The crypto community outraged after the HPB team pulled out of the project
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Answer The crypto community outraged after the HPB team pulled out of the project
The modus operandi of the High Performance Blockchain Project that manages the HPB coin has changed after the founders abandoned the project.
The project has a market capitalization of approximately $5 million, and the coin has been listed on a number of exchanges such as OKEx and KuCoin.
Yesterday, the team behind the HPB project announced a new governance architecture that will empower the ecosystem.
Where the company wants to move from central governance to management with the community at the center.
According to the official announcement, which came as follows:
To facilitate the long-term development of HPB, the core team opened the way to organizational transformation and community management starting in October.
Read:The European Union Clarifies It Will Not Ban Bitcoin And Other Mining-Based Cryptocurrencies
HPB Team Withdrawal from the Project:
While the company claims the move is to give a greater voice to the community, HPB Managing Director Danny R has revealed that things are bad.
Another symbol that bites the dust. I hope there aren’t many people dealing with this. Another example to show that dealing with random currencies can lead to huge losses. pic.twitter.com/QdRFZhCxly
– Defchart (Andre) (Divchart) November 9, 2019
The project will be community driven because the people who are supposed to build it are abandoning it.
Danny revealed that the restructuring was only driven by HPB founder and CEO Mr. Xiaoming Wang without his consent or prior communication.
He announced that he was stepping down because the HPB project was no longer aligned with the organization’s strategy, the way the funding was used, and the way it worked.
In addition, Danny R says that three other founders and half of the employees have abandoned the project.
They were given the option to become contributors to society, but none of them took advantage of the opportunity.
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HPB now has only 34 employees in total.
The crypto community outraged after the HPB team pulled out of the project:
Immediately after the announcement HPB lost more than 50% of its value.
Despite this, some people in the community are still in denial, believing that the project would continue without the developers who were in charge of it from the start.
Read:Crypto company “Blockchain.com” plans to go public and provides details about it!
One user wondered if the “decentralized” plan was just a scam.
According for ICORating The HPB project raised nearly $2 million through an initial coin offering (ICO) last year.
The developers of the project took the money and failed to deliver what they promised.
In the end, it can be said that the “High Performance Blockchain” project token is just another example of an “ICO” that took advantage of the hype associated with blockchain technology to raise millions of dollars for the collapse shortly after.
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