Parity Technologies are undergoing crucial changes in its core members team currently. Gavin Wood, the key supporter of the Polkadot ecosystem has stepped down from their title as CEO of the company.
Wood had exited Ethereum Foundation in 2015 as a crypto developer and had co-founded Polkadot with Björn Wagner, who will now become the new CEO of Polkadot. However, Wood still claims the majority of the shares of the company.
Wood claims that he works best in an asynchronous environment. According to him, a good CEO will be required to be available for the company and its people on a continuous basis. They will work to represent the company internally and externally.
The Polkadot ecosystem consists of many parallel chains, otherwise known as “Parachains. These Parachains connect to a central chain that governs the system of blockchains in the ecosystem. Gave Wood started Polkadot for better scaling in blockchain systems. They also wished for more versatility in the ecosystem’s operations and economy.
The Polkadot ecosystem has successfully been within the top ten layer 1 blockchains.
Former CEO, Wood has mentioned in a statement that the Polkadot ecosystem will now aim to be more accessible and relevant to larger sections of the population. He has claimed the title of Chief Architect in this company, and he wishes to achieve this aim through this title.
His first steps as the newly appointed Chief Architect will be to improve the community design and ensure there are interesting chain-integrated social primitives. Wood believes that these attributes are essential for any ecosystem to flourish and bring users the experience and advantages of Web3.
The Polkadot team has seen massive growth since its launch in 2020. This has caught the eye of many investors and experts. Many claim that this company may be a potential competitor to Ethereum in terms of the smart contracts.
