done between now and when the foundation can become effective as an entity.”

He added that a number of administrative decisions had to be made. Hoskinson added that prior to his resignation as Chairman of the Board of Trustees, Parsons has contacted the entire community, the Administration and the Core of the Foundation. He said:

IOHK, the four agreed and were transferred to IOHK and we were prepared to leave the Foundation to join us. “

The team turned to make sure their work was done. It is expected that new members will stay longer with IOHK. In addition, Hoskinson stated that there are three key things that the Foundation now needs to work on. The first is that the foundation needs to restore its credibility and trust in the community. He went on and said

“There were four members there and we made offers for them to leave the Foundation and join IOHK. All four of them accepted and transferred over to IOHK and we were preparing to try, to take more foundation members and have them leave the Foundation and join us”

So, he talked about the second important aspect that needs to be worked on: the foundation should be a good citizen and a Swiss jurisdiction, as it is a Swiss foundation. Hoskinson believes that the Foundation must invest and increase its presence in that territory in order to operate without interruption.

The third important thing, said Hoskinson:

“Finally the foundation can take this recent crisis as an opportunity to reinvent itself and become a bastion of good governance. It was quite unfortunate that for over two years the Foundation was rather ineffective in everything from exchange listings to lobbying and regulatory outreach to basic community management goals.”

The founder continued:

“But now it can no longer rest on the laurels of prior directors and prior decisions, it has to actually do things it actually has to move forward the foundation as an entity has to become effective for you the community and it cannot do that alone and it cannot do that unilaterally, it’s a two-way relationship and it must work with the community. So Emurgo, IOHK and the remaining members of the Cardano Foundation, we’re hopefully going to be able to work together after the next one or two months of cleanup”


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