The crypto-currency world enthusiastically engaged with the Ethereum foundation almost out of the gate. Taking a page from the Bitcoin Foundation’s manifesto, they still trumpet to young developers about the nature of Ethereum and how you can make code that will run forever and be impervious to censorship.
This appeals to the libertarian in all of us and sparks the imagination.Recent Troubles
Even I was fascinated by this new network, although I didn’t jump on the bandwagon like some others did. The coin – Ether – proved to be high risk. If you don’t know the history of the DAO (Distributed Autonomous Organization) fork on Ethereum, why it was done, or who it was done by, you should really do some reading. 1
In addition, I’ve watched from the sidelines closely in the past few months. While there have been some incredible bull pushes related to the price of ETH, they were accompanied by concerns about code governance:Ethereum is Changing its Consensus Algorithm to POS (Proof-of-stake) 2 A specific type of Initial Coin Offering configuration can cripple the Ethereum network 3
Both of these developments pointed to possible trouble with code governance; the first one purely because it usually takes years to prove that a new consensus algorithm is solid enough to secure an entire crypto-currency network. But yet it seems like the investors are not getting their due in voting on whether this should happen or not. In fact, even though Ethereum has a foundation it’s not clear how much power they actually have in opposition to its creator, who seems a benevolent dictator.
The second one indicates that not enough testing is being done on new code prior to its release. Good testing requires iterative rounds of scenarios that should take into account malicious actors.Competitors Emerge
Hyperledger Fabric version 1.0 was published just days ago ...