Polkadot Co-Founder Has Resigned From His Post As CEO
- The co-founder of Polkadot, Gavin Woods, has officially resigned from his post as the CEO of Parity Technologies, the firm responsible for the development of the blockchain network.
- The Polkadot (DOT) co-founder hinted that he not a fan of titles and was never interested in having a title of CEO being put around his neck.
- Woods will be replaced by Björn Wagner, a Parity co-founder and will remain a major shareholder at Parity but will not participate in executive activities but focus on being the Chief Architect at Parity.
The co-founder of Polkadot, one of the top 15 cryptocurrencies by market capitalization, Gavin Woods, has officially stepped down from his role as the CEO of Parity Technologies, the key backer responsible for supporting the parachain focused blockchain network. The announcement from the veteran blockchain developer who also played a crucial role in the creation of Ethereum, the biggest decentralized finance network, came on Oct. 21.
Parity, a techology-driven firm founded in 2015 by Jutta Steiner, Aeron Buchanan, TJ Saw, Ken Kappler and Gavin Woods, along with Björn Wagner joining the group as a co-founder a year later, will see a new leadership under Wagner. In his statement, the Polkadot (DOT) co-founder hinted that he not a fan of titles and was never interested in having a title of CEO being put around his neck.
“In these early days our roles were quite fluid and we were not especially big on assigning fixed titles (and I’m not a big fan of it even today). We were all generally involved in company direction and strategy and in late 2020, with the exit of the last of the initial founders, I took on the title of CEO,”
Woods described.
Woods pointed out the fact that he is a thinker, coder, designer and architect. He believes that such people are better working asynchronously, i.e., “a great day is taking 10 hours straight to think out some problem, prototype something or collapse some disparate thoughts into an article.” This basically points out the fact that Woods is leaving his role as CEO because he wants to get back to building.
According to the Polkadot (DOT) co-founder’s statement, he will remain a major shareholder at Parity but will not participate in executive activities. He confirmed that he will now focus on being the Chief Architect at Parity and will continue building what he does the best. In this new role, Woods will focus on bringing more to the table and contribute to making “Polkadot and Web3 more relevant to large swathes of the population.”
“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. A good CEO needs to be available to others on a far more continuous basis. They need to enjoy representing the company, both internally and externally. They need to not be bothered by large swathes of their time becoming eaten up in meetings and calls with a plethora of multicoloured boxes on their calendar,”
said the Polkadot (DOT) co-founder.
Woods further said that he plans to improve upon community design and build several chain-integrated social primitives, two things he believe are very crucial to a true Web3 platform. Polkadot, one of Woods’s most brilliant work, rose to popularity following its launch in 2020 and the parachains that the blockchain has introduced is considered as a great resource by blockchain platforms.
Recently, Polkadot struck a deal with Revolut, one of the major payment networks around the groble.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
