Dominik Schiener – Co-Founder Of IOTA (MIOTA) – Asked To Resign Due To Internal Conflict In The System

On the 8th of August, the IOTA Foundation released an update that reveals a heated argument between the two co-founders Sergey Ivancheglo and Serguei Popov. Ivancheglo said that he no longer trusts Dominik Schiener and he needs to leave the IOTA Foundation for the better future of the blockchain project.

The Argument between The Co-Founders

The argument initially began as a discussion during a meeting where the board of directors were planning to change the existing statue of the Foundation. The reason is that it permitted delegation of voting rights and gave the power to nominate board members only to Dominik Schiener.

The present Board of Directors which consists of Dominik Schiener, Ralf Rottmann, David Sonstebo, and the founding members of the blockchain project – Sergey Ivancheglo and Serguei Popov. But as the statue of the Foundation has a German nature, a Supervisory Board resolution was required.

They were to discuss the need for this constitution later in September. Nevertheless, this would mean that the present discussion to change the statue of the Foundation must hold until then. This resulted in a tough situation since the two co-founders of IOTA had been longing for the board seats over the past four months.

Dominik Schiener – a member of the board – insisted that before the nomination can take place, the statue must be changed since they have all agreed in the past to “do a call with Popov and cfb” (Sergey) first. He also added that he doesn’t know what the two founding members will be doing on the board.

This resulted in a matter of “trust issues” among the founders and the members of the board which led to Ivancheglo asking Dominik Schiener to step down. Nevertheless, there is no official report yet regarding the resignation. Their argument ended with Schiener going offline and telling the rest of the board members to put the repercussions of their actions into consideration.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


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