Ethereum (ETH) the second largest cryptocurrency by market capitalization has been faulted for having only a few core developers determining what happens on the network. A core dev Lane Rettig said the small group has the final say on what goes into the protocol, a situation that has led to several concerns because emerging issues with the network are non-technical.
This makes the technocrats unable to solve the problems currently faced by the network. In a post on Twitter, Rettig said:
“…the challenges we face today are increasingly non-technical. Core devs don’t want to make these decisions because they feel unqualified, fear legal liability, are conflict avoidant, and prefer just to write code.”
He added that Ethereum has only a few options to choose from, one of which is to give up on governance completely “and be like Bitcoin”. Another viable option proposed by him is to allow Ether holders to participate in decision making concerning the network in a plutocracy instead of a technocracy.
Ethereum governance has failed.
We are a de facto technocracy, where a small group of technocrats, the core devs, have final say over what goes into the protocol.
— Lane Rettig (@lrettig) March 30, 2019
Rettig suggests that Ethereum should stop running a decentralized network and go for a centralized, more transparent and accountable governance system as well as embrace capture by the elite for now because the Ethereum network may be running and blocks still being produced but the project is stuck.
Ethereum is the number two cryptocurrency and one of the leading blockchain cryptocurrency projects. It is the leading project when it comes to smart contract deployment as well as dapps development. Tron that claims to be the highest in the deployment of dapps ad smart contracts started from the Ethereum blockchain.
There have been several allegations concerning Ethereum’s centralization one of which Weiss Ratings mentioned recently, saying few wallets holding 80% of circulating Ethereum is quite dangerous for the network especially when Ethereum moves to proof-of-stake. They, however, said that Ethereum was still far more decentralized than Binance Coin (BNB) where the top five accounts control two-thirds of the total supply.
This time, a dev within the Ethereum team is coming out to say the network has failed. How is this going to affect Ethereum and its native token Ether? If Rettig’s points are anything to go by, Ethereum will need to make some major changes in order to get the system functioning efficiently again or it may be going down especially because one of its own has called out the network on a public platform like Twitter.