Fractious Founders Not On Board With IOTA

Fractious Founders Not On Board With IOTA

A turbulent year for IOTA has continued this week with the project’s Foundation Board of Directors releasing a statement explaining why two of it founders, Serguei Popov and Sergey Ivancheglo, have not been invited to join the board.

The statement follows a combative leaked transcript where Mr Ivancheglo stated that he “didn’t trust” Dominik Schiener – a co-founder and the only delegate with the power to appoint new members – and that Mr Schiener “…should quit the IOTA Foundation for the better future of IOTA.”

Elements of the transcript deteriorate to a point where Mr Schiener interjects “…I am done with being threatened. this is the course of action that both of you want to take, then I’m all for it. if you want to be enemies, let’s fight.”

OFFICIAL LINE

The Directors’ statement appears to be an exercise in damage control, on the back of a leak which came from the group’s internal Slack channel and which explains that the rift is due to the growing pains of a fast-developing project. 

Hoping to quell any possibility of a looming power struggle, the Directors now outline that “…Sergey Ivancheglo has since stated that asking for Dominik to resign was an emotional reaction to the situation.”

Both the leak and the official notice appear to suggest that the stumbling block preventing Popov and Ivancheglo from joining the board were regulatory obstacles arising from the fact that the “… statute of a German charitable non-profit can only be done via a Supervisory Board resolution.”

Both Popov and Ivancheglo have now been formally invited onto the IOTA Foundation’s Board of Directors as part of a Memorandum of Understanding, but will need to wait for formal statutory approval.

IOTA will be keen to resolve current issues as it has had a mixed year to date as promising ties with both Volkswagen and the UN have been somewhat overshadowed by negative views of the project’s technical implementation.