Polkadot Creator Gavin Wood Leaves His Position As Parity CEO

Wood said that rather than running the company, coding is his passion.

The principal infrastructure supplier for the network, Parity Technologies, has terminated Gavin Wood’s leadership role. Wood is the developer of Polkadot and a co-founder of Ethereum. He will still be directly associated with the business, however.

Despite stepping down as CEO, Wood will continue to own the majority of Parity’s shares and move into a new position as the company’s “Chief Architect.”

“The role of CEO has never been one which I have coveted,” said Wood in a statement about the transition on Friday. ”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.

Wood said that his departure would give him more time to devote to developing new blockchain and web 3 technologies, such as “chain-integrated social primitives.”

Additionally, he said that he would concentrate on enhancing public accessibility for Polkadot and Web 3.

Björn Wagner, one of Parity’s co-founders, will take over as CEO.

Just one month after Vitalik Buterin published the first whitepaper for Ethereum, Wood became active in the cryptocurrency community. He made contributions to the development of the platform.

His current main focus, Polkadot, enables cross-chain asset transfers by assisting different blockchains in communicating with one another. The 12th biggest cryptocurrency by market cap is its own cryptocurrency, DOT.

Over the previous several months, a number of other crypto CEOs have also announced their resignations, including the CEO of Celsius, Alex Mashinksy, and other Genesis executives.