Ethereum, launched in 2015, is one of the world’s leading blockchain platforms and the foundation of decentralized finance, NFTs, and countless digital experiments. Unlike traditional corporations, Ethereum is not a legal entity but an open-source protocol maintained by a global community. Understanding Ethereum’s governance requires moving beyond the corporate analogy: Ethereum has no board of directors, no CEO, and no shareholders. Instead, its governance emerges from the interplay between developers, validators, users, and markets. 1. Ethereum Foundation and Core Developers At the heart of Ethereum’s ecosystem is the Ethereum Foundation (EF), a Swiss nonprofit that funds development, coordinates research, and organizes conferences like Devcon. The EF employs or funds many “core developers,” who maintain the client software that runs the Ethereum protocol. But the EF has no formal authority over Ethereum. It cannot unilaterally impose protocol changes. Its influence derives from reputation, funding, and coordination. Core developers propose changes through Ethereum Improvement Proposals (EIPs), which are publicly debated in open forums and on GitHub. 2. Validators and Node Operators Since Ethereum’s transition to proof-of-stake (the “Merge” in 2022), governance also depends on validators — participants who lock up ETH as collateral and secure the network by validating transactions. Validators run client software and effectively “vote with their nodes” on which version of the protocol to accept. If a controversial change arises, validators may reject an upgrade. This can result in a chain split or “hard fork,” where two versions of Ethereum continue in parallel. The most famous example is the 2016 split into Ethereum (ETH) and Ethereum Classic (ETC) after the DAO hack. This demonstrates that governance is ultimately based on voluntary adoption of software rules by participants. 3. Ethereum Users and ETH Holders Ethereum users — whether they hold ETH, deploy smart contracts, or use decentralized applications — have no formal governance rights tied to token ownership. ETH is not a “share” in Ethereum. Owning ETH gives economic stake (e.g., as collateral, gas fees, or staking rewards), but not shareholder-style voting rights. That said, users exercise governance through other channels: - Exit: They can migrate to alternative chains or reject upgrades. - Voice: They can influence public debate, contribute to EIPs, or support specific projects. - Market power: Their collective behavior determines which chain holds legitimacy and economic value after a fork. 4. Governance as Polycentric and Emergent Ethereum governance is often described as polycentric — multiple centers of influence rather than a single authority. - Developers write and maintain code. - Validators enforce rules by running clients. - Users and markets determine which version of Ethereum retains value. - The Ethereum Foundation plays a coordinating but not controlling role. This system resembles constitutional conventions rather than corporate governance. Consensus emerges not through formal votes but through coordination, debate, and the threat of exit (forks).