Rajarshi Mitra
Independent Analyst
- Parity said that they’d prefer focussing on its own blockchain protocol - Polkadot.
- Parity will be turning over the ownership and maintenance of the codebase to a DAO.
Parity Technologies will not be running Parity Ethereum (second largest Ethereum client after Geth) anymore. According to the company announcement, it will turn over the ownership of the codebase and the project maintenance to a decentralized autonomous organization (DAO). The project is called OpenEthereum DAO.
Parity has been working on Polkadot, its own blockchain protocol, for over a year now. Parity noted that it will talk with the “Ethereum Foundation, ETC Labs, Gnosis, POA Network and other contributors” about the DAO. Presumably, some of these will serve as DAO members. While other details remain unclear, Parity Technologies said OpenEthereum DAO will use a “stake-weighted token system” for membership and control.
The company stated that while it acknowledges the importance of Parity Ethereum codebase, it would instead work on Polkadot and other projects. Parity wrote:
Parity is increasingly unable to dedicate the level of resources required for even simple maintenance of this project. 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.
To devote more time to Polkadot, the firm is also suspending its role in the Serenity development team. This leaves the grant money from the Ethereum Foundation on the table.
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