The DAO’s Architect Leaves The Ethereum “Circus” After Nine Years
Stephan Tual, one of the key architects of The DAO‘s structure, has departed the Ethereum community after nine years, claiming a mismatch between the project’s original goals and what, in his opinion, it has evolved into.
He announced his resignation from leading the group and abandoning the Ethereum community in general in an email to the Ethereum London meetup, saying, “I cannot, in good conscience, continue to act like ‘everything is well’ in Web3.”
Tual provided more details in a separate Reddit post. This post addressed a set of perceived criticisms and fraudulent claims around The DAO and software company Slock.it’s part in it. It also went further into his disconnect with the current state of Ethereum.
“As of August 15th, 2022, the ‘blockchain’ (or should I use the hedge-fund coined terminology ‘distributed ledger’?) has turned into a circus of centralized NFTs, endless Ponzi schemes, illegal securities or turncoat sycophants pledging loyalty to the nearest regulator. I do not recognize myself in that space, not even one bit” he said.
Tual noted that he now plans to concentrate on other technologies, such as software-defined radio communication and mesh networks.
What function did Tual serve? – The DAO
Tual joined the Ethereum project as the chief communications officer in January 2014. He was employed there until September 2015, at which point he departed to start Slock.it, which in 2016 produced a framework for creating DAOs. In collaboration with Slock.it, a sizable developer community adopted the framework that year and utilized it to construct what came to be known as The DAO.
The DAO represented the first significant effort at a genuinely decentralized autonomous organization with a crowdfunding focus. Before a flaw in its code was discovered, it attracted a lot of investment, up to 15% of all ether (ETH) in circulation at the moment. Because of the severity of the problem, the Ethereum blockchain eventually underwent a fork, giving rise to Ethereum and Ethereum Classic.
Tual receded from prominence after The DAO’s demise, but he continued to be involved in the Ethereum community. In order to start a crypto-focused incubator, he quit Slock.it in 2017 and continued organizing Ethereum events in London.
Tual didn’t say who used the The DAO bug, but he did say that “the truth WILL come out, someday.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
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Ethereum
The DAO’s Architect Leaves The Ethereum “Circus” After Nine Years
Stephan Tual, one of the key architects of The DAO‘s structure, has departed the Ethereum community after nine years, claiming a mismatch between the project’s original goals and what, in his opinion, it has evolved into.
He announced his resignation from leading the group and abandoning the Ethereum community in general in an email to the Ethereum London meetup, saying, “I cannot, in good conscience, continue to act like ‘everything is well’ in Web3.”
Tual provided more details in a separate Reddit post. This post addressed a set of perceived criticisms and fraudulent claims around The DAO and software company Slock.it’s part in it. It also went further into his disconnect with the current state of Ethereum.
“As of August 15th, 2022, the ‘blockchain’ (or should I use the hedge-fund coined terminology ‘distributed ledger’?) has turned into a circus of centralized NFTs, endless Ponzi schemes, illegal securities or turncoat sycophants pledging loyalty to the nearest regulator. I do not recognize myself in that space, not even one bit” he said.
Tual noted that he now plans to concentrate on other technologies, such as software-defined radio communication and mesh networks.
What function did Tual serve? – The DAO
Tual joined the Ethereum project as the chief communications officer in January 2014. He was employed there until September 2015, at which point he departed to start Slock.it, which in 2016 produced a framework for creating DAOs. In collaboration with Slock.it, a sizable developer community adopted the framework that year and utilized it to construct what came to be known as The DAO.
The DAO represented the first significant effort at a genuinely decentralized autonomous organization with a crowdfunding focus. Before a flaw in its code was discovered, it attracted a lot of investment, up to 15% of all ether (ETH) in circulation at the moment. Because of the severity of the problem, the Ethereum blockchain eventually underwent a fork, giving rise to Ethereum and Ethereum Classic.
Tual receded from prominence after The DAO’s demise, but he continued to be involved in the Ethereum community. In order to start a crypto-focused incubator, he quit Slock.it in 2017 and continued organizing Ethereum events in London.
Tual didn’t say who used the The DAO bug, but he did say that “the truth WILL come out, someday.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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