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The Ethereum Classic Cooperative (ETC Cooperative for short) has just released the latest semi-annual progress report to help Ethereum Classic grow and become an excellent choice for DApp manufacturers. In the report, the group claims that they currently have an excess liquidity reserve and are actively using it to draw attention to the project through sponsorships and by hiring developers to make improvements among other things. Their follow-up on social media has more than doubled and daily transaction rates are on the rise.
State of the ETC Blockchain
Here's how we're improving $ ETC
Too much for a tweet, so take a look at the full report with your eyes.
Full report: https://t.co/LkPKoLlxqu
Announcement: https://t.co/UOqiHxGhAG https://t.co/dbu6HLBake
– ETC Cooperative (@ETCCooperative) 9 July 2018
Just like the classic speech on the state of the union given by the president of the United States, the ETC Cooperative publishes a report every six months describing in detail their successes, failures and their plans for the future. Ethereum Classic was a hot topic in cryptocurrency in the last few weeks after the announcement that Coinbase would list the resource in the near future.
The ETC Cooperative is, in many ways, similar to the Ethereum Foundation headed by important people such as Vitalik Buterin. Under the leadership of Anthony Lusardi, the cooperative is about to become a US nonprofit organization that will potentially allow them to receive tax-deductible donations in the near future if they succeed with the deposit.
According to the report, the group has a positive annual cash flow of $ 375,000 and is currently sitting on a USD $ 700,000 cash reserve.
Grow green
Most of the report is dedicated to what the team has done, what they are doing and areas they feel they need to develop. It also describes how they are spending their budget, including the donations they have received. Let's go over some of these points now.
successes
The goal of the cooperative is to support the "community, development and marketing efforts within the Ethereum Classic ecosystem" of the ETC with the intention of improving it "by removing pain and obstacles that interfere with current and future ETC users. "
With this in mind, the group notes that the social media follow-up has grown significantly, with their sub-accounts Reddit and Twitter recording increases of up to 70%. The blockchain itself saw a 175% increase in average transactions per day, or around 47,000 per 24 hours. For some contexts, Ethereum sees about 10 times that sum every day.
Read also: Beginners Guide on Ethereum Vs. Ethereum Classic
The report also includes a list of improvements made by the group to the technology behind the blockchain.
Specifically, many developments have been made on the etherhub.io site, improvements have been made to the startup nodes and a system has been developed that will help key stakeholders to receive alerts on when critical updates are published. The team also revamped its main website, EthereumClassic.org, and launched a new EthereumClassicAsia.org website designed to specifically provide mother tongue information for China, Japan and South Korea.
failures
The report also mentions a number of areas with the project that are "not kept in question".
Among these, the lack of multiple-block explorers, the coordination of updates with miners and exchanges was not fluid, the main site was obsolete until recently, a number of language groups were "undervalued" and perhaps above all " ETC was largely seen as separate from the wider community of Ethereum. "
Perhaps it is the last one that is the most touching. In fact, if Ethereum Classic is able to get in touch with the existing Ethereum community, such as developers and entrepreneurs, it might be easier for them to encourage more projects to use them as it offers a range of financial and technological benefits on Ethereum due partly due to the fact that the chain is in some way underutilized when it comes to decentralized applications.
One of the main advantages of Ethereum Classic is that any code written for Ethereum can work exactly the same way within Ethereum Classic, and therefore developers who already have skills in developing Ethereum already have these skills needed to write software or contracts for ETCs
Plans for the future
The report then describes the six main objectives on which the group will focus on its next six-month timeline.
These objectives include completing ongoing programs, increasing awareness and marketing efforts, improving contact with different language groups, developing a working relationship with a number of sectors that could benefit from the & # 39; use of ETCs, creating closer links between different ETC groups and recruiting more staff to support additional projects.
In other words, if you are looking for a job in the blockchain space, you could take a look at the ETC Cooperative.
The report ends by stating that the group has received a "generous donation" from Digital Finance Group and Grayscale, an investment company that manages the Ethereum Classic Investment Trust. The group has the goal of receiving $ 1.75 million in donations for the year, of which they claim to have already received half.
Final thoughts
Ethereum Classic has come a long way since it was born. It went from something that was worth only a few cents each, to something that is somehow becoming a stellar child for many in the world of cryptocurrencies.
But it's not all sun and roses, however, as Ethereum Classic still has a long way to go if you want to catch up with its much larger cousin. By all accounts, it seems that the ETC Cooperative's goal is not to defeat or overthrow Ethereum, but rather to find its own unique space in the growing blockchain sector.
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