High Performance Blockchain (HPB) has come to a halt after its founders deserted the challenge. With a market cap of almost $5 million, it’s listed on a handful of well-liked exchanges such as OKEx and KuCoin.
Yesterday, the crew behind HPB introduced a new governance construction that will empower the ecosystem. The firm wished to maneuver from centralized governance to 1 the place the neighborhood has extra of a say. According to the official announcement, ‘To better facilitate the long-term development of the HPB, the core team opened the road to organizational transformation and community governance in October.’
HPB Abandoned By Co-Founders
While the firm claims that the transfer is to offer extra of a voice to the neighborhood, HPB’s managing director, Danny R, revealed that issues are dangerous. The challenge goes to be neighborhood pushed as a result of the people who find themselves supposed to construct it are abandoning it.
Another token bites the mud. I hope that there weren’t many individuals hodling this. One extra instance to indicate that hodling random sh*tcoins can simply inflict big losses. pic.twitter.com/QdRFZhCxly
— Devchart (Andre) (@devchart) November 9, 2019
Danny revealed that the organizational restructure was solely pushed by HPB’s Founder and CEO Xiaoming Wang, with out his consent or prior communication. He introduced that he’s stepping down as a result of HPB is ‘no longer aligned with the organization’s technique, use of funding, and method of conduct.’
Additionally, Danny claims that three different co-founders and half of the full-time workers have deserted the challenge. They got the choice to develop into neighborhood contributors, however none of them took the alternative. HPB now has solely 34 workers in complete.
Community In Denial
Immediately after the announcement, HPB misplaced greater than 50% of its worth. However, some individuals in the neighborhood are nonetheless in denial, believing that the challenge would proceed with out the builders who had been chargeable for it.
One person questioned if the ‘decentralized’ plan is simply an exit rip-off. According to ICORating, HPB raised almost $2 million by means of an preliminary coin providing (ICO) final 12 months. Its creators took the cash and didn’t ship the promised challenge. High Performance Blockchain (HPB) is simply one other instance of an ICO that capitalized on the blockchain hype to lift tens of millions of solely to break down shortly after.
Images courtesy of Shutterstock, Twitter.
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