According to a Bloomberg report, Gavin Wood, a co-founder of Ethereum and Polkadot, has resigned from his post as CEO at Parity Technologies, the company that built the Polkadot blockchain. After this resignation, Wood, the man who was an early contributor and co-founder of Ethereum, will remain Parity’s majority shareholder and chief architect.
Now, the CEO post of Parity, Björn Wagner, the co-founder of Parity, will assume this title. Wood resigned from the CEO post of his own volition. The reason behind this resignation is the feeling that serving as chief executive has limited his ability to pursue eternal happiness.
Polkadot is famous and widely considered to have been masterminded by Wood. It is a multi-chain network in which all of its developers each build upon their blockchain. It allows its developers to connect those myriad, smaller networks as parachains. Moreover, its network’s intensively decentralized nature has made it the best alternative to Ethereum since its creation.
Polkadot’s native token, DOT, is considered one of the best coins in the market. According to data from CoinGecko, Polkadot’s DOT coin is the 11th largest cryptocurrency by market capitalization, and currently, it has a valuation of around $6.8 billion.
Wood, who created the Polkadot, a major Ethereum competitor, was an important contributor to Ethereum. As in the start days of the Ethereum network, Wood provided it with much-needed technical expertise, and now it is the second largest cryptocurrency in the market.
In Ethereum’s early team, Wood joined in 2014, and he was the first developer to get an Ethereum testnet up and running. He also published the Ethereum Yellow Paper and proposed Ethereum’s native programming language, Solidity. Moreover, he also served as the officer of the Ethereum Foundation’s chief technology.
After Wood’s resignation news, the price of DOT did not fluctuate but over the past 24 hours, it is down 4.2% as of the 21st of October.