Big Trouble in Little IOTA

IOTA is one of the promising projects in the cryptocurrency space. However, they have saddled with one conflict or the other; from having a bug in their code to issues bothering on partnership, and now internal leadership tussles. On August 8, IOTA released a short transcript to stop disagreements between IOTA’s board of directors and its founders.

The transcript revealed that there was a leak of a heated argument between Sergey Popov and Serguei. In the debate, Sergey Ivancheglo said that Dominik Schiener should quit the IOTA foundation for the better future of the organization.

The transcript also claimed that the IOTA foundation has been through a hell of an emotional journey. Sergey and Sergius have decided not to join the company’s official board of directors.

David Sonstebo speaking, said that “We can correct these omissions and invite Sergey and Sergius to the board of directors.” David Sonstebo and Ralf Rottmann made various efforts for these two members to get nominated for board membership.

According to the IOTA Foundation statute, The Supervisory board has the right to nominate board members by voting. The Foundation’s governing board has at least two individuals in addition to that of the Governing board. The founder Dominik Schiener is responsible for determining the number of associate members.

The Ultimate aim of the IOTA Foundation is to create a large and diverse board so that they can approach issues of the company on a broader perception.

Dominik Schiener refused to inform the board of directors about the progress made to implement the constitutions.

According to The Financial Times (FT), some members of the IOTA team have engaged in some form of violence in the past. A writer of Forbes wrote a detailed article about the weaknesses of IOTA, unveiling all the vulnerabilities of the network.

The FT discloses that Dominik Schiener sent a message to the writer in Forbes telling her that “She needs to be slapped.”  He further went on say that most of the claims on the article were “blatant lies.”

Following the emotional response of Dominik, The University Centre for blockchain technologies (UCL) decided to cut ties with IOTA.

The UCL stated that they are no longer interested in associating with IOTA following the recent news report of the foundation. They reaffirm that to support the blockchain technology; it is unsuitable for security researchers to come under pressure for disclosing their results.

The UCL has thus taken further steps to remove all entries on the IOTA web. The IOTA’s Page on the CBT site now displays an error.

The board of directors settled for signing a memorandum of understanding to quell the disputes.

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