Ethereum Co-founder Gavin Wood Steps Down From CEO position At Parity Technologies
Gavin Wood will step down from the position of Chief Executive Officer at Parity Technologies, behind the Polkadot ecosystem, and helm the company’s chief architecture role. Parity’s other co-founder Björn Wagner will effectively take up the CEO position. Twenty-four hours following the announcement, $DOT, the native token of Polkadot, dropped by 4.2% to $5.83.
Gavin Wood Steps down from the CEO position at Parity Technologies to be replaced by the company’s other co-founder Björn Wagner.
Wood claims not to find external happiness in being CEO. Instead, he will helm the Chief Architect position, where he finds joy.
Parity Technologies is the company behind the Polkadot ecosystem alongside other blockchain technologies.
Wood is the Co-founder of Ethereum, the second-largest blockchain by market capitalization.
The Motivation Behind Stepping Down
According to a press release, Wood claimed to have never enjoyed the CEO role because he didn’t see himself finding “eternal happiness” on the Job. He went further to express where he found more purpose, saying, “I’m a thinker, coder, designer and architect. Like many such people, I work best asynchronously; a great day is taking 10 hours straight to think out some problem, prototype something or collapse some disparate thoughts into an article.”
Parity Technologies, Is a leading blockchain infrastructure company that pioneered Polkadot. The Polkadot is a blockchain regarded for its relay chain that allows other blockchains to connect and communicate with each other. The Polkadot has a native currency called $DOT with a valuation of $6.8 billion, according to Coingecko.
Finding Joy In Other Places
Gavin Wood’s new prerogative will see him focusing on building Web3. He said, “I’ll be pointing my regained focus towards exploring how we can contribute to making Polkadot and Web3 more relevant to large swathes of the population.” However, Wood remains the majority shareholder in the company and will be actively involved as chief architect.
Before becoming the CEO at Parity Technologies, Gavin Wood had success co-founding Ethereum alongside crypto connoisseur Vitalik Buterin. Ethereum is the second-largest blockchain by market capitalization and is dubbed eco-friendly following its smooth transition to the proof-of-stake mechanism of validating transactions. Considering Wood’s past successes, it’s only reasonable to expect more excellent work from him.