Ethereum Foundation Faces Criticism: Blockchain Researcher Defends Its Role
The Ethereum Foundation has been at the center of controversy in recent months, with some members of the crypto community criticizing its actions. However, a blockchain researcher has come forward to defend the organization's role and argue that it is doing exactly what it was designed to do.
According to William Mougayar, a Toronto-based blockchain investor and researcher, the Ethereum Foundation is often misunderstood. He claims that Ether (ETH), Ethereum, and the foundation are separate entities with different trajectories. The foundation's goal is to steer the protocol towards irrelevance for its own founders, he explained. Mougayar pointed out that the Ethereum Foundation is on a 'subtraction path', working to become less central to Ethereum over time. This includes hardening the protocol, shipping upgrades, and funding research. He argued that expecting the foundation to market ETH or court institutions is unrealistic and equivalent to expecting the Internet Engineering Task Force (IETF) to run Super Bowl ads for TCP/IP. The criticism of the Ethereum Foundation has been fueled by its recent sales and unstaking activities. The organization sold 10,000 ETH at an average price of $2,292, worth roughly $22.9 million, in addition to two earlier transactions. It also unstaked 17,035 ETH worth around $40 million and another 21,270 Ether from Lido, worth nearly $50 million. Mougayar's defense of the Ethereum Foundation highlights the importance of understanding its role and purpose within the Ethereum ecosystem.