IOTA co-founder and former member of the IOTA Foundation board of directors Sergey Ivancheglo has announced that he will be quitting the Foundation in an AMA (ask me anything) on Discord. When asked why he sold off his MIOTA holdings, Ivancheglo replied through a tweet that he did so to “avoid the conflict of interest when working on current projects.”
The announcement has come as a shock to the IOTA community, especially because he held an unofficial role in the Foundation since its start in 2015. Nonetheless, Ivancheglo later held an AMA, which he clarified his actions. He made it clear that he will continue working on Qubic & Aigarth, which all run on IOTA. Qubic is a computational protocol that utilizes IOTA to build oracles and smart contracts, while Aigarth is an AI-software based on Qubic.
Prior to his departure from IOTA Foundation, Sergey had been working as an independent developer for IOTA after resigning from his position on the board of directors of the IOTA Foundation in June this year.
Commenting on his departure, IOTA co-founder David Sonstebo said that Sergey has been planning his exit from IOTA Foundation since June 2019, where he served as an unofficial advisor to the project following his resignation. However, Sergey’s departure from the Foundation seemed to have been fueled by disagreements within the top leadership of the organization.
Similar Occurrences in the Cryptoverse
The cryptocurrency world is not new to project founders quitting their organizations and dumping all the coins. For instance, on September 25th, Kristy Mineham, the author of ProgPOW, resigned as CTO of Core Scientific to avoid any potential conflict of interest. Also, in December 2017, Charlie Lee, the founder of Litecoin, sold the entire portion of his Litecoin holdings citing conflict of interest specifically a significant influence over its price.
On the other hand, almost similar to this instance, the Apollo Team has also allegedly been massively dumping APL coins to their investors, creating an unbalance with 11B tokens unaccounted for.
What You Should Know About IOTA
IOTA was founded in 2015 by a team of 4 developers: David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov.
IOTA is quite different from other cryptocurrencies like Bitcoin, Ethereum in the sense that it does not use blockchain. The platform uses DAG (Direct Acrylic Graph), which charges zero transaction fees. Over the years, IOTA has managed to partner with established firms, notably Bosch, Audi, and Land Rover, among others who have been fascinated by the capabilities of the Tangle technology.