David Sønstebø explains why he left IOTA after weeks of silence

IOTA broke a strong resistance, but has yet to turn it into a support

A few weeks ago, one of IOTA’s four co-founders, David Sønstebø, suddenly announced his departure from the project. The news was confirmed by the IOTA Foundation’s Board of Directors and Supervisory Board, noting that the rest of the members unanimously agreed that this will be in the project’s best interest.

Now, Sønstebø decided to clarify the reasons behind his departure, as MIOTA price struggles to remain above $0.3.

Sønstebø says he left due to a change in interests

As mentioned, Sønstebø was one of the project’s co-founders, meaning that he was with IOTA ever since the project was conceived. He saw the project’s progress over the years, and helped develop its vision, ecosystem, community, and more.

But, Sønstebø now revealed that things have changed, and his interests are no longer the same as the interests of IOTA. The revelation came after around two weeks of total silence, during which IOTA price started struggling, likely due to his departure.

In a lengthy Medium post, he revealed that he wanted to wait for the initial panic to subside before ‘demystifying the present state of affairs.’ IOTA is reaching a rather significant milestone of Chrysalis / IOTA 1.5 testnet going live, and Sønstebø did not want for his departure to overshadow that.

IOTA price at the crossroads

Sønstebø did admit that his departure from the project could have been better coordinated with the IOTA Foundation, which could have helped avoid the mess that it caused, especially due to not communicating to the public.

The direct result of this mess was the drop of the IOTA price, which is now struggling to stay above $0.3. While the project does see 4% daily growth, it is still down 8% on the weekly basis. Presently, the project holds the 35th rank on the list of largest cryptos.

The main goal right now is for MIOTA to stay above $0.258, as many fear that the drop below this level would cause panic, and a major sell-off that would further damage the project. In the worst-case scenario, the IOTA price could crash by more than 36%, and drop down to $0.16.

The post David Sønstebø explains why he left IOTA after weeks of silence appeared first on Invezz.

Publication date: 
12/28/2020 - 13:50

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