David Sonstebo from IOTA, the founder of the platform has announced to be leaving the foundation as he was allegedly taking a path that didn’t work for the foundation so let’s find out more in the latest IOTA news.
The IOTA foundation parted ways with the founder David Sonstebo from IOTA, in a unanimous decision which claimed various “divergent interests” as the reason behind the move as per the announcement:
“It has become clear that David’s interests and the interests of the IOTA Foundation have diverged significantly.”
Sonstebo founded IOTA back in 2015 as a highly scalable blockchain that aimed to record, execute and store transactions between different electronic devices which is a type of technological approach that is known as the Internet of Things. The native tokens were worth $5.25 apiece during the peak in 2017 which was the height of the popularity. While IOTA is an open-source platform where the developers can commit to and propose new ideas, the foundation was created back in 2018 in order to oversee research, standardization, and education of the technology and explore different ways that it could be deployed in the real-world.
However, Sonstebo’s broader vision for the project was quite different from the opinion of the 120-members of the Foundation:
“There were several instances where David’s actions were not aligned with what the Foundation stands for and who we aspire to be.”
With Sonstebo’s exit, the original founding team of IOTA got down to two members. Also, Sergey Ivancheglo who worked with the team in 2015 who departed in 2019 in an extremely controversial move and called for Sonstebo’s resignation during that time. In the meantime, despite the benevolence, the foundation attracted a huge chunk of criticism in the past. Carlson-Wee who is the founder of Polychain Capital crypto fund, said back in 2019 that the IOTA network was extremely centralized as the coordinator nodes that handle and approve transactions on the network, were held by one single entity which was the Foundation.
This created a huge single point of failure as he stated at the time time. The foundation has solved this issue to an extent. As previously reported, Sonstebo was clear that the foundation cannot be simply held in hostage. His statement comes after one of the ex-IOTA board members Sergey Ivancheglo, complained that the founder refused to release his miotas.
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