IOTA Founder Speaks On Medium About Leaving The Foundation

The founder of IOTA, David Sønstebø, was removed from his post on December 10.

He published an article about it on December 26 on Medium.

In it, he says that the consequences of the separation were inevitable

IOTA founder David Sønstebø broke his silence on the issue of his departure on December 26.

Sønstebø posted a statement on Medium . In the post, he gave his side of the story about his departure from the Foundation and left public messages for the other members of the IOTA Foundation board.

Technically happy

For the public, IOTA was moving in a positive direction at the end of 2020. In December, the company formed a partnership on environmental sustainability solutions. On November 30, the platform announced its next-generation wallet, Firefly. Additionally, the IOTA 1.5 public test network, called Chrysalis , has been brought online. Behind the scenes, the tension was mounting.

The beginning of the end

The first official indication that something was wrong came in the form of a short article on the IOTA Foundation (IF) blog. In the message, the board of directors and the supervisory board said that their interests and those of Sønstebø had „diverged considerably“. They thanked him for creating the entity they were managing and wished him entrepreneurial success.

However, on December 12, an addendum appeared on the blog. The foundation reminded readers that “IOTA is not about one individual”. At the same time, the foundation highlighted the role that David Sønstebø played in the founding and the initial construction of the solution. They also wrote that his departure „changes absolutely nothing“ regarding the strategy and delivery of Chrysalis and Coordicide .

Answer by Sønstebø

On December 26, Sønstebø released his side of the story about his departure. He first explains that he remained silent at first for the release of Crypto Cash to continue.

Sønstebø claims that what prompted him to write his article was the inevitable mess created by the IOTA Foundation. His departure, he writes, could have been coordinated between him and IF in order to stifle discussions.

Rather than chronicling an ‚eye for an eye‘ style attack, Sønstebø highlights three salient elements of the development of the project that led to his departure. It focuses on the maturation of the project and the need for a separate CEO / COO. He then focused on finances (especially in 2020) and his repeated suggestion to liquidate the foundation in order to keep the IOTA project itself independent from the markets. He also points out that the liquidation suggestion was not due to financial problems at the IOTA Foundation. Finally, he describes a panicked board seeing a possible benefit – the creation of new services – eluding them. According to him, as the founder, they never had this possibility at the start.