Polygon co-founders say they've gotten rid of C-suite positions

[bbc.reporter]

I am shaking my head for those people who believe that the real purpose of removing the titles of CEO, COO and other C-suite positions is for the decentralization of the project. What those people have done is they have removed themselves from carrying any liabilities and any responsibilities.

Be cautious when CEOs leave. They might be expecting a market bubble pop or regulatory problems.



Polygon co-founder Sandeep Nailwal, who was also the COO of the project, has removed that position from his job title sometime this month, according to his LinkedIn profile.

When contacted, Nailwal told The Block that he recently updated his LinkedIn profile as Polygon has removed all C-suite positions.

Another co-founder of Polygon, Mihailo Bjelic, told The Block that Polygon, being a decentralized project, decided to quash C-level roles "months ago."

"We want to make it even more decentralized," he said, adding that the functional degree of co-founders' work remains the same.

Read in full https://www.theblockcrypto.com/post/128753/polygon-co-founders-no-longer-have-c-suite-positions

[hello_good_sir]

Completely agree.

The level of transactions that the Polygon network is facilitating encompasses a lot of DeFi activity right now, which is probably one of the areas that are currently being cracked down by tax authorities.

These people don't care that much about decentralization, in fact, most altcoin devs do not.

[zasad@]

https://cointelegraph.com/news/polygon-co-founder-steps-down
Polygon co-founder steps down, will contribute ‘from the sidelines’
"Jaynti Kanani, the co-founder of Polygon, announced that he has stepped back “from the day-to-day grind” on the project for the first time in six years.

In an Oct. 4 X (formerly Twitter) thread, Kanani said he planned to focus “on new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers including Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Kanani helped found the Matic network in 2017, which was later rebranded to Polygon.

“Man this makes me emotional,” said Nailwal in response to the announcement. “What a ride we’ve had together brother. But its just the start for Polygon, i wish we could’ve done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do.”"

[alani123]

If you were to judge Polygon by what it has delivered it would be in good standing among all the competitors in the Decentralized Finance space...

Fast & cheap transactions, decent decentralization compared to competition, good tokenization, active community, stable network. No widespread breaches... They've achieved much of what they wanted to do initially. I still use Polygon almost daily and it's one of the most smooth experiences compared to other DeFi chains. The platform can keep running without much central coordination still.

However, the issue would be keeping up with competition. Many Decentralized Finance platforms slowly but surely are getting into sidechains and many other innovative solutions that would make things much easier for certain use applications if done correctly. If there's no organization funding and coordinating development efforts, innovating becomes much harder. To say this was done for "decentralization" surely doesn't sound very promising. But one can only wait and see.

[Yaunfitda]

Yeah, most likely they want to start this so called trend, getting rid of C-suite position. However, I don't think it's application to crypto though in the very beginning. I mean it should be decentralized and so there could be no central authority.

Maybe a nominal title like what Vitalik Buterin is carrying right now as he is the one who developed Ethereum and all other old school developers who get out of the project itself but they have this title behind them.

But with how crypto projects evolved, there are a lot of titles that not even involved directly to the project. They become a corporate like structure in which it is totally against the very basic tenant of crypto structure.

[el kaka22]

If they did this but still keep a position then they are still at the top and they are still responsible for anything that may happen, just because they are not c-suite anymore doesn't mean that they are going to do badly.

I think it is valid to think about how we could end up with a result that should be basically them in charge again and that is going to be the most important thing. So all in all, I believe that we are not going to be seeing it change all that much and should be the most important part of it. I know that we are not going to end up with anything that could hurt us on the long run, but we could definitely see it do well enough.

This is why I believe that the best thing to do in this case would be letting them try whatever they are trying to do. Doesn't mean that we need to invest or divest just because of this, it doesn't really change the result all that much, we just need to make sure that everything is going as well as we hope they would and not move.

[Husires]

His words are true, but if the project needs the manager to abolish the position of CEO, Chief Operating Officer, and other executive director positions, then he is centralized, even if he claims so. Therefore, these positions do not affect the decentralization of the project, but rather are a preparation to avoid bearing any obligations or legal responsibilities.
There is a lot of controversy surrounding Polygon so I hope they don't end up being scams.