Ethereum developer Federico Carrone stated that the growing influence of companies like Paradigm on the network could become a "tail risk" for the Ethereum ecosystem.
The core Ethereum developer, who posts on X (formerly Twitter) under the name "Fede's intern," pointed out in a post on Sunday that while Paradigm has "created valuable things" for the community, he remains concerned about the expanding influence of this venture capital fund, which ultimately aims for profit and power.
He wrote, "For the past two years, I have been saying that @paradigm's influence in Ethereum could become a significant tail risk for the ecosystem. I believe this will become increasingly evident in the coming months."
Carrone added that although Paradigm has hired key Ethereum researchers and funded open-source libraries that are "critical" to Ethereum, this may not be good for those who believe Ethereum should represent a movement of "philosophy and politics" that "transcends any corporation."
Over the years, Paradigm has made several moves in the Ethereum space, including the development of the Ethereum development software Reth, based on the Rust language.
One of the most notable recent moves is Paradigm's collaboration with fintech giant Stripe to incubate the competitive Layer-1 blockchain Tempo.
Tempo is still in development and will be positioned as an L1 chain focused on stablecoins and payments, while Stripe will effectively control the entire network. As this is a corporation-controlled blockchain, its philosophy sharply contrasts with Ethereum's decentralized and open-source characteristics.
The core of Carrone's concern lies in the differences between the goals of decentralized entities and centralized entities, as well as the risk of allowing any type of fund—not just Paradigm—to have excessive influence in the Ethereum ecosystem.
He stated, "Ethereum should be particularly cautious when establishing a deep technical reliance on a fund that operates in a very strategic manner."
Cointelegraph has reached out to Paradigm for comment but has not received a response as of publication.
Paradigm is a cryptocurrency and artificial intelligence investment firm founded in 2018 by former Sequoia Capital partner Matt Huang and Coinbase co-founder Fred Ehrsam. Paradigm has made extensive investments across the market, covering various fields from decentralized finance (DeFi) and NFTs to blockchain security, infrastructure, and startups.
In the initial announcement regarding Tempo in September, Paradigm stated that its goal is to advance and popularize crypto technology through a "combination of investment, building, and research."
The announcement read, "This helps us understand friction points and opportunities and keeps us at the forefront of technological possibilities." In addition to pure financial investments, Paradigm has taken several initiatives to demonstrate its strong belief in the crypto community. It has submitted an amicus brief supporting Tornado Cash co-founder Roman Storm and hired respected blockchain detective ZachXBT as an advisor to fund research and help protect its venture capital firm.
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Original article: “Developer Warns: Corporate Encroachment Could Undermine Ethereum (ETH)'s Core Philosophy”
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