The IOTA Foundation has published a statement regarding the leaked information that the founders of the group were disputing regarding the fact that two of them were still not on the Board of Directors.
The Berlin-based company describes itself as “the first open-source distributed ledger that is being built to power the future of the Internet of Things with feeless microtransactions and data integrity for machines.”
Prior to these events Sergey Ivancheglo and Serguei Popov, two of the original founders were waiting to be accepted to the Board of Directors, which “for reasons of timing and simplicity” they didn’t join at the start of the project. After this issue was pointed out, the Board unanimously decided to add the “missing” founders to the Board, however because of German law, and the difficulties with changing the status of a non-profit organization, this process has been going on for more than 4 months. However, it appears that all the emotional misunderstanding, with Ivancheglo demanding at one point that Dominik Schiener, the Board chairman quit, is behind them, and until further changes, a Memorandum of Understanding (MoU) will allow them access to the Board.
WHY IS THIS IMPORTANT?
- Instability inside the company is not good for business, and the fact that IOTA managed to deal with their internal matters is good news for the IOTA community.