BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

JUST IN: Polkadot Founder Gavin Wood Steps Down As CEO

BlockNews Team by BlockNews Team
October 25, 2022
in Business, Crypto, DeFi
Reading Time: 4 mins read
A A
Polkadot-Logo-CEO
5
SHARES
80
VIEWS
Share on TwitterShare on Reddit

Polkadot co-founder Gavin Wood has stepped down from his role as CEO of blockchain infrastructure company Parity Technologies, the development company behind the Polkadot network. Reportedly, Wood decided of his own volition, citing that the executive position has limited his ability to pursue “eternal happiness.”

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Wood announces decision to step down

The news came after Wood’s statement on Friday, October 11, announcing that it was never his desire to be the company’s chief executive officer. In the announcement, Wood explained that fellow Parity Technologies co-founder Björn Wagner would take his place as the incumbent CEO. Citing Wood’s statement on Twitter, he said:

“I’m happy to announce that Parity co-founder Björn Wagner will step up to the role of company CEO while I retain the title of Chief Architect.“

Wood also articulated his intention to maintain his position as majority shareholder in the company while serving as chief architect to develop and promote the mass adoption of Web3 technology. 

As chief architect, Wood strives to make “Polkadot and Web3 more relevant to large shrouds of the population.” To do this, the parity executive committed to kick start the initiative by helping the community design and develop multiple chain-integrated social primitives expected to be an enabler to a functional Web3 platform. 

Noteworthy, Wood ascended to the top position on a provisional basis while bearing full knowledge that it would not bring him ‘lasting happiness.” 

“Anyone who has worked with me knows where my heart lies. I am a thinker, coder, designer, and architect. Like many such people, I work best asynchronously.” Wood added. 

According to Wood, constant availability is one of the fundamental qualities of a good CEO. The ideal principal would take pleasure in representing the company internally and externally. He added that the position requires no disturbance or interference from any binds of their time, including hold-ups in meetings and calls or a fully packed to-do list. 

Effect of Wood’s announcement on DOT price

Despite the news of Wood’s descent from the apex position, DOT price has not recorded a severe hit. 

Most community members seem primarily unshaken by the news, an outcome hugely attributed to Wood’s reassurance of continued commitment to building and expanding the network. Citing a Twitter user @realjameswo:

“Gavin Wood is one of the few founders who still write code after the huge success of the network launch. Parity has hundreds of excellent developers. These are why I am bullish on Polkadot. Regardless of Gavin’s role, it doesn’t matter at all.”

However, $DOT is currently down by 0.3% in the last 24 hours. At press time, DOT is trading at $5.85 on CoinGecko. 

Wood’s journey from Ethereum to Polkadot

Gavin Wood, a British computer programmer, made a name for himself as an early Ethereum contributor offering valuable technical expertise during the network’s early years in 2014. Before the network went live, he was the first developer to make an Ethereum testnet operational. He later published the Ethereum Yellow Paper, a technical explanation of Ethereum co-founder Vitalik Buterin’s initial whitepaper. 

Solidity, Ethereum’s native programming language, is the brainchild of Wood, a concept he proposed before his appointment to serve as Ethereum Foundation’s chief technology officer (CTO). Eventually, Wood started having disillusions with the centralized facets of Ethereum’s operation, prompting his decision to establish Polkadot majorly as a corrective to Ethereum’s weaknesses. 

He masterminded Polkadot, a multichain network that allows developers to build upon their blockchain individually while linking the many sub-networks together as parachains. The project has garnered significant popularity, especially in China. 

About Parity Technologies

Parity Technologies started as EthCore in late 2015 by five individuals, Gavin Wood, Aeron Buchanan, TJ Saw, Ken Kappler, and Jutta Steiner, before Björn Wagner joined them as co-founder one year later. With this addition, the Polkadot network experienced massive growth before launching in 2020 officially. 

The launch marked a jumping-off point for the Polkadot ecosystem as it opened the eyes of many industry players to its potential, making them see it as a potential smart contract similar to Ethereum. Since its inception in 2020, Polkadot’s intensively decentralized nature positions it as a worthy adversary against Ethereum. 

The native token of the Polkadot ecosystem is DOT. According to data on CoinGecko, DOT is the 11th largest crypto by market cap, with a current valuation of $6.8 billion. 

Tags: $DOTBusinesscryptoPolkadot
Tweet1ShareShare2

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Literary NFT

This is How Literary NFT's Are Bringing Authors New Life with Web3

Related News

Blockchain-Laptop

Blockchain Implementation and the World Economy: How will things change?

September 27, 2022
Beijing

A Look Inside Beijing’s Ambitious Multi-Year Plan for the Metaverse

September 30, 2022
Ledger vs Trezor Wallet

Ledger vs Trezor Wallet

November 12, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?