Ethereum Co-Founder Gavin Wood Steps Down as CEO of Company Behind Polkadot

Gavin Wood, co-founder of Parity Technologies, the company behind the Spotted block chainis stepping down as the company’s CEO, according to a Bloomberg report.

Wood, also a start Ethereum contributor and co-founder, will remain the majority shareholder and chief architect of Parity. Parity co-founder Björn Wagner will assume the role of CEO. The move would be of Wood’s own volition, due to his feeling that serving as general manager limited his ability to pursue “eternal happiness”.

Polkadot – widely believed to have been designed by Wood – is a so-called multi-channel network which allows its developers to each rely on their own blockchain and connect these myriads of smaller networks as “parachains”.

The highly decentralized nature of the network has made it an interesting alternative to Ethereum since its creation in 2020; the network’s native token, DOT, is the 11th-largest cryptocurrency by market capitalization, according to CoinGecko. It is currently valued at $6.8 billion.

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Before creating a major competitor to Ethereum, however, Wood was a key contributor to Ethereum itself, providing the network with much-needed technical expertise in its early days.

Wood joined the Ethereum team in early 2014, just before the unveiling of the network; he was the first developer to set up an Ethereum testnet and published the Ethereum Yellow Paper, a technical elaboration of the initial of Ethereum co-founder Vitalik Buterin. white paper. He came up with Ethereum’s native programming language, Solidity, and later served as the Ethereum Foundation’s Chief Technology Officer.

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The British computer programmer was ultimately disillusioned with the centralized aspects of Ethereum’s operation and founded Polkadot largely to fix these issues. The project has since gained considerable popularity, especially in China.

Excluding the news of Wood’s transition, the price of DOT hasn’t fluctuated much, but has fallen 4.2% in the past 24 hours to $5.83 at the time of writing.

Many members of the Polkadot community seemed largely unaffected by Friday’s news, given Wood’s ongoing commitment to building and expanding the network.

Wood’s resignation comes during a particularly tumultuous time that has seen crypto industry CEOs haemorrhage. Last month, within days of each other, FTX The US President has resignedas did Beleaguered Celsius CEO Alex Mashinskyand controversial Jesse Powell, co-founder and CEO of Kraken.

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The preceding month, Michael Saylor, CEO of MicroStrategy, Michael Moro, CEO of Genesis, Algorand CEO Steven Kokinosand Sam Trabucco, co-CEO of Alameda Research all also resigned from their positions, some including Trabucco citing “happiness” as a key factor.

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