Ethereum Foundation The (EF), following the backlash against two prominent developers who joined, is now considering implementing a formal Conflict of Interest Policy. EigenLayer As advisors.
Executive director Aya Miyaguchi The issue was addressed in a Facebook post that stressed the importance to maintain neutrality and credibility within the organisation. She stated that the foundation is concerned about the concerns of the community and committed to maintaining the trust.
Miyaguchi said:
“It is clear that relying on culture and individual judgment has not been sufficient, and we have been working on a formal policy to address this problem for a while now. We will be accelerating this work and will share an update soon.”
Controversy
On May 18, prominent cryptotrader Jordan Fish (also known as Cobie) publicly queried the validity of the controversy. Ethereum co-founder Vitalik Buterin The ethics of EF developer receiving significant funding financial Projects built on the Network can provide incentives.
Cobie used EigenLayer in her tweet as an example, and this sparked a discussion about possible conflicts of interests on social media. He wrote that:
“How do you feel about Ethereum Foundation core developers or researchers taking life-changing packages from projects built on Ethereum to become ‘advisors,’ when those projects may have conflicted incentives with Ethereum, either now or in the future? For example — purely theoretically, of course — let’s say, EigenLayer.”
Justin Drake, a researcher at the Ethereum Foundation who responded to Cobie’s Tweet on May 19, revealed his advisory position with EigenLayer. Drake said that Eigen tokens were a large incentive for him, valued at millions over the three-year vesting phase.
Disclosure raised questions about the transparency of EigenLayer’s relationship with Ethereum Foundation, and whether there were any conflicts between them. Drake stated the information was public knowledge since May 3 and that Cobie’s Twitter tweet coincided with the release of this information.
Dankrad Fist, another Ethereum Foundation researcher who revealed his advisory role with EigenLayer, on May 21. Feist has been known as a researcher for the Ethereum Foundation. work On, “danksharding,” The community was assured that his role as a consultant would not affect his opinions on EigenLayer’s development.
Conflict of interest
These disclosures raised concerns about possible conflicts of interests, particularly given the potential systemic risk EigenLayer could pose to Ethereum. EigenLayer allows users to store and withdraw funds. “re-stake” Secure third-party services or networks by using ether from different liquid stake tokens.
Many blockchain experts expressed concern about the centralization that could occur and increased burden placed on stakeholders by using restaking service.
Drake promised the community that all profits would be re-invested or donated to worthwhile projects in the Ethereum ecosphere. He also pledged to terminate the advisory role if EigenLayer’s directions were not aligned with Ethereum’s best interests.
In his public disclosure, Feist stressed that he will take a contrarian view on EigenLayer, to concentrate on risk and decentralization. He wrote that:
“I am taking this position personally, not representing the Ethereum Foundation, and with a focus on risks and decentralization. I do receive a significant amount of tokens from this position. I do not believe that they will change or influence my positions on how the core protocol should be developed, but I believe that the community should know about this so that they can keep me accountable.”
Ethereum’s decision to create a policy on conflict of interests is an important step towards addressing community concerns and preserving trust in the Ethereum Ecosystem. Foundation is expected to release further information on the conflict of interest policy in due course.
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Source: cryptoslate.com