According to a Bloomberg story on October 21, Gavin Wood, the co-founder of Polkadot, will no longer serve as Parity Technologies‘ chief executive officer (CEO). Per the report, Wood would continue to own a controlling stake in the firm and continue serving as its lead architect.
Björn Wagner, a co-founder of Parity, will become the new CEO. In response to the news, Wood stated, “The role of CEO has never been one which I have coveted (and this dates back long before Parity), I can act at being a CEO well enough for a short while, but it’s not where I’m going to find eternal happiness.”
Ethereum, the second-largest cryptocurrency asset by market cap, was actively developed by Wood. Based on the information that is currently available, he was the chief technological officer of the blockchain network. Later, he established Kusama and Polkadot, two further blockchain networks.
Polkadot’s value has declined as a result of Wood’s resignation. As of press time, the digital currency had lost around 4% of its value and was trading at $5.82.
The outlook is bleaker on the thirty-day metric, which has lost 7.4% of its value. The asset is currently trading at 89% of its all-time high.
Polkadot is one of the top 20 digital assets in terms of market capitalization. The network is worth $6.5 billion, according to CoinMarketCap statistics.
Wood stated in his resignation that he is committed to “making Polkadot and Web3 more relevant to large swathes of the population. This will begin by helping the community design and build several interesting chain-integrated social primitives, which I think are crucial for us to deliver a true Web3 platform.”
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