Gavin Wood, a co-founder of Ethereum, has resigned from his position as CEO of the company behind Polkadot

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Last Updated on October 22, 2022 by Bitfinsider

According to a report from Bloomberg, the co-founder and current CEO of Parity Technologies, the company that developed the Polkadot blockchain, Gavin Wood, has decided to stand down from his position.

Wood, who was also an early contributor to Ethereum and co-founder of the company, will continue to serve as both the largest shareholder and principal architect of Parity. Bjorn Wagner, who helped develop Parity, will take over as CEO of the company. According to reports, Wood made the decision to leave the company on his own own because he believes that his role as chief executive has hindered his ability to pursue “eternal happiness.”

Polkadot is a so-called multichain network that enables its developers to individually build upon their own blockchain and connects those numerous, smaller networks together as “parachains.” It is widely believed that Wood conceived of the idea for Polkadot, and he is credited with being its mastermind.

Since its inception in 2020, the completely decentralized nature of the network has made it an appealing alternative to Ethereum. According to CoinGecko, the network’s native token, DOT, is the 11th largest cryptocurrency by market capitalization. At the moment, its worth is estimated to be $6.7 billion.

However, prior to developing a big Ethereum alternative, Wood was a significant contributor to Ethereum itself. He provided the network with the much-required technical skills when it was still in its infancy.

He was the first developer to get an Ethereum testnet up and running, and he published the Ethereum Yellow Paper, which was a technical elaboration of Ethereum co-founder Vitalik Buterin’s initial whitepaper. Wood joined the Ethereum team in the early part of 2014, just before the network was unveiled. In the future, he worked as the chief technical officer for the Ethereum Foundation after having initially recommended Solidity as Ethereum’s native programming language.

The British computer programmer eventually became disenchanted with the centralized features of Ethereum’s functioning, and he established Polkadot primarily as a correction to those faults. Polkadot is a decentralized alternative to Ethereum. Since then, the initiative has garnered a significant amount of interest from people all around the world, particularly in China.

The price of DOT has not changed significantly since the announcement of Wood’s departure, but it has decreased by 4.2% in the past twenty-four hours to $5.83 as of this writing.

Given Wood’s ongoing commitment to developing and growing the network, it seemed as though many members of the Polkadot community were mostly unmoved by the news that was released on Friday.

Source: Twitter

The crypto business has been experiencing a high turnover rate of chief executives during this particularly turbulent phase, and Wood’s resignation comes during this time. In the same month, and within days of each other, the US president of FTX resigned, as did the CEO of Celsius, Alex Mashinsky, who was embroiled in controversy, and Jesse Powell, the controversial co-founder and CEO of Kraken.

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