Parity is a blockchain leader that builds cutting edge blockchain networks from Parity Ethereum to Polkadot. The internet has been at the mercy of very few important people for a long time now. Social media and technology giants have been disrupting the internet and Parity is developing the technology to disrupt centralized online services and enable institutionalized innovation.
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Parity Technologies departed from Parity Ethereum, deciding to make the leap into being maintained by a decentralized autonomous organization. The project has been criticized by experts as it didn’t have proper funding to keep operations going. Parity Ethereum did have strong fundamentals and served several members of the community including miners, service providers, and exchanges that need fast synchronization and maximum up time.
Parity Ethereum provides the core infrastructure essential for speedy and reliable services; the project being highly customizable and supported private use, enterprise environments, and R&D experimentation. Parity has also worked for charity and developed blockchain technology for the UN World Food Program to make the transfer of cash assistance faster, cheaper, and more secure.
Their biggest hurdle has been adequate funding, which is largely the reason why critics warn of the project’s collapse. There has been a serious divide between Parity Technologies, Ethereum, and the co-founder Gavin Woods, since 2015, when they gave a press release stating that they will end their maintenance efforts of the Parity Ethereum codebase.
Let’s note that the Ethereum Foundation awarded a $5 million grant to Parity Technologies in January 2019. This was a scalability, usability and security grant.
From the Ethereum Foundation: “We have been delighted to see our ecosystem rally around and support technical merit and value alignment, and we are devoted to using our resources to further this mission too. We do so responsibly through milestone-based grants to projects, both large and small, commensurate with the potential impact of their work.”
The foundation mentioned that the grant will be provided in several phases and since last year, the first part is already complete. But now Parity has confirmed that they will move their codebase to a DAO ownership and maintenance model.
This was announced within a few days of Ethereum’s last hard fork.
Parity stated that it has had problems performing rudimentary maintenance tasks and that they have decided to end the development of the Ethereum Parity client. In addition to Parity migrating the codebase of their Ethereum client to a DAO, Parity stated that current technological developments are approaching a multi-chain future and they intend to concentrate on their most recent project, Polkadot.
With the decision made to end their commitments to the grant from the Ethereum Foundation, the Parity team has stated that its Ethereum project will be renamed OpenEthereum upon completion of its transition to DAO.
Ethereum is the number two cryptocurrency by market capitalization on CoinMarketCap. The price is currently trading at $128.03 at the time of writing this article. At the moment, the general market sentiment is negative and prices seem to be on the decline.
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