IOTA Founder Exits
In an unsurprising public announcement today, the IOTA Foundation released a statement detailing their unanimous decision to part ways with eccentric founder David Sønstebø. This second case leaves IOTA with only two of the original four founding members left on its project.
IOTA’s Project
IOTA is a technology built upon the principle of ‘Internet of Things’ where all devices are connected on a distributed network. Its concept proposes a similar model to blockchain’s standard distributed ledger technology, but with additional advantages of removing mining energy waste and lower transactional costs.Sønstebø was one of four co-founders of the IOTA ledger back in 2015. Sergey Ivancheglo departed the project this time last year (Nov ’19), citing visionary differences as the reason for his exit. Earlier this year, he slandered Sønstebø’s practises, calling for his immediately resignation on Twitter, to the dismay of many IOTA advocates:
IOTA’s Foundation was founded in 2018 for research and development purposes. Today, the foundations 120-members laterally agreed that Sønstebø departure would best serve the interests of the project and its vision for the future. In respect of privacy, they withheld all details about the specific issues leading to today’s decision, but it is widely agreed that creative differences were the case.
“There were several instances where David's actions were not aligned with what the Foundation stands for and who we aspire to be.”
“The Foundation is willing to make difficult decisions to protect the interests of our community.”
The Foundation was prompt in reassuring its community that this decision will not impact the projects metamorphosis into its Chrysalis version.
Price Impact?
The announcement had no immediate impact of the price of IOTA (MIOTA), which reported a 5% fall in value over the past 24-hours, perfectly aligned with the market average.It is currently ranked 32nd on CoinMarketCap with a price of $0.278 and market capitalisation of $771 million.
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