Ethereum co-founder Gavin Wood to step down as CEO of Behind Polkadot

Gavin Wood, co-founder of Parity Technologies, the company behind it polka dot blockchainHe is stepping down as the company’s CEO, according to a Bloomberg report.

Wood, also of the oldest species Ethereum Shareholder and co-founder, he will remain Parity’s majority owner and principal architect. Parity co-founder Bjorn Wagner will take over as CEO. The move is said to have been of Wood’s own will, due to his feeling that his work as CEO has limited his ability to pursue “eternal happiness”.

Polkadot – generally considered to have been created by Wood – is what is called multi-chain network Which allows its developers to build on their own blockchain and connects these myriad small networks as “parachains”.

The highly decentralized nature of the network has led to this. Attractive alternative to Ethereum Since its establishment in 2020; The network’s original token, DOT, is the 11th cryptocurrency by market capitalization, according to Queen Gekko. It is currently valued at $6.8 billion.

Before creating a major competitor to Ethereum, Wood was a major shareholder in Ethereum itself, providing the network with much-needed technical expertise in its infancy.

Wood Join the Ethereum team in early 2014, immediately before the unveiling of the grid; He was the first developer to get an Ethereum test run and publish the Ethereum Yellow Paper, a technical development of Ethereum co-founder Vitalik Buterin White papers. He proposed the original programming language for Ethereum, Solidity, and later served as the chief technology officer for the Ethereum Foundation.

In the end, the British computer programmer became disillusioned with the central aspects of the Ethereum process and established Polkadot largely as a fix for these problems. The project has since gained great popularity, Especially in China.

Aside from the news of Wood’s turnaround, the DOT price hasn’t fluctuated much, but is down 4.2% in the past 24 hours to $5.83 at the time of writing.

Many in the Polkadot community seemed largely unfazed by Friday’s news, given Wood’s continued commitment to building and expanding the network.

Wood’s departure comes during a particularly turbulent period that has seen executives bleed into the crypto industry. Last month, within days of each other, FTX The President of the United States resignedWho did Celsius CEO Alex Mashinsky arguedAnd controversial Kraken co-founder and CEO Jesse Powell.

Previous Month , Michael Saylor CEO of MicroStrategyAnd the Michael Morrow, CEO of GenesisAnd the Algorand CEO Stephen KokinosAnd the Alameda Research Co-CEO Sam Trabucco All of them also resigned from their positions, and some, including Trabucco, cited “luck” as a major factor.

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