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Ethereum [ETH] community raises concerns over Ethereum Foundation’s lack of transparency

Priya

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Ethereum [ETH] community raises concerns over Ethereum Foundation's lack of transparency
Source: Unsplash

Ethereum Foundation is well-known in the community for being the organization behind the development of Ethereum [ETH], a leading smart contract platform and cryptocurrency. Its purpose is to support and promote Ethereum and its development, while also conducting base layer research. Lately, however, the Foundation has been under attack owing to its lack of transparency.

Eric Conner, Founder of ETHHub and host of Into the Ether, brought this issue up on his social media handle. He said that this was “an easy ask,” and that a report carrying basic information with regard to the Foundation could be released quarterly. He further added that this information could be provided “without doxxing people,” claiming that it could make funding debates easier as without it, “it’s hard to even form an opinion.”

“One of the most common concerns I see these days is EF transparency. It’s an easy ask and I believe the following would be enough published quarterly: -total headcount -high level org structure or team breakdown -avg salary by team or by role types -expected yearly burn rate”

DCinvestor, a Redditor, said,

Source: Reddit

Source: Reddit

Camila Russo, a Finance Journalist, agreed with Conner and tweeted,

“This is one of the biggest issues I’ve come across reporting for my book on Ethereum. Two things I would add to Eric’s list: Total assets held by the EF and more disclosure on how the money is spent. The best would be that they published their audited financial statements.”

This was followed by Russo pointing out the lack of clarity the community has with respect to the Ethereum Foundation. She said, “It’s pretty bad that people aren’t even sure who to ask.”



Source: Reddit

Source: Reddit

Notably, this is not the first time the Foundation is under the microscope over issues of transparency. The issue was previously raised when EF released a blog post pertaining to its grants system, a system under which the Foundation funds platforms contributing to the development of the Ethereum ecosystem.

The post released in February 2018 revealed details of nine projects that were funded. However, the lack of disclosure about these projects’ funding amounts by the Foundation resulted in people expressing their disappointment on social media platforms.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum Classic [ETC] might boost security value of Ethereum, claims ETC’s Donald McIntyre

Biraajmaan Tamuly

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Ethereum [ETH] can be benefit Ethereum Classic as ETC might boost the security value of ETH, claims Donald McIntyre
Source: Pixabay

Ethereum [ETH] is one of the most proficient cryptos in the space and its wider adoption has become one of the most speculated and debated topics in the cryptosphere. Recently, Ethereum [ETH] welcomed a major partnership with Ernst and Young, which could signal the release of its new-zero proof technology on the Ethereum blockchain.

Despite such major developments, one of the major issues Ethereum and other major cryptocurrencies have faced is the addition of security value to their asset.

A prominent Ethereum Classic [ETC] proponent believes that the ETC network can assist the main Ethereum blockchain in improving its security.

Donald McIntyre, the manager of ETCDEV, an organization focused on the development of Ethereum, recently stated that the divergent functions of ETH and ETC could improve the relevance of Ethereum Classic.

McIntyre drew a comparison between ETH and ETC, terming the respective digital assets as a “sports car” and an “armored vehicle”. He drew this comparison to explain that ETH was fundamentally about scaling and performance, while ETC emphasized on high value and security.

He suggested that ETH was heading towards the identification of a network which would provide high speed and high transactions layers to meet high-performance applications, whereas ETC was based on decentralized computing and smart contracts between people and companies.

He added,



“In that analogy, ETC could even provide security services to high performance networks such as ETH. I think it would be a big advantage for both ecosystems [ETH and ETC] to analyze that possibility as it would likely minimize, in the context of a standards war, which means that only few networks will survive in the future.”

He further piled on the “unique characteristics” of ETC, stating that after ETH’s transformation to ETH 2.0, ETC would be the only non-fragmented, fixed monetary policy, PoW, and Turing-based blockchain.

He said,

“That is an extremely valuable niche in the industry that will be increasingly appreciated in the next few years as the layer 1 [L1] vs layer [L2] and security vs performance segmentations become more evident for market participants.”





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