Stephan Tual laid the foundation for the concept of the Decentralized Autonomous Organization, or DAO for short. However, he no longer sees the state of the Ethereum community in line with his original version. After nine years as part of this, Tual is now leaving the scene completely. At the same time, he was hailing criticism of the state of today’s crypto community.
At a recent Ethereum Foundation meeting in London, Tual announced his resignation from his roles. Separately, he published an extensive Reddit post under the username u / Ursium and gave his thoughts on the development of DAOs.
The former CCO of the Ethereum Foundation did not mince his words. For example, Tual complained about “Prada-wearing crypto yuppies” who “climb over homeless people on their way to their plush offices while complaining that their decaffeinated soy latte is too cold.”
Further, there was talk of the “blockchain, (or should I use the term ”distributed ledger” created by the hedge fund?)“, which had become a ”circus of centralized NFTs, endless Ponzi scams, illegal securities trading or slimy defectors to the next supervisory authority”. ”I no longer identify with this space, not a bit,” Tual wrote.
Beginnings: The DAO
In January 2014, Stephen Tual joined the Ethereum project. He worked here until 2016, as Chief Commercial Officer, before settling with Slock.it the creation of new corporate structures, from which the first concept of the DAO was born. This was adapted a little later by the Ethereum community under the name “The DAO”.
Their goal was to coordinate a truly decentralized crowdfunding for the Ethereum Coin. However, an error in the programming was her downfall when anonymous hackers took advantage of it to siphon off funds. The result: Ethereum splits into its current form and the blockchain known as ETH Classic. BTC-ECHO reported.
Tual increasingly disappeared from the scene after this incident, but remained in the Ethereum community until recently, which he is now finally turning his back on.