DigiByte Founder Jared Tate Throws In the Towel; Cites Emerging ‘Greedy' Crypto Status Quo

Tate says he will step back to help promote the decentralization of DigiByte. He will turn his focus to building on the open-source DGB Tech, for commercial applications.

Digibyte founder, Jared Tate, is stepping down according to a series of tweets on May 15. Tate noted that he will be distancing himself from the emerging crypto status quo which according to him is now driven by greed,

“Along the way I have learned some very humbling lessons. #1 of which is greed is the fundamental driving force in crypto & people’s actions in life.”

He went on to further note that he would not sit back to watch what the decentralized community has been working on go down the drain. In his opinion, around 90% of the existing stakeholders within crypto are more focused on short-term profits,

“All 90% of the people care for is cashing out when a coin “moons.” Its a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many.”

Digibyte Beneficiaries Should Contribute to Development

While Digibyte is an open ecosystem, Tate highlighted that those who benefit from the platform ought to give back for its long-term growth. This will in turn help create a sustainable decentralized ecosystem as envisioned by Digibyte,

“…for it to last well into the future those who profit the most from it should help contribute back to the development & growth of a sustainable long term decentralized blockchain.”

At the moment, this is not the case according to Tate's sentiments on twitter. The Digibyte founder said that many people and organizations have cashed in millions off DGB but never bothered to contribute for its ecosystem growth. He went on to note that he had no suggestions as how to tackle this issue at the moment and will therefore focus his time and energy in a new endeavor.

However, Tate echoed that he is not leaving Digibyte forever as he intends to leverage the platform's opensource,

“This does not mean I am “leaving” DigiByte forever but it does mean I will be focusing on using opensource DGB tech to build some commercial applications on my own.”

Notably, this comes a few weeks after the DGB coin surged by 900% between March and the beginning of May. The price has, however, dropped in the course of May to currently trade at $0.0194; it ranks position 34 in market cap with a total of $256 million as per Coinmarketcap.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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