Stephen Goldfeder, co-founder of Arbitrum and CEO of Offchain Labs, claims that communication prior to the failed plan to refund 700 million ARB governance tokens earlier this month was less than ideal.
At the CoinDesk Consensus conference on Thursday, he said, “There was an unfortunate miscommunication, and it was a mistake.” “If you look back with hindsight it was obvious, but at the time it wasn’t.”
Early April, the decentralized autonomous organization that oversees the Ethereum protocol staged a coup by voting to stop a planned transfer of around $1 billion worth of ARB tokens that were meant to fund the Arbitrum Foundation, forcing the Ethereum Layer 2 scaling project to withdraw the proposal. The move sparked a debate about the DAO model and whether or not it can be truly decentralized.
At first, Arbitrum’s developers called it a “ratification” rather than what many believed consulting was. This information, according to Goldfeder, is not yet clear.
“The DAO is the most decentralized DAO ever,” claims Goldfeder. “As a member of the community, I truly believe the results will be better, and everyone seems happy. The community ended up in a stronger position as a result of that incident.”
According to Goldfeder, building community is more difficult than technology. We are capable of inventing technology, he claims. But there’s also a matter of creating a community and finding people who are genuinely interested. There’s a large community with a wide range of interests and businesses, protocols and projects that are very interested in this. And that’s very important, because all the technology in the world wouldn’t matter if nobody wanted to participate, voice their opinion, vote, argue, or be involved in the discussion. Not good. All of this discussion is something we wanted so I’m glad it exists.