Greg Maxwell, who co-founded Blockstream and served as the company’s CTO, recently announced that he has resigned from the company.
He further mentioned that he had formally resigned from Blockstream in November 2016, but it took until December 2016 to ensure the smooth transfer of responsibilities.
“In order to spend more time working independently on deep protocol work, especially new cryptographic privacy and security technology for Bitcoin, I resigned from Blockstream last November.” Maxwell wrote. “It took until the end of December to wind down my involvement there.”
He further mentioned that his intention in founding Blockstream was to work towards getting funding for the development of Bitcoin Core that at the time did not have enough resources, causing the developers that were devoted to the cause of research and development of the network to split their time between their full time jobs, families, education, and Bitcoin Core itself.
Maxwell explained in his statement that this objective was very successfully managed by Blockstream and was later supplemented by other significant backers that now provide regular funding to Bitcoin Core. He mentioned that now he doesn’t have to “worry that Bitcoin development could be left with inadequate financial support.”
He stated that this, coupled with the volunteer community that Bitcoin Core now has, makes it safe for him to deduce that even if Blockstream stopped its plans to contribute to Bitcoin, the prime cryptocurrency network would be efficiently managed.
“From what I’ve been told, Blockstream plans to continue to contribute to awesome technology in Bitcoin—as demonstrated by their Lightning webstore this week–but if they didn’t, that wouldn’t be a problem for Bitcoin.”
He then mentioned that the developments above now allow him to work on his priorities without having to worry about managing operations for non-Bitcoin applications that are currently important to Blockstream.
He mentioned that he will be working on future technologies but will no longer be associated with Blockstream.
His resignation was met with mixed responses
Some people from the community were quick to point how they had “called it,” referring to incidents of Maxwell being allegedly involved in manipulating Bitcoin subreddits (allegations which Maxwell had vehemently denied at the time).
Others blamed Blockstream and how it has strayed away from its objective of developing the Bitcoin network into something that could evolve along with the technological advances of the future.
What is Blockstream?
Blockstream is a blockchain technology company that was founded in 2014. Based in San Francisco, Blockstream is one of the companies which provide funding for further development of Bitcoin Core, the reference implementation client of Bitcoin.