Crypto communities are all about transparency. There is no way to deny that. Transparency is one of the most important values in decentralized communities since only the ones that understand it can have the trust of their own followers. Now, it looks like the Ethereum Foundation is having a transparency crisis.
The Ethereum Foundation, in case you do not know, is the nonprofit foundation behind Ethereum, the second largest cryptocurrency by market cap right now. Its goal is to support ETH and to make the research to take ETH into the future. However, the foundation has been heavily criticized lately for not being transparent enough.
This new issue has been brought up by a man called Eric Conner. He is the founder of ETHHub and hosts the Into the Ether show. According to him, the foundation is not very transparent and it could easily solve these problems by simply making quarterly reports, for instance. He also noted that they could even do it without naming people, to avoid doxxing them.
Conner believes that the reports should include how much people are being paid, prospects for the future, the team breakdown and the total headcount of the organization.
The Community Reacts To The Claims That The ETH Foundation Could Be More Transparent
Many people responded to the post on Reddit. One of them, “DCinvestor”, said that he agreed with the Redditor. According to him, the Ethereum Foundation should be more transparent because it doesn’t look good when you are not and yet you preach for more decentralization.
He also said that what Conner was asking was really just basic data and that the ETH foundation was failing to not even be able to provide even that. After that, he said that the foundation should think bigger and get more professional.
Camila Russo, a Finance Journalist, has also opined on the matter. She said that this is one of the biggest issues that the foundation currently have. She also believes that the total assets of the foundation should be in the report, as well as how the money is currently being spent and that these reports should be properly audited by financial companies.
People, according to Russo, are not even sure who they should ask about these costs because the foundation is so “decentralized”, but the problem is that the community is simply not aware of what is happening.
This is far from the first time in which people call out the Ethereum Foundation for not being as clear as it can when it comes to money that is being used.
The grants system, in which the foundation gives money to ETH projects, was criticized for being fairly obscure. While there were details about the projects that received money, it was not clear how much money they actually got.