Connect with us

Education

The secret to Ethereum’s success in driving Innovation

Published

on

The secret to Ethereum's success in driving innovation

Blockchain technology has been one of the most innovative and disruptive technologies in recent times, and Ethereum has emerged as a leader in this space. But what sets Ethereum apart is its unique approach to development, which is grounded in a philosophy of subtraction. 

The philosophy of subtraction is rooted in the idea of simplifying and streamlining processes to increase efficiency and productivity. In the context of blockchain technology, this means removing unnecessary elements from the system to create a more agile and streamlined platform. 

The Ethereum Foundation (EF) is at the forefront of this approach, and it has been successful in creating a platform that is agile and streamlined. 

According to the EF, “The philosophy of subtraction guides us in multiple ways. We attempt to subtract our power and resist the natural tendency of organizations to grow and accumulate power. Instead of capturing opportunities for ourselves, we distribute those opportunities to the community. We don’t compete with other organizations.”

Ethereum has embraced this philosophy perfectly well, by delegating certain responsibilities to external organizations and individuals, allowing them to focus on their core strengths and priorities. This philosophy of subtraction is an unusual approach for a frontier technology organization and one that is worth juxtaposing with the VC-driven growth gospel that dominates the industry today.

By delegating certain responsibilities, the Ethereum Foundation can prioritize its resources and focus on core initiatives such as the development of the Ethereum protocol, research, and community outreach. This delegation allows for a more agile and decentralized approach to development, which is essential to the success of the Ethereum ecosystem.

One example of this delegation is the Ethereum Community Fund (ECF), which was created in 2018 to provide funding and support to Ethereum-based projects. The ECF is an independent organization that operates under its governance structure, but it receives funding and support from the Ethereum Foundation. This delegation allows the Ethereum Foundation to focus on its core responsibilities while providing support to the broader Ethereum community.

The ubiquity of growth has become a mantra for many technology organizations, with an obsession with rapid expansion and capturing market share. However, the EF’s philosophy of subtraction focuses on removing unnecessary elements from the system to create a more agile and streamlined platform. 

The Ethereum foundation states that “Ethereum must remain a bazaar, and never become a cathedral. To succeed long term, Ethereum needs a vibrant decentralized ecosystem with many independent organizations that provide funding, coordination, and leadership”. This approach emphasizes quality over quantity, and it is based on the belief that a leaner and more focused organization can be more effective in the long term.

The philosophy further says “distribute opportunities, be happy when others succeed, and matter less”. This approach has resulted in a more collaborative and decentralized ecosystem, which has helped to drive innovation and growth in the Ethereum community.

For example, the EF has delegated the responsibility of developing the Ethereum 2.0 beacon chain to an independent team of researchers and developers. This has allowed the EF to focus on other areas of development while leveraging the expertise of the independent team. Similarly, the EF has delegated the responsibility of managing the Ethereum Name Service (ENS) to a separate organization, which has allowed the EF to focus on other core priorities.

Another example is the Ethereum 2.0 project, which aims to transition the Ethereum network from a proof-of-work to a proof-of-stake consensus mechanism. The Ethereum Foundation has delegated the development of the Ethereum 2.0 client software to independent organizations such as Prysmatic Labs and Sigma Prime, allowing them to focus on their core strengths and expertise.

Their philosophy boils down to:

  • Creating a Collaborative Environment: Ethereum’s focus is on achieving its mission rather than seeking credit. They’ve fostered an open architecture where volunteers could freely contribute without feeling like they were working for them. As a result, their volunteer/open-source group grew significantly.
  • Collective Problem-Solving: When they encountered obstacles, the Ethereum foundation relied on the collective problem-solving capacity of their community. They have recognized that solutions could come from different teams, and have avoided solving problems in isolation.
  • Trusting and Empowering Volunteers: The Ethereum Foundation has allowed volunteers to find their solutions and trusted them to make the right decisions. They did not criticize mistakes, knowing that everyone was working with good intentions and that errors were part of the learning process.
  • Encouraging Emergent Leadership: The Ethereum Foundation allowed those with an initiative to take on more responsibility and lead sub-teams. This approach allowed volunteer groups to self-organize into demand teams, supply teams, and dev teams and allowed natural leaders to emerge. They’ve celebrated shared successes, whether they were directly involved or not.
  • Pursuing Opportunities: The Ethereum foundation believes in the power of serendipity and actively seeks out resources and partners to help achieve its mission. Their success is a direct result of our proactive approach.

This philosophy of subtraction has been successful for the EF, as evidenced by the growth and development of the Ethereum ecosystem. However, it is important to note that this approach is not without its challenges. Delegating responsibilities requires trust in external organizations and individuals, and it can be difficult to ensure that these entities are aligned with the EF’s goals and values.

Nevertheless, the EF’s philosophy of subtraction is a powerful tool for organizations that seek to streamline their operations and focus on their core strengths and priorities. It is an alternative to the VC-driven growth gospel that dominates the industry today, and it offers a more sustainable and effective approach to development.

Conclusion

The EF’s philosophy of subtraction is an unusual approach for a frontier technology organization, but it has proven to be effective in driving growth and development in the Ethereum community. While this approach may not be suitable for every organization, it is worth considering for those that seek to streamline their operations and focus on their core strengths and priorities. As the Ethereum ecosystem continues to evolve, it will be interesting to see how this philosophy of subtraction continues to shape its development.

 

0 0 votes
Article Rating
Continue Reading
Advertisement Earnathon.com
Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Crypto News Update

Latest Episode on Inside Blockchain

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts

0
Would love your thoughts, please comment.x
()
x