Stephan Tual laid the foundation for the concept of the Decentralized Autonomous Organization, 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 entirely. He hailed criticism of the state of today’s crypto community.
At a recent meeting of the Ethereum Foundation in London, Tual announced that he was stepping down from his roles. Separately, he published an extensive one under the username u/Ursium Reddit post and gave his thoughts around 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 the homeless on their way to their plush offices while complaining that their decaffeinated soy latte is too cold.”
There was also talk of the “blockchain, (or should I use the term distributed ledger created by hedge funds?)” leading to a “circus of centralized NFTs, never-ending Ponzi schemes, illicit securities trading, or slimy defectors to the nearest regulator ” had become. “I no longer identify with this space, not one bit,” Tual wrote.
Beginnings: The DAO
In January 2014, Stephen Tual joined the Ethereum project. Here he worked until 2016, as Chief Commercial Officer, before dealing with Slock.it the creation of new corporate structures, from which the first concept of the DAO emerged. 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, a programming error became her downfall when hackers, who have remained anonymous to this day, exploited it to siphon off funds. The result: Ethereum split into its current form and the blockchain known as ETH Classic. BTC-ECHO reported.
After this incident, Tual increasingly disappeared from the scene, but until recently remained in the Ethereum community, which he is now turning his back on for good.
Looking to buy Ethereum (ETH)?
This is possible via eToro, among other things. eToro offers investors, from beginners to experts, a comprehensive crypto trading experience on a powerful yet easy-to-use platform. We took a close look at eToro.
To the eToro review