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Parity To Migrate Its Client for Ethereum To The DAO Model

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The developer of the second most popular Ethereum blockchain client, Parity Technologies, announced the migration of the codebase to the decentralized autonomous organization (DAO) model.

According to the press release, Parity Ethereum codebase will be migrated to the DAO, which will include developers and companies using the technology. Parity offers to rebrand the project and call it OpenEthereum.

The company says that it will discuss all the details with interested parties, including the Ethereum Foundation, ETC Labs, Gnosis and the POA Network. Parity Technologies will also join the DAO, but the role of the company will change - it will provide consulting services to other participants.

DAO is a relatively new type of organization. Such companies are based on the same code and are managed exclusively by investors who invested in it and exchanged them for special DAO tokens. The most famous examples of such organizations are The Dao and Dash.

OpenEthereum DAO will work in the same way. Developers write:

Membership in and control over the governance of the OpenEthereum DAO will be a stake-weighted token system, working with existing and future contributors to develop a fair, transparent initial distribution of stake in the DAO’s final decision-making process.

Note, that it was the users of the Parity client who were not ready for the Istanbul hard fork that occurred on the Ethereum network on December 8th. On the eve of the update, Parity released an emergency patch for their client, however, only 24% of users installed the latest version of the software. As mentioned above, Parity is the second most popular client for the Ethereum blockchain; more than 20% of nodes use it.

Parity Technologies writes on a blog that it plans to tackle the development of the Polkadot ecosystem. The project is a protocol that allows two blockchains to swap information. At the end of June 2019, Polkadot held a private token sale, during which about 500 thousand native DOT tokens were sold, and the company's capitalization grew to $ 1.2 billion.

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