- The firm behind Ethereum, the Ethereum Foundation has seen its fair share of negativity for its transparency policy.
- One of the biggest personalities in the space who have been very open about their policy is the Executive Director of ETC Cooperative, Bob Summerwill.
The firm behind Ethereum, the Ethereum Foundation has seen its fair share of negativity for its transparency policy. This type of energy comes from both members of its ecosystem as well as other members of the crypto community. One of the biggest personalities in the space who have been very open about their policy is the Executive Director of ETC Cooperative, Bob Summerwill.
Speaking in a recent interview, the exec discussed the topic and cited that the Foundation is “an opaque Swiss foundation related to cryptocurrency.” He further added that the Foundation has a responsibility to show itself as not being heinous, but rather trustworthy with more mature governance and transparency in operations. This is in a similar light to any other non-profit organisations.
Summerwill has claimed that there isn’t a non-profit organisation anywhere across the globe that that has the ability to act on its free will.
“You are being given a very special trusted status of saying, ‘we’re taking public funds and we’re administering them for social good.’ That’s certainly the case for charities but it’s very much the case for any non-profit. And, what you’ve actually have had at the Foundation is nothing.”
Later on, the exec went onto talk about his opinions on the grants programme process for the Foundation. He stated that the team is no longer being reported because some teams were angry about others getting more grants which did not get approved without any details.
“In general, the Ethereum Foundation has been sitting on a gigantic amount of money. Within the Ethereum ecosystem, the Foundation is the richest entity by far […] and the foundation has had 100s of millions of dollars during the time where there was desperate, desperate need for infrastructure spending to be happening […]”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!