Gavin Wood Steps Down as CEO of Parity Tech While Retaining the Chief Architect Position

Gavin Wood, founder of Polkadot and Chief Executive Officer (CEO) of Parity technologies has officially resigned as CEO of Parity.

According to news reports from Parity, Wood will continue to be a major stakeholder and chief architect but will give up his role as CEO. The next CEO will be Parity co-founder Bjorn Wagner.

Wood’s decision to step down as the CEO comes from his need to find eternal happiness and also have enough time for the things he enjoys doing such as coding, designing, creating ideas, and working on Polkadot token (DOT) so as to deliver value toward fulfilling the company’s mission.

“My retained efforts will be geared toward ensuring that Polkadot and Web3 become available to a large amount of the population,” says Wood, adding that he believes the first step in doing this will be to assist the community in creating a number of intriguing chain-integrated social primitives, which are essential for the company to create a truly Web3 platform. 

Parity technologies is a key provider of blockchain technology built to disrupt centralized online services and provide institutional innovation. 

This was made available with the creation of Parity Ethereum, a prominent Ethereum Client. Currently, Parity is concentrating on Substrate, a blockchain foundation that is industry standard. It has made use of it to create Polkadot, a decentralized web blockchain meta-protocol that connects and secures global crypto-economies.

Through the Polkadot Relay Chain, the Polkadot Protocol can link public and private chains, permissionless networks, oracles, and emerging technologies. This enables these separate blockchains to share data and transactions in an untrustworthy manner.

Many Polkadot users do not seem to be bothered by the news. A Twitter user @Qinwen_Wang says “anything Gavin does or chooses, we support.”

The news of Wood’s resignation as the CEO of Parity comes after Alex Mashinsky recently tendered his resignation as CEO of the troubled crypto loan company Celsius Network.

Peng Zhong, CEO of Ignite, the organization that created the Cosmos blockchain ecosystem also announced his departure from the company earlier in July.