Ethereum Wallet Update Sparks Debate Over 'Corporate' Integration

One of ethereum's best-known wallets released new updates today, though one drew outsized attention and provoked discussion.

Aug 25, 2016 at 6:55 p.m. UTC
Updated Sep 11, 2021 at 12:27 p.m. UTC

One of ethereum's best-known wallets released new updates today, though one drew outsized attention due to the perceived preferential treatment it gave to an industry startup.

Perhaps the most notable Mist update was the integration of a widget created by startup Coinbase that allows users to purchase up to $5 worth of ether, ethereum's cryptocurrency. As the feature allows for the instant buying of ether through the wallet, many in the community view it as an upgrade that could appeal to newer ethereum users.

But because the Mist wallet is sponsored by the non-profit Ethereum Foundation, the update stirred up concerns that the project's senior members were giving Coinbase an unfair advantage.

The crux of the debate can be summed up by this tweet by Anthony Di Iorio, in which the project co-creator suggested the foundation was "picking winners".  The discussion continued on social media, where Di Iorio, who founded his own ethereum wallet Jaxx, expanded on his case.

"[The Ethereum Foundation] should be remaining neutral and focus on education, protocol, security, performance and things like scaleability [sic]," he wrote.

, Mist is meant to serve as a wallet for smart contracts that functions like a browser and that allows users to manage custom tokens.

Discussion furthered

Other ethereum users don’t see the integration as favoritism, but as a way to advance the project by offering an easier way to buy ether, which is meant to power decentralized applications on the platform.

Reddit user cryptopascal argued that it's "unfair" to call the move favoritism because Coinbase is one of the only services to allow users to exchange traditional currencies for ether.

Di Iorio's comments also prompted a discussion about how best to add features without suggesting preference of a certain company.

Another user added: “I have nothing against the foundation collaborating with commercial parties, but they should do it is in such a way that they remain neutral and offer the same opportunities and visibility to everyone."

Fingers crossed image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Cardano’s Hoskinson: Luna Collapse Shows Need to Go Slow in Crypto

“If you move too quickly … everybody loses their money,” says Hoskinson, who will speak at Consensus 2022 next month.

“If you move too quickly … everybody loses their money,” says Hoskinson, who will speak at Consensus 2022 next month.

CoinDesk - Unknown
2
CoinDesk - Unknown
One River’s Carbon Neutral Bitcoin ETF Rejected by SEC

It's the latest in the agency's string of rejections of spot bitcoin ETF applications.

It's the latest in the agency's string of rejections of spot bitcoin ETF applications.

CoinDesk - Unknown
3
CoinDesk - Unknown
A Second Chance: New Terra Blockchain to Launch Saturday, Tether’s USDT Now Live on Polygon

The most valuable crypto stories for Friday, May 27, 2022.

The most valuable crypto stories for Friday, May 27, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin Faces Resistance at $33K; Support at $22K-$25K

Volatility could rise, especially if another price breakdown occurs.

Volatility could rise, especially if another price breakdown occurs.

CoinDesk - Unknown