The IOTA Foundation has been having a rough patch after the recent heated discussions amongst the board members that caused the MIOTA token to tank in the last few weeks. The situation involved the two waiting for a position on the board for over four months as seen on reports reaching Cryptoglobalist news team. The disagreements however aired at the worst possible time as IOTA’s price was struggling to upturn the massive sell off in the market. The price has since increased from a year-to-date low of $0.40 USD on Binance exchange to above the $0.50 USD mark in the last week.
New reports from the IOTA Foundation board members explaining the events witnessed between the founders and them has given investors’ confidence in the continuity and development of the IOTA project. The German based firm partnered with Volkswagen and Audi during the course of the year to provide solutions based on the internet of things technology.
Understanding the feud
The legacy at hand started earlier this year in March as David Sønstebø, a member of the IOTA Foundation board, suggested the inclusion of the two founders to the board of directors. In the statement released by the board, David suggested the correction of omission of Serguei Popov and Sergey Ivancheglo, the two founders of IOTA, from the official board. The two felt the timing of entering the board was not yet right keeping off the IOTA Foundation board since the start of the organization.
“Unfortunately, sufficient priority was not given to this open issue, and there was a failure to keep the missing board members informed about progress.”
Conditional to the changes made in the IOTA Foundation statute, the board members had a unanimous decision to honor the founders with a seat at the table by nominating them for membership. However, the long period that to ensure the decision was put in place, caused an emotional outburst from Ivancheglo who called for the stepping down of Dominik Schiener, the chairman of the board.
“I seriously want to emphasize one point here. If I or David or one of the other founders end up losing all of our money and we have to go back to frozen pizza diet, we really won’t care. We have been funding the Foundation and have gotten no salary or tokens so far, simply because all of the Founders are connected by this fundamental cause. Even though there might be disagreements at times, all of us realize that it is in our best interest to work together.”
Effect on Iota (MIOTA) price
According to the press release from the board, the issue is now resolved with the team fully focused on the further development of IOTA blockchain. The MIOTA token saw a 100% drop in the last fortnight as the rumbles continued but the recent news of harmony amongst the team members has seen a positive move in price. The token currently trades at $0.494101 USD, representing a 6.58% in the last 24 hours after the announcement.
The token has dropped in ranking from a high of 6th in 2018 to 13th on the Coinmarketcap rankings. IOTA has a total market capitalization of $1,373,367,636 USD.