Cardano founder Charles Hoskinson criticised Ethereum Classic (ETC), noting that the project has not lived up to its potential.
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
In discussing GPU-based mining prospects after the Ethereum transition to the Proof-of-Stake protocol, one user reminded that Hoskinson had proposed a 20% tax on Ethereum Classic miners.
In response, he argued that this referred to the network’s Sustainable Development Fund. Commentators added that these funds are managed decentrally by the community.
“ETC has not grown since its birth. Over the last five to six years it has stagnated, stagnated and failed to create any ecosystem. It is quite possible that ETC will remain a giant child,” said the fork project’s developers in their reply.
In August, JPMorgan analysts conceded that Ethereum Classic could become one of the main beneficiaries of the influx of miners after the Merge in Ethereum.
The largest mining pool in the Ethereum network, Ethermine, advised users after The Merge to switch to mining other cryptocurrencies, including ETC. A similar offer was made by the Bitmain-affiliated AntPool platform.
A group of Ethereum miners led by Chandler Guo is planning to launch a network fork that would continue to operate on the Proof-of-Work algorithm. The head of the Ethereum Classic ecosystem-development group, ETC Cooperative, Bob Summerwill, approached them with an invitation to join the cryptocurrency’s network after the merge.
“ETC has not grown since its birth. Over the last five to six years it has stagnated, stagnated and failed to create any ecosystem. It is quite possible that ETC will remain a giant child,” said the fork project’s developers in response.
In early September, Ethereum Classic’s hash rate hit an all-time high of 46 TH/s. The figure stands about 19 times lower than the Ethereum network’s capacity.
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