Parity leaves Ethereum ecosystem

Crypto News

The startup Parity Technologies announced the transfer of further service of the Ethereum client developed by it to the decentralized autonomous organization (DAO) model. The specific details of this transition will depend on the collective decision of companies and projects such as the Ethereum Foundation, Gnosis, POA Network and ETC Labs.

«Parity Ethereum’s code base and service will be made available to the DAO. We hope that this new model will be able to lay the foundations for cooperation between organizations in order to ensure sufficient attention to the code base, which is necessary to realize the full potential, ”the notification says.

The DAO will use a “system of tokens with weighted shares”, which should help in a “fair and transparent primary distribution of shares for the final decision-making process.”

The company reports that it was forced to devote a lot of time to maintaining the code base up-to-date and “is increasingly unable to provide the necessary level of resources even for the routine maintenance of this project.”

Commenting on the Parity announcement, bitcoin developer Udi Wertheimer wrote:

«Если прочесть правильно, станет понятно истинное значение этих слов: Parity выходит из экосистемы Ethereum. Этого следовало ожидать».

Parity developers themselves on the blog declare that in the foreseeable future they would like to engage in the development of the ecosystem of the blockchain project Polkadot.