The chief technology officer at MakerDAO, Andy Milenius, recently published an open letter in which he explained his concerns over the internal conflicts in the project. The MakerDAO CTO has been with the company for a couple of years. The company has been known for its decentralized algorithmic Ethereum-based stablecoin DAI as well as the governance token Maker (MKR) which is often in the altcoin news.
The 24-page long letter shows the MakerDAO CTO Milenius describing the conflict between his ideas of an equal workspace and democratization which are true to a Decentralized Autonomous Organization (DAO) as MakerDAO is – and the desire of his fellow executives for a traditional corporate efficiency.
In the text, the MakerDAO CTO also accuses Rune Christensen who is the CEO of the company of trying to take control over the DAO – which in turn caused the project’s core developers to become uncollaborative. As he explains, the developers worked in a separate company dubbed DappHub, apparently in order to safeguard their independence as the letter explains.
The letter featured in the coming altcoin news also shows us how Milenius intimated to Christensen that if Matt Richards (president and COO at the company at the time) would not live – then Milenius would. The MakerDAO CTO then decided to do that, and his action reportedly resulted in Richards’ departure.
Richards published an answer to the accusations in a Reddit thread explaining his view on the conflict between him and the MakerDAO CTO. As he said in the post:
“It was not enough for Andy to reinvent the financial system. He also had to reinvent the way that work gets done (he didn’t know how it needed to be different, only that it did).”
The former MakerDAO CTO, according to Richards, thought that no accountability was acceptable and that he did not pay enough attention to the token holders interest. As he wrote in the answer which was re-shared on many best cryptocurrency news sites:
“The efficiency that came with explicit hierarchy did not outweigh how uncool or unfair it was. I am hopeful about the future of this project and believe it will likely be better off without Andy.”
The MakerDAO CTO frenzy resulted in the altcoin struggling to hold its peg to the US dollar, despite the community’s optimism in the token’s success.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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