Parity says it will transition Ethereum client work to DAO structure

Parity Technologies, the startup behind the Parity Ethereum software client, said Monday that it will open up maintenance of the client by way of a new decentralized autonomous organization (DAO).

While specifics about the move remain forthcoming, pending conversations with ecosystem stakeholders. Among those named were the Ethereum Foundation, Gnosis, POA Network and ETC Labs.

"The Parity Ethereum codebase and maintenance will be transitioned to a DAO ownership and maintainer model. We hope this new model can provide the basis for cross-organization collaboration to ensure the codebase gets the attention it needs to realize its full potential," the company said in an emailed statement.

According to Parity, the DAO will rely on a "stake-weighted token system" in an effort to foster "a fair, transparent initial distribution of stake in the DAO’s final decision-making process."

The company said that it was spending a significant amount of time on maintaining the codebase, writing that "increasingly unable to dedicate the level of resources required for even simple maintenance of this project."

Parity's note also includes a likely nod toward Polkadot, the protocol invented by Parity co-founder Gavin Wood (also a co-founder of ethereal) that is being spearheaded by the non-profit Web3 Foundation, though the initiative itself isn't named.

"As we move to a multi-chain future based on technology that is far more modular, maintainable and interoperable, we find it increasingly difficult to explain to our stakeholders why it makes sense to dedicate our expertise to maintaining legacy technology," the company said.

Share This Article

Get the most out of CoinFi News!