Ethereum's 'Humankind' Fiduciary Duty Pitted Against Corporate L1s' Shareholder Focus, Says Ryan Berckmans

Blockchain investor and prominent Ethereum community figure Ryan Berckmans recently articulated a sharp distinction between the foundational principles of corporate Layer 1 (L1) blockchains and the Ethereum network. In a widely circulated social media post, Berckmans asserted that while corporate L1s are bound by a fiduciary duty solely to their shareholders, the Ethereum community operates under a far broader mandate.

"Corp L1s have a fiduciary duty only to their shareholders. The ethereum community has a fiduciary duty to all of humankind, living and unborn. Plus, all of our advantages in accumulated network effects and trust/neutrality. It's no contest as to which must and will prevail," Berckmans stated. This declaration underscores a philosophical divide regarding the ultimate beneficiaries of blockchain technology.

Corporate L1s, typically centralized platforms developed and controlled by a single entity or consortium, inherently prioritize the financial interests and returns of their investors. This traditional corporate governance model dictates that their primary legal and ethical obligation is to maximize shareholder value. Legal frameworks generally reinforce this duty, ensuring that company decisions align with investor prosperity.

In contrast, Ethereum, as a decentralized and open-source public blockchain, is championed by its community for its commitment to credible neutrality and a more expansive public good. The network's design, emphasizing decentralization, censorship resistance, and permissionless access, aims to serve a global user base without bias or central control. This ethos is seen as fostering trust and neutrality, critical for a foundational layer of a new economic system.

Berckmans' argument highlights Ethereum's accumulated network effects, which derive from its vast developer ecosystem, extensive tooling, and widespread adoption across various decentralized applications (dApps). Proponents believe this broad participation and shared ownership cultivate a unique form of trust that transcends traditional corporate structures. This collective investment in the network's integrity and neutrality is viewed as a superior model for long-term societal benefit.

The statement reflects an ongoing debate within the blockchain space about the trade-offs between centralized efficiency and decentralized resilience. While corporate L1s may offer streamlined development and clear accountability, Ethereum's community argues that its decentralized nature and commitment to a universal fiduciary duty position it as the indispensable backbone for future global on-chain economies, ultimately making it "no contest" in the long run.