This week we had a major announcement on COTI with the news that the COTI Foundation was stepping a side. The Foundation a non profit organisation was founded in November 2023 with the task of taking and developing COTI so at some point will be decentralized. This news went down like a ton of bricks with the COTI community who are fickle at the best of times and actually come across as very ignorant which may tell us they are also fairly young with no understanding why change happens. I am not saying all young people are like this, but in crypto many are as they are relying on this so heavily to do well as they have no other alternative get rich schemes.
The ZK Foundation takes over the reigns with regards to marketing the developed privacy technology and for myself this was the right call. Developers are great for creating and finding solutions through their skills, but they are no marketers or sales people. A good example of this is HIVE as we may have very smart people when it comes to developing the blockchain, but that is where it ends and why HIVE struggles to even be known.
There are horses for courses and the leadership at COTI recognises that we are moving into an entirely new phase. Development will still take place as that never ends, but the focus lies on adoption and use cases now.
The COTI community on social media is full of fudders and they cannot see the reasons behind the change. I agree with Shahaf who was the CEO of COTI who now moves into an advisory role so he is not going anywhere and needs to remain as he is a familiar face.
Yes agreed things could have and should have been handled more professionally as this was a big announcement no one saw coming. This was not a take over or sell out but a business decision made by those in the COTI Foundation as they never had the skills needed to move this on. Any delays would have done more harm than good especially with AVAX being the first major blockchain to adopt COTI's privacy on demand technology.
Instead of being all negative this is a great time to be an investor because the move is the correct move and is rarely seen in crypto. COTI was Shahaf's baby and he would like to see it maximize it's potential and has moved to one side in order for this to happen. The communication could have been handled better which has been a complaint before and could easily be taken as a negativity.
Funny how humans do not like change and it takes time to adjust, but it also takes a bigger person to know that there are better people who are specialized to do so. Just because someone was captaining the ship for so long does not mean they are capable to continue when the waters change and this is the case here with COTI.
As an investor I have always believed in the team behind the investment and that team appointed this new team to take them forward. If I had any doubts I would say so as this has been over 4 years of accumulation so this is a big part of my crypto journey outside of HIVE. The price took a knock directly after a spike once launched on AVAX so the timing was never great and it will bounce back and recover quickly. Many investors sold and will no doubt by back once they see this was the right decision by the COTI team.
Tomorrow we have an AMA with the ZK Foundation who officially take the reigns on the 1st October and would presume they are already running the show. Once we hear the short term plans and goals the dust will settle and it will be business as usual. I gathered and accumulated more COTI during this dip and will continue to grow my bags.