IOTA [MIOTA] Prices Stabilize as Board of Directors Sign MoU

IOTA [MIOTA] Prices Stabilize as Board of Directors Sign MoU

As announced by Ralf Rottman, the members of the Board of Directors at IOTA Foundation have constituted and signed a Memorandum of Understanding on August 13.

IOTA had seen quite a dip in prices due to the leaked conversations between Dominik Schiener and Sergey Ivancheglo, wherein Ivancheglo said:

“I inform everyone that I [no] longer trust Dominik Schiener and I think he should quit the IOTA Foundation for the better future of IOTA”

The IOTA Foundation had responded to it by saying:

“The IOTA Foundation is a young institution. Our team has grown from a handful of members to almost one hundred in less than a year. We are a very well-funded startup at the intersection of one of the most innovative areas of technology and a sometimes toxic market. As we are just learning to walk, while fostering prominent corporate and social partnerships, our exposure to the global spotlight has forced us to quickly learn to communicate like a publicly listed company.
Anyone who has been through a heavy growth phase similar to the IOTA Foundation’s, understands that there is a significant emotional journey involved. We have seen friends turn into founders, and founders become key decision-makers in a multi-billion dollar project faced with countless challenges.”

They also mentioned why this happened by saying:

“When the IOTA Foundation was registered, for reasons of timing and simplicity, two of IOTA’s founders (Serguei Popov and Sergey Ivancheglo) decided not to join the Foundation’s official Board of Directors. In March 2018, David Sønstebø suggested that we correct these omissions, and invite the “missing” founders to the official board. A unanimous decision was made by the current board (Dominik Schiener, David Sønstebø and Ralf Rottmann) to honor the initial founders by nominating them for board membership. This was however contingent upon some changes to the IOTA Foundation statute. The current IOTA Foundation statute grants the right to nominate board members exclusively to Dominik Schiener. It also allows board members to delegate their voting rights. In fact, there are a number of other minor “oversights” that the board has agreed to address with the Supervisory Board. These stem from a lack of experience in setting up a non-profit charitable crypto-related foundation and extreme time pressures at the time of registration.”

With this tweet confirming that the two are formally on the Board of Directors now, people have more reasons to trust the cryptocurrency and the team behind it. That is clearly reflected by the stability that the cryptocurrency has shown over the course of the past few days.

Even though the cryptocurrency did see a major fall when the news about the leaked conversations came out since the investors were worried about the future of the cryptocurrency, things have shifted towards a more stable side since the MoU has been signed.

Also Read: IOTA Price Slides due to Leaked Conversations

While the other cryptocurrencies were seeing sharp dips and nosedives, MIOTA was more or less stable and maintained its position in the market.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.