Cardano founder calls Ethereum Classic “a dead project”
According to Charles Hoskinson, ETC has “no purpose or real compelling argument to exist”
07.09.2022 - 09:00
401
2 min
0
What’s new? The founder of the Cardano blockchain project Charles Hoskinson has said that the cryptocurrency Ethereum Classic (ETC) has not realized its potential and is “a dead project.” He shared his opinion on Twitter while discussing the prospects of mining cryptocurrencies on various consensus algorithms amid Ethereum’s transition to Proof of Stake (PoS).
I love how a sustainable development fund turns into a miner tax. ETC still gives me sadness for what could have been. It's a dead project with no purpose or real compelling argument to exist outside of spite. https://t.co/JxUGyLYDTu— Charles Hoskinson (@IOHK_Charles) September 5, 2022
What is known about Ethereum Classic? The cryptocurrency ETC appeared in 2016 as a result of disagreement with the Ethereum Foundation’s decision to hard fork the network to roll back the blockchain until The DAO project was hacked to compensate the affected users for their losses. Members of the Ethereum community united around the cryptocurrency and the “original” blockchain, who rejected the main network’s hard fork for ideological reasons.
What other statements have been made? According to Hoskinson, ETC causes sadness “for what could have been.” “It’s a dead project with no purpose or real compelling argument to exist outside of spite.” Supporters of Ethereum’s PoW fork, led by developer Chandler Guo, hold a similar opinion. They believe that the ETC cryptocurrency has not grown since its inception, has stagnated, and failed to create its own ecosystem.
Earlier, from August 17 to 20, Ethereum Classic’s hashrate increased from 27,56 to 38,37 TH/s, reaching its all-time high at block 15 776 674. The growth in four days was 39,22%. This could be due to the approaching Ethereum network upgrade, which is scheduled for September 15, 2022. As of September 7, 08:15 UTC, ETH ranks 18th in the CoinMarketCap rating with a capitalization of $4,68 billion. The value of the asset is $34,21, ETC lost 15,76% in 24 hours (Binance data).
Useful material?
Trends
As of January 21, the capitalization of this sector of the crypto market exceeds $519 billion
Jan 21, 2025
Market
The platform generated $9,5 million in revenue during the same time
Jan 20, 2025
Market
Shares of the Trust are designed to track the market price of XRP with fewer fees and expenses
Jan 17, 2025
Market
The asset will allow USDT to move seamlessly between different blockchains
Jan 17, 2025
Market
Earlier, the community criticized the project for its lack of transparency, which led to a sharp drop in the HYPE token price
Jan 8, 2025
Market
Rising US Treasury bond yields are negatively affecting risk assets
Jan 8, 2025