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DigiByte founder resigns, accusing encryption community of 'being assimilated by greed'

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Jared Tate believes that the community is focused on the price of the currency and is becoming more centralized, which goes against his heart.

Jared Tate, the founder of cryptocurrency project DigiByte (DGB), accused the cryptocurrency community of being "assimilated by greed" and becoming more centralized in a long tweet, which left him reeling and announcing he was leaving his job at & NBSP; BlockBeats. DigiByte's day job.

In the previous six weeks, the price of DigiByte tokens had risen by 900%. In a series of subsequent tweets on May 15, Tate took aim at the blockchain community, accusing them of emphasising short-term profits at the expense of most long-term ones. That is why he resigned, arguing that "all 90% of people care about is getting the price of tokens to skyrocket." "... this [blockchain, cryptocurrency] technology is being used to enrich a few at the expense of the many in the long run."

"If we allow [such behavior], the concentration of the industry will be its undoing," he said, stressing that the consolidation of the blockchain industry limits the meaningful participation of ordinary people. "I'm not going to sit back and watch greed eat away at what I've created in the most creative years of my life," he said.

Tate's comments follow a two-month "bull market" in DigiByte, which rose 900 per cent from about 0.00275btc on March 20 to a peak of about 0.03btc on May 6. However, DGB prices are now down by a third from their peak and are trying to build support at the key $0.02 level.

"The original value of the industry has disappeared," Tate declared. Tate clarified that he is not leaving the project permanently, but will "focus on building commercial applications that are independent of DigiByte using open source DGB technology." The DigitByte founder ended by thanking the project's supporters and community, saying, "it's your turn to take over governance and lead DGB to a new level." "A decentralized project has to have its own merits. Not just listen to the founders."