IOTA Co-Founder Exits Crypto, Selling MIOTA to Focus on Smart Contracts and AI

IOTA’s co-founder, Sergey Ivancheglo, recently announced that he will sell off all his stake at the firm and quit any crypto-related business. Sergey was speaking at Ask Me Anything (AMA) when he said that he chose to sell his MIOTA tokens to avoid a conflict of interest with other projects he has embarked on.

Back in June, Ivancheglo had resigned from IOTA’s board of directors and was engaging with the firm as an independent developer until his departure. The IOTA co-founder however maintained that his new ventures leverage IOTA’s blockchain tech and went ahead to praise it as the best distributed registry to date.

Smart Contracts and Artificial Intelligence

Ivancheglo had previously started to work on Qubic and Aigarth; the two utilize blockchain and AI respectively. Although he did not confirm whether these were going to be his main focus, the IOTA co-founder said that he will continue working on both projects.

Qubic protocol was designed as a solution for QBC (Quorum Based Computations); the software has been instrumental in oracles and smart contract creation. Aigarth on the other hand is the Artificial Intelligence software that is built on top of the Qubic protocol.

In a statement published by David Sonstebo, a co-founder of IOTA, Ivancheglo says he left owing to a shift in the firm’s vision;

“I no longer believe that the IOTA Foundation is the best setting for me to realize what we set out to create back in 2014 and 2015,”

Furthermore, Ivancheglo noted that he felt that critics have been using his personal expressions on social media to attack the IOTA foundation. This has not been sitting well with him hence the decision to exit and advise the project unofficially.