According to reports from Coindesk, Ryan Singer, Co-founder of Chia network, decided to step down from official duties in order to concentrate on family priorities. Founder of BitTorrent, Bram Cohen, become the new CEO.
Chia Network; Less energy intensive compared to other blockchain networks
Cohen is a top name in the crypto space as he is seen as a pioneer of the decentralized internet. This is because of the role he played in creating the BitTorrent file sharing protocol. August 2018, Cohen left BitTorrent and founded Chia, he called it a preferred option to bitcoin, because it was designed to be less energy-intensive.
Though the company has never really risen to limelight since it was formed, it is supported by some of the most closely watched investors in the crypto industry.
According to Crunchbase, the company is backed by very influential individuals and firms like Greylock Partners, Naval Ravikant and Andreessen Horowitz. They have also helped the company raise as much as $3.4 million.
Justin Sun is now the sole owner of BitTorrent, a feat he was able to achieve through Cohen, who was a major shareholder in the firm.
Singer, former CEO of Chia, confirmed to Coindesk that he is no longer working at Chia. The company also confirmed the news via a spokesperson, adding that the current CFO at Chia, Mitch Edwards will take over the responsibility of developing already existing relationships.
Looking at Edwards LinkedIn page, it shows that he has had a long career in technology. He has held similar roles at BitTorrent and Core Scientific. He also functioned for a while as the acting CEO of Overstock.com, one of the first companies to accept bitcoin. Chia refers to its cryptocurrency as “enterprise-grade.” It likens their consensus model to “farming” instead of “mining,” differentiating its energy usage from other energy intensive forms of crypto mining.