High-Performance Blockchain (HPB) is in a dubious situation. Its core team is purportedly leaving. And some believe this is a nice way of saying “it’s a scam.”
The blog post by High-Performance Blockchain (HPB) announced a new governance structure that would empower the ecosystem. The company reportedly planned to move from centralized governance to a more decentralized one. Thus, giving the community more voice.
The post stated: “To better facilitate the long-term development of the HPB, the core team commenced organizational transformation. As well as, community governance in October. Generally, blockchain networks involve decentralized collaboration relationships.”
A different story
The official post from High-Performance Blockchain (HPB) mentioned the development of the HPB Blockchain Offload Engine (BOE). Also, claiming it’s an area that’s not been explored in blockchain, a new dedicated chipset working in tandem with software. Accordingly, the team envisions the creation of the first fully functioning blockchain infrastructure. It will utilize hardware as its backbone for all transactions and functions on the blockchain.
However, HPB’s managing director, Danny R, brought out an entirely different story. He claimed the company took the step to be community-driven due to a person’s exit.
In his message, Danny revealed that HPB’s Founder and CEO Xiaoming Wang spearheaded the organizational restructuring. Also, he wasn’t contacted about it.
Furthermore, Danny revealed that Wang left because of differences in when it comes to company’s vision. As HPB no longer aligned with the organization’s strategy, use of funding, and manner of conduct.
Besides, Danny revealed that three other co-founders and half of the full-time employees also abandoned the project. Interestingly, the company gave them the option to become community contributors. But, none of them took the opportunity. Currently, HPB employees amount to 34 in total.
A lot of skepticism
After the announcement, HPB lost over half of its value. While some believe that the fact that the project can survive without the developers means it’s a viable one, others aren’t so sure.
For instance, one user already said the plan to decentralize looks like an exit scam. And added, “Another token bites the dust. I hope that there weren’t many people hodling this. One more example to show that hodling random sh*tcoins can just inflict huge losses.”
To remind, HPB reportedly raised about $2 million through an initial coin offering (ICO) last year.
Currently, High-Performance Blockchain (HPB) boasts of $5 million in market cap. It’s also supported by some popular exchanges like OKEx and KuCoin.