New Leadership in the Ethereum Classic Community
In a move that has resonated through the cryptocurrency world, Bob Summerwill has officially stepped into the role of executive director at the Ethereum Classic Cooperative as of January 29. With this appointment, the organization aims to bolster the development and growth of Ethereum Classic (ETC), a cryptocurrency born from the chaos surrounding the infamous DAO hack in 2016.
The History of Ethereum Classic
Understanding the context of Ethereum Classic is crucial. It forks from the original Ethereum network due to conflicting viewpoints on how to handle the fallout from the DAO hack. This split has shaped the community and philosophy driving ETC today. The Ethereum Classic Cooperative now plays a pivotal role in managing the ecosystem, ensuring its stability and progress.
Summerwill’s Vision for the Future
Summerwill’s ambitious plan includes forging vital relationships to further the mission of the Ethereum Classic Cooperative. He aims to cultivate a development landscape that embraces collaboration rather than conflict. As he puts it, “I would like to heal the wounds of the past, and to help everyone get past this zero sum thinking.” This sentiment is essential, as the community strives to showcase its technical prowess over previous ideological divides.
Supporting Key Initiatives
Summerwill has expressed commitment to several key initiatives, including:
- peaceBridge: A bridge for seamless transfers between ETH and ETC networks.
- Kotti: An upcoming proof-of-authority testnet that promises to enhance the ETC infrastructure.
These initiatives are designed to enhance interoperability and foster a thriving ecosystem for developers and users alike.
Addressing Challenges in the Network
The Ethereum Classic network is not without challenges. Recently, developers have announced that a mining pool, boasting over 50 percent of the network’s hashrate, was likely engaged in “selfish mining.” This clarification came after some concerns were raised regarding a potential 51 percent attack. Coinbase had previously halted ETC transactions when a deep chain reorganization was detected. However, developers assured the community that no double spends were confirmed.
Current Status of Ethereum Classic
As of this writing, Ethereum Classic stands as the 17th largest cryptocurrency by market cap, with a trading price of $4.03, reflecting a modest 2.76 percent increase on the day. The community is hopeful that with Summerwill at the helm, both the perception and reality of Ethereum Classic will continue to improve.
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