Parity To Implement DAO Structure For 2nd Largest Ethereum Client, Shifting Focus to Polkadot

Parity Technologies, the parent company to Parity Ethereum, announced that they will no longer run the network but instead mandate a Decentralized Autonomous Organization (DAO). This ETH software client provider and the second largest Ethereum network operator noted that it will mainly focus on its own blockchain platform, ‘Polkadot’.

Basically, the DAO dubbed ‘OpenEthereum’ will be tasked with maintenance and code development in Parity Ethereum. The firm is optimistic that the shift will enable its ETH based platform to get the attention it needs to attract a larger clientele. Speculations show that the DAO may be composed of stakeholders like Gnosis, POA network, ETC labs and the Ethereum foundation whom Parity is set to approach. It is also notable that Parity Ethereum is seeking to be part of the DAO as a silent member.

The OpenEthereum DAO is designed to leverage a ‘stake-weighted token system’ which will enable a transparent DAO ecosystem in the decision-making process. Parity will in turn focus resources to develop its blockchain network given the DAO will streamline its Ethereum software client maintenance;

“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.”

Parity added that it will also exit the Serenity development team despite a heavy funding from Ethereum Foundation and the excitement around ETH 2.0. This may not be a surprise to Ethereum and Parity followers given Gavin Wood’s experience in both companies as a founder.

The Polkadot blockchain innovator is seeking to create a platform that will facilitate digital ledger interoperability under Web3 foundations. Many crypto stakeholders have termed this organization an Ethereum competitor with some predicting that Polkadot will eventually move from the ETH blockchain completely.

Ethereum (ETH) Live Price

1 ETH/USD =$1,813.3063 change ~ -2.35%

Coin Market Cap

$221.26 Billion

24 Hour Volume

$6.99 Billion

24 Hour VWAP

$1.86 K

24 Hour Change


Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide