hi everybody its Charles Hoskinson here I just wanted to have a brief livestream and talk about some recent events that have occurred as of today right around 3:00 p.m. London time in the UK Michael Parsons met with pascal Schmidt and his lawyers and assigned a resignation and Pascal has filed that and the foundation very shortly thereafter made an announcement that Michael Parsons will be stepping down from the Cardinal foundation effective immediately 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 there were some filings made with Issa that have to be resolved and there's a litany of administrative tasks that have to be resolved and lots of paperwork to be filed and parsed in addition a lot of things need to happen with the personnel of the foundation before Michael Parsons resigned we reached out to the entire community management core of the foundation there were four members there and we made offers for them to leave the foundation and join io HK all four of them accepted and transferred over to I which k and we were preparing to try to take more foundation members and have them leave the foundation and join us so that they can continue their work undisrupted while the foundation was in a crisis they'll stay with I which K for the time being just so that we can monitor the situation in addition 8i which K will be made available to assist the foundation and building basic business processes such as an HR management system and helping them wherever they need assistance shen will be there for any questions Finn may ISA or any other Swiss regulatory body may have and assisting the foundation to get to a state where it has the ability to begin appointing new board members I you know there really three things that need to be done first the foundation needs to restore its credibility and Trust with you the community I'd like to thank the guardians of Cardinal and the over 6,000 people who signed the petition for their incredible vigilant work their investigative work their passion and their belief in the project as a whole despite the fact that certain members of the project didn't live up to their social contract it really was quite humbling to see how much passion and how much hard work all uncompensated that people did for the good of Cardno as a whole so a corollary to that is that the community as a whole has a strained relationship at the moment with the Cardinal foundation so now that Parsons is gone the foundation needs to work very hard to restore its trust faith and credibility and belief within the Cardinal community a second foundation needs to be a good citizen within the Swiss jurisdiction it is a Swiss foundation and my belief is it does need to make some investments in that jurisdiction and build up its presence in that jurisdiction so it can continue to operate without disruption and continue to operate as a viable effective entity within that ecosystem and 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 and everything from exchange listings to lobbying and regulatory outreach to basic community management goals 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 a mirco I which Kay and the remaining members of the Cardinal foundation we're hopefully going to be able to work together after the next one or two months of cleanup occur to try to figure out a permanent form of governance for the foundation now I have a personal wish list I'd like some more democ see I like at least seven board members at the foundation I'd like a very skilled and prominent executive director who has the faith and calmness of the community I'd like to see diversity and community management with large grants and the hundreds of thousands to millions of dollars be given to many different organizations that are responsible for building Cardinal communities or across the globe and I'd also like to see the foundation invest very heavily in Japan to make sure that ADA gets proper representation in that jurisdiction because it frankly never really has the way it deserves given that we have such a strong a great community there but anyway this is all going to come at some point in the future and we now have a great community holding the foundation accountable and its restructuring and it in its path forward for my part I was just recently in Switzerland and I monitor the situation on the ground had a great opportunity to meet with Pascal and have numerous conversations with regulators with the Krypto Valley and various power interests there and I'm very optimistic that we can find a way to clean up everything in a way that the community we happy will all be happy with and that will give Cardinal the best chance to move forward it is also important to point out that in Parsons leaving there was no severance paid and no exchange of funds he left of his own will and resigned with no strings attached so it's it's nice to know that he did the right thing and it's nice to know that we kept our integrity and principles as an ecosystem and that departure so I'm very happy with the end result I'm exceedingly unhappy it was that it took this long and that Cardno didn't quite get what it deserved and I'm just glad that this period of time is over and I'm just glad that the community as a whole came together and the way it did and the community as a whole care so deeply about this project so anyway tonight we celebrate and tomorrow we wake up realizing that we have a lot of work to do and there's a lot of people to hire there's a lot of documents to file there's a great board of directors that needs to be constructed and there's a lot of money that needs to be spent and invested in getting this ecosystem where it needs to go the good news is that we have a lot of wonderful things to match the community growth that's going to occur polluters Fest is coming up in December and we're gonna for the first time ever a show-off Plutus and Marlow and let people rate spark contracts and have a great chance to understand this new innovation that we brought to the space our sidechains research line is really just incredible there's a wonderful 14 part series on NEPA pause that Sebastian from Americo did and I'd highly encourage anyone curious about what we're doing in that space to watch those videos or horses just streaming along we have many prototypes we've created we have new variants of the protocol coming out almost monthly it seems from privacy-preserving ones the BFT ones we see great acceleration and progress with the Russ Cardinal codebase and the Cardinal rewrite is progressing with great speed so Shelly is he's coming and it looks really interesting there's also a lot of other innovation that's coming as well we've started talks with a company called tan gem ta n GE M and they have these amazing incredibly low-cost Hardware wallets and our hope is to procure a relationship with them to have a Cardinal wallet let your support will be coming soon first with your ROI and then later on with Daedalus Daedalus is evolving quite rapidly 1.4 s just left the first round of QA and math large-scale regression testing is underway card auto test net is just about out and many more good things to come soon so so given that delegation and all these things and consensus and smart contracts are coming soon and given that we're just about to have a big surge on the community management side and investments accordingly I think q1 of 2019 is going to be probably one of the best of times for this project in its entire history but not to be relaxed there's a lot to do the Cardinal improvement proposal process has to be fleshed out we have to begin having real discussions about how we're going to roll out the Treasury system and we also have to have some real discussions about how we're going to introduce some democratic processes into acceptance of Carano improvement proposals as we move post shelly and post Gogan so that will come and now that the Foundation's back into the fold we can reinvigorate it to become an effective member to provide as much support as possible including direct subsidies to specialized research facilities to come up with these things I also care a lot about the Daiya fication of the foundation's facility and that was supposed to be one of the planks of its research agenda so our hope is that as things recover it can start investing large amounts of money into procuring good researchers to figure out how it can take itself from a legal entity within a jurisdiction to a more decentralized entity that better represents the will of the holders of ADA so these discussions will occur in the future for now it's just administrative things to do there's a lot of things that have to be unwound there's a lot of transparency that needs to occur and I which Kate will be available whenever and wherever possible to assist in that process and we have full confidence in pascal's leadership and his ability to manage that process as well as Mme and nkf and others who have been heavily involved in this affair so so overall good day overall a wonderful step forward and the community's ability to get it where it needs to go and I really look forward to seeing how things continue to evolve and how the ecosystem can continue to grow I also look forward to the upcoming podcast called the Cardinal effect Philip and Rick I think I do a phenomenal job and we also invited them to come out to Plutus fest so hopefully I'll be able to meet them in person for the first time ever and hopefully they'll be able to do some episodes their interview Phil Wadler and Manuel chavarri and the rest of the people on that team including Duncan so that's all I have to say here thank you guys for your time and let me know in the comments if you guys have any questions but as for now it's just cleanup revitalization and then getting to the business of building something for the future Cheers
