In addition to the attacks that its blockchain is currently undergoing repeatedly, the Ethereum Classic (ETC) community is experiencing deep unease over a proposal made by Charles Hoskinson, founder of Cardano (ADA) and co-founder of Ethereum (ETH). His idea of providing Ethereum Classic with a decentralized treasury protocol did not enjoy the approval of all members of the community. What are the reasons for such a divide?
Hoskinson’s proposal for the treasury protocol
On the occasion of a call broadcast on Discord, Charles Hoskinson presented to the community Ethereum Classic (ETC), his idea relating to the decentralized treasury protocol. This idea is to establish an independent source of funding for development and innovation to ensure the prosperity of the community..
The main point of his proposal is to change the bulk award process for theETC. Instead of these rewards being allocated entirely to the miners in the network, a portion of each will be allocated to a newly created decentralized treasury. This cash will then be used to finance the future development of the ecosystem and foster innovation at the community level.
For Hoskinson, this would be one of the most effective ways to improve the image of theETC to the public and attract many more minors. Otherwise, Hoskinson announced that the management of this decentralized treasury protocol would fall to one of its companies: IOHK.
A proposal far from unanimous
The proposal of Hoskinson was not really well received in the community ETC. The idea that the initial projects can all be led by IOHK, was generally decried by the historical executives of ETC, particularly straddling the independence of the project. In addition, several members noted that a reduction in rewards would lead to an exodus of minors.
Faced with all these differences, Hosinson reiterated that the implementation of his proposal is only intended to increase the stability and prospects of theETC. According to him, this will be a way to provide benefits to both stakeholders and miners, through a more stable and predictable system. Better still, the proposed protocol is fully verifiable and has no significant influence on the performance of theETC.
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These proposals, already variously perceived a few weeks ago by a community in the midst of dissension, risk being even more inaudible even as Ethereum Classic has suffered a third 51% attack, leaving more than ever in doubt about its future.
In the crypto-bath since 2017, both far too late but far enough early from the point of view of my future grandchildren ????
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