CEO Gavin Wood steps down, DOT drops 1.34%

Co-founder of Polkadot, Gavin Wood, has stepped down from his CEO position at Parity Technologies, reported Bloomberg. Wood will still be the major shareholder and work as a chief architect.

The CEO position will be taken by Björn Wagner who is also the co-founder of Polkadot.

Polkadot is a blockchain developed by  Parity Technologies that enables other blockchains to make transactions with each other and send messages without any third-party involvement.

Polkadot blockchain is one of the leading networks in the world. Its native token $DOT has also been doing quite well in the market, despite bearish patterns, under the leadership of Wood.

However, the CEO position for Wood seems to be burdening “...the role of CEO has never been one which I have coveted,” he said he could act as one but wouldn’t find eternal happiness.

As a chief architect, Wood will focus on the development of Polkadot. “This will begin by helping the community design and build several interesting chain-integrated social primitives.”

Following the news, DOT prices dropped by 1.34%. The stakeholders were quite satisfied with the way he handled the network. Wood was also part of Ethereum once as a developer.

Currently, DOT price trades at $5.78 with a market cap of $6 billion based on CoinMarketCap.

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