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IOTA Foundation Undergoes Internal Issues, Founders Can’t Get Seats at Directors Board

IOTA Foundation Undergoes Internal Issues, Founders Can't Get Seats at Directors Board

IOTA Foundation’s primary purpose is to build an open source distributed ledger that helps power a machine economy through micro-transactions which are fee-less. However every large organization faces disagreements, and this time in IOTA’s case it has become public through a leak. IOTA Foundation released a public statement on August 8th with regards to being transparent on this leak.

Serguei Popov and Sergey Ivancheglo, the founders of IOTA, had decided not to join the official Board of Directors however in March they were to participate by the current board.  However, due to a statute which defined the modus operandi of collaboration changes cannot be done. Thus a Memorandum of Understanding and nominations will change the way IOTA operates.

The two founders of IOTA have been waiting for board seats for more than four months, leading to controversy within the system.

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The statement was pretty transparent on the issue highlighting-

“Unfortunately, sufficient priority was not given to this open issue, and there was a failure to keep the missing board members informed about progress.”

One thing led to another, and in the internal Slack, one of the founders asked Dominik Schiener, Chairman of the Board to step down. Thus there is now a division between the owners, especially Sergey Ivancheglo who stated at the very beginning of the leak that he no longer’ trusts the Dominik Schiener.

IOTA has had issues in the past too, for example in April one of the board members David Sønstebø blamed a former employee of using IOTA’s brand for his own personal benefits.

IOTA has got steady partnerships such as Bosch and Volkswagen, and such negative news can impact their future with an effect on IOTA’s price.

At the time of writing, IOTA according to CoinMarketCap is ranked 11 with prices in the red at $0.5177 and the market capitalization at $1,439,055,860.

Image Source: “Flickr”

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.