TechFlow news, June 5 — According to The Defiant, Miles Jennings, head of policy and general counsel at a16z crypto, said in a recent blog post that the blockchain foundation model is outdated and should be phased out.
Jennings argued that nonprofit foundations, which once supported major blockchain projects like Ethereum, Solana, and Sui, now "create more friction than decentralization." He identified four key flaws: lack of accountability, absence of legal and economic constraints, operational inefficiency, and a tendency to evolve into centralized gatekeepers.
As an alternative, Jennings proposed the "standard development company" model, which he believes enables more effective capital deployment, better talent acquisition, and greater responsiveness to market forces. He suggested several mechanisms to align corporate and network incentives, including public benefit corporate structures, revenue-sharing agreements, and milestone-based token lockup programs.
