Will This Shake-Up Affect IOTA long-term?
Founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov, IOTA differs from many other cryptocurrencies. Unlike Bitcoin, Ethereum and most other cryptocurrencies that make use of a blockchain, IOTA uses a DAG. By Using a DAG (direct acrylic graph) there are no transaction fees.
Throughout the years IOTA managed to sign some impressive partnerships, such as their deal with Jaguar Land Rover. Recently, it appears that there is a struggle within the IOTA team as Co-founder Sergey Ivancheglo departed from the team.
Come from Beyond AKA Sergey Ivancheglo Leaves & Dumps Miota
It has been known since June that Ivancheglo was resigning from the IOTA Foundation's Board of Directors. Despite that, he held an unofficial role in the foundation since. Recently Ivancheglo surprised many by announcing his complete departure from IOTA and sale of his Miota holdings.
Today is my last day of working on cryptocurrencies. I don't own personal cryptocoins anymore. My projects use #IOTA which is the best distributed registry technology to date.â Come-from-Beyond (@c___f___b) November 7, 2019
Ivancheglo later held an AMA which he clarified his actions. He will continue working on Qubic & Aigarth, two protocols that will run on IOTA. Qubic is IOTA's solution for oracles and smart contracts. The second protocol, Aigarth will be an AI solution which will be on top of Qubic.
In a move that echoes Charlie Lee's sale of Litecoin in 2017, Ivancheglo claimed that his sale of Miota was to avoid conflicts of interest.
The Market Reacts to CFB's Departure?
News of a co-founder's leaving a project usually tends to have negative effects. This does not seem to be the case for IOTA. So far, IOTA seems to be reacting favorably to the news. It did suffer from a minor dip on November 8th but seems to be currently near a weekly high and is trading at $0.268 currently.
It seems that IOTA can continue to grow even without Ivancheglo's involvement.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado