Parity Technologies Departs From Ethereum, Moves To DAO

Parity Technologies announced the departure from its Ethereum client, Parity Ethereum will be maintained by a decentralized autonomous organization but without the proper funding, critics believe that the project could collapse so let’s find out more in the following Ethereum Today’s news.

This move highlights the divide between Parity Technologies and Ethereum and the co-founder Gavin Woods in 2015 announced via a press release that they will end their maintenance efforts of the Parity Ethereum codebase. Parity Ethereum is one of the few clients or popularly known as nodes that the users have to verify blockchain’s data including the smart contracts. Other clients include Nethermind, Geth, Hyperledger’s Besu and Trinity.

The organization announced on Monday that they are ‘’increasingly unable to dedicate the level of resources required for even simple maintenance’’ and parity added:

 “We find it increasingly difficult to explain to our stakeholders why it makes sense to dedicate our expertise in maintaining legacy technology.”

The codebase will transition to a DAO where the developers who mostly relied on Parity Ethereum can take over the maintenance. The license for maintaining the project’s development will be handed off to the DAO and Parity Technologies will oversee the project from a mentorship position according to the press release. As with many DAOs, the governance model will be incentivized by tokenization and with the distribution of the tokens, the holders will manage further development of Parity Ethereum via a staked-voting mechanism. The interested parties can also work on its code via several organizations including Gnosis, POA Network, and ETC Labs.

The members of the Ethereum community, instantly criticized the decision of the client’s maintenance and the major concern was the lack of concentrated funding will effectively end further development. Nick Johnson who is the lead developer behind the Ethereum Name Service ENS project asked how will this DAO be funded and without funding, this will be an abandonment with extra steps. The director of Developer relations for the Ethereum Classic Cooperative said:

 “Moving to a DAO is another way for Parity to say ‘we don’t want to work on this anymore but we don’t want to admit it publicly.’ An important point made about this DAO is who is gonna fund it if Parity is providing control to others.”