Charles Hoskinson, the founder of Cardano (ADA), has stated that Ethereum Classic (ETC) is a “dead project with no purpose” or convincing rationale to exist other than spite.
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
This was Hoskinson’s answer to claims that he intended to abuse ETC miners. After proposing a 20% miner tax, one Ethereum Classic supporter on Twitter accused Hoskinson of attempting to milk the network.
Recently, Hoskinson presented a decentralised treasury protocol and suggested establishing an ETC development fund. The proposal would modify the distribution of ETC block rewards, with a portion of the award flowing to the decentralised treasury protocol.
ETC miners rejected this proposal because it would have reduced their payouts.
Now that a user has reintroduced the notion in an attempt to criticise Hoskinson, the inventor of Cardano has used the opportunity to explain matters by aiming at ETC.
According to Hoskinson, a sustainable development fund was misunderstood to imply a miner tax;, ETC still makes me him regret what may have been.
Hoskinson’s view on ETC is not altogether unexpected due to his history of criticising previous blockchain networks. Previously, the inventor of Cardano compared Solana (SOL) to an older Nintendo system.
Is ETC a dead project?
Several crypto corporations, including Grayscale and mining behemoth AntPool, would disagree with Hoskinson, given that they have made significant investments in the network.
Grayscale manages around $490 million in Ethereum Classic Trust assets, while AntPool donated $10 million to maintain the blockchain network’s ecosystem.
Vitalik Buterin, the co-founder of Ethereum (ETH), advised miners to switch to ETC since it is a good chain with a welcoming community.
ETC has been one of the best-performing digital assets in the past several weeks. In the past twenty-four hours, digital asset prices have increased by more than 25% to over $40.
Hoskinson suggests Ergo to miners with proof of work.
Charles Hoskinson suggested the Ergo (ERG) blockchain to proof-of-work (PoW) users, stating that it is one of the few currencies in the PoW field that is still developing and has a good community.
According to the project’s website, the blockchain network is a decentralised smart contract platform that secures the economic independence of regular people.
Meanwhile, the PoW network has asked Ethereum miners to switch to its blockchain following the migration of ETH to proof-of-stake.
According to a recent Twitter survey, most Ethereum miners want to mine Ergo following the Merge.