Ethereum Offers Ethereum Classic A Helping Hand



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Ethereum Classic is the Bitcoin Cash of the Ethereum blockchain. Produced as a hard fork from the original Ethereum project in 2016, the aim of Ethereum Classic was to allow developers and Ethereum fanatics to take back control of the Ethereum blockchain, allowing it to remain close to its roots and exist as an Ethereum project, with tight connections to the original Ethereum’s morals and values. According to the Ethereum Classic Website: “Ethereum Classic (ETC) is a smarter blockchain, it is a network, a community, and a cryptocurrency that takes digital assets further. In addition to allowing people to send value to each other, ETC allows for complex contracts that operate autonomously and cannot be modified or censored.” Furthermore: “This may be best explained with an analogy, imagine Bitcoin as a landline phone—it does one thing very well. ETC is like a smartphone—it can do everything Bitcoin can and much more. If the Internet was simply a bunch of interconnected computers, and didn’t have any users or creators making websites, it would be largely useless. In much the same way a blockchain needs users and creators. ETC has both and we’re working on solving real world problems of interconnecting people and their devices.” In essence, Ethereum Classic is a product that has been designed to take Ethereum one step further, without losing sight of the original aims and goals of Ethereum. Because of the nature of the hard fork, some hostility does exist between fans of Ethereum and Ethereum Classic, with many from the Ethereum Classic camp arguing that actually, Ethereum is the newer currency and that Ethereum Classic is actually the original Ethereum cryptocurrency. It gets a little complicated, but as we know similar hostility exists between Bitcoin Cash and Bitcoin too - I guess crypto-fans just like to argue, don’t they? The Ethereum Donation So despite the hostility and despite both projects being distinctly different, according to a new announcement by Virgil Griffith of the Ethereum Foundation, Ethereum’s special projects branch have made a donation of 15,000 ETC to the Ethereum Classic Cooperative, that’s just shy of $150,000.00. The Ethereum Classic Cooperative have been set up to help direct and fund the Ethereum Classic project. Known as ECC, the cooperative focus on funding the development of the Ethereum Classic project, the marketing of the project and also offer funding to community members within the project, therefore the donation made by the Ethereum Foundation will go directly into the future development of Ethereum Classic. Who are ECC? According to the ECC website: “The ECC believes that the Ethereum Classic protocol can enhance the ways that information and value are shared in a digital economy, and is committed to doing its part to realize this potential.  Featuring a flexible and intuitive smart contract programming platform that is powered by ETC, Ethereum Classic can propel the development of a global, secure, and decentralized Internet of Things. The ECC has established guidelines for the deployment of its capital across three core investment areas: (1) development; (2) marketing; and (3) community. The ECC will also introduce accountability standards that will be used to monitor the progress of its investment program.” A Spark in the ‘Ethereums’ Relationship As stated then, there has historically been hostility between Ethereum and Ethereum Classic, however in May 2018 this hostility was dampened a little when the Ethereum Foundation invited an official from Ethereum Classic to a conference, in order to sort of some of the differences between the two projects with the aim to create a plan for the future that see’s the two teams work together. According to the announcement by Griffith: “In May 2018 relations began to soften when the Ethereum Foundation invited Anthony Lusardi to speak at the EDCON conference on How ETC and ETH can work together. The Ethereum Classic Cooperative then likewise invited yours truly to speak at the ETC Summit on the same topic.” By making this donation, Ethereum are kick starting what looks to be a new and more positive relationship between the two projects, one that hopes to inspire Ethereum Classic to grow and, by the looks of it, make Ethereum look good in the process. If they didn’t want to gain some positive PR from this, then why would they make a donation of such a high value? According to Griffith: “To celebrate and foster these thawing tensions, we have decided to donate 15,000 ETC (~$150,000 USD as of this writing) to the Ethereum Classic Cooperative. This decision will undoubtedly be met by some with confusion — after all, this is funding that could go into the next wave of grants.” Why have they made this donation? Well, according to Griffith: “The Ethereum Foundation is committed to a diversity of quality, production-capable clients, and alongside new clients like Pantheon, the Mantis client is a step towards this goal. ETC and ETH is certainly one of the closest pairs in both tech stack and vision. The crypto world (including ETH and ETC) is well-capitalized and the world awaits for us to create something amazing. Meeting these expectations will not be easy. As such it is in our mutual interest to work together, wherever possible, to meet them.” Furthermore: “This donation is the Ethereum Foundation investing in a long-term positive-sum relationship with ETC. The divorce was bitter. And the narcissism of small differences will continue to raise its head within our two communities. But deep down, the ETC community will always be a part of us by both history and vision.” What does all of this mean? Well, we can’t look into this too much. It’s a sure sign that Ethereum want to help Ethereum Classic out and it’s a sign that the pair do want to start working together. Even so though, these projects are separate and quite different, therefore we can only expect things to remain this way. It means that yes, Ethereum Classic and Ethereum are working together in a way, but don’t expect any huge new products to come out as a result of this. See this donation as a friendly gesture and nothing more, a chance to build bridges and start afresh. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); });