Removing Nakamoto As Founding Member - Essay Example

Bruce Fenton suggested the removal of Nakamoto as a founding member

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The new executive director of Bitcoin Foundation, Bruce Fenton has suggested to remove the Bitcoin creator Satoshi Nakamoto as a founding member, in the recently published roadmap for the Bitcoin Foundation.

Though Fenton called for the removal of all the founding members from the organization, he especially wanted Nakamoto’s removal stating his inclusion as “not accurate”, arguing that he or she was never involved in the creation of the organization.

Right now, though it is largely a symbolic title, the move would also strip Gavin Andresen, Peter Vessenes, Charlie Shrem, Roger Ver, Patrick Murck and Mark Karpeles of the distinction.

The remarks made by Fenton suggest that the intent of the change would be to underscore that the Bitcoin Foundation is a decentralized network, one that he believes should work to avoid venerating individuals over collective goals.

Bruce Fenton stated, “Overall, we should reduce power of individuals but work to remain effective using decentralization, crowd funding and other means.”

Prominently, the presentation marks the second time Fenton has mentioned the enigmatic creator of bitcoin during his tenure, following his first tweet in the position reminding Nakamoto that “per the bylaws she has a board seat per bylaws, if she produces a PGP key.”

The remark received a warm reception given the frequent portrayal of the unknown founder as a male and the recent criticisms in the media regarding the bitcoin’s largely male following.

Fenton started the presentation by looking to set the record straight on the organization by seeking to emphasize how it does not control or represent bitcoin as often it is portrayed in the media.

He sought to illustrate how he is attempting to make the foundation more transparent and democratic, having already released the financial records for the nonprofit on 17th of April and enabled a board chair to be appointed by election at the suggestion of a member.

Going forward, Fenton mentioned that he would seek to continue this emphasis on transparency, stating that IRS forms would be released along with items such as the organization’s executive compensation and travel policy.

Additional proposals includes the plans to re- use Swarm, a company that launched a decentralized crowd funding platform in the year 2014, to conduct blockchain- based voting in foundation elections and using Factom, a data layer for the blockchain, to secure foundation records to the bitcoin blockchain.

A full copy of the presentation can be found here.