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In a tweet of a few hours, the team responsible for the development of Ethereum Classic (ETC) threw in the towel citing funding difficulties that made it difficult for them to continue operations. The tweet included a screenshot of an announcement by ETCDEV founder and CTO, Igor Artamonov, which stated the following:
As is known publicly, we have struggled to finance our operation in recent weeks. This was partly due to the collapse of the market, combined with a cash crisis in the company.
We have appealed to investors in the ecosystem as well as outside. We have also made the community fund, but in none of these cases have we been successful in securing short-term funding.
The complete tweet can be found below.
Unfortunately ETCDEV can not continue working in the current situation and must announce the arrest of our current activities pic.twitter.com/N6xWnpBNJJ
– ETCDEV (@etcdev) 3 December 2018
Does this mark the end of the road to Ethereum Classic?
Further checks on coinmarketcap.com, Because of the news, ETC has dropped 13.3% in the last 24 hours of the development team throwing in the towel. On the first Monday, ETC traded around $ 5.08. The digital asset is now valued at $ 4.52 while the news continues to reach the crypto-verse on the fate of ETCDEV.
ETC showed a much needed impulse when it was listed on Coinbase in August. However, any gains on the market have been eroded by the bear market. The announcement of ETCDEV could be the nail in the coffin that seals the fate of ETC in the markets.
A courtesy call for funding from the Community
On December 2, the ETCDEV team asked the ETC community if it was willing to contribute to the financing of operations in the development company. 59% of a total of 692 community members replied that they would NOT contribute to funding ETCDEV. Below you can find a screenshot of current results.
Who is the Ethereum Classic development team (ETC)
According to the team's website, the ETC development team is responsible for the following functions in the Ethereum Classic ecosystem.
ETCDEV is a leading company in the development of Ethereum Classic with a strong focus on decentralized processing that provides long-term support for the ETC blockchain.
The ETCDEV team maintains Classic Geth, the main client for the ETC blockchain. We have also contributed to original projects like Emerald to help others develop the ETC blockchain, Emerald Wallet for end users and SputnikVM as a stand-alone, modular, integrable and IoT-ready EVM.
What are your views on the Ethereum Classic development team that ceased operations due to funding? And is this the end of ETC? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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