Ethereum Classic team: Our goal is to revolutionize the ETC community and to inject competition, vigor and democracy

Ethereum Classic [ETC], one of the leading projects in the cryptocurrency space, has been in the limelight of the turmoil in the community. Now, the Ethereum Classic Labs has stepped into the spotlight to tell their part of the story.

Earlier this month, one of the development teams, Ethereum Classic Development Company, released a public statement that they will be shutting down their operations. ETC Commonwealth and IOHK. ETC Commonwealth and IOHK.

The team has been working towards the development of the ecosystem since the DAO hack, which was the main cause for the split chain that resulted in the existence of Ethereum and Ethereum Classic.

The reason for shutting down the operation is stated to the inadequacy of funds by the founder and CTO of ETCDEV, Igor Artamonov. He has stated on Twitter:

"We are struggling with our funding in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company. We are looking for investors in the ecosystem as well as external to it. We also did or the community fund, but in none of those cases were we were successful in securing short term financing "

This was done by Igor speaking about the entire situation on his blog post, in addition to the GitHub situation. Few days prior to the announcement of the shutting down, the team announced that they lost control over their GitHub account, including Classic Geth, one of the main clients of Ethereum Classic.

Igor had stated that he had lost access to the funds which were procured for the development of the company. Following this, he sought assistance from the Ethereum Classic Labs, and the team that provides financial assistance for the advancement of the ecosystem, and DFG. Furthermore, he provided access to a representative of DFG, krykoder on their request, and then removed everyone's admin access.

Now, the ETC Labs team has published a statement on the incident, remarking that the team lead by Igor. Nonetheless, this was followed by the team claiming that the overall "ecosystem behind the gap and the gap between ETC and its competitors has grown wider".

They further said:

"During the past year, ETC Labs has fully supported ETCDEV, ECC and other parts of the ecosystem. However, we are sorry to have found some of these people as well as of the future of ETC, some of the most vocal people take no action, and different parties lack cooperation. ETC's lack of development. "

ETC Labs stated that prior to this, Ethereum Projects Github account had three admins apart from Igor, adding that Cody Burns was the only active one of the four of them. However, they claimed to be constructive advice. The report also stated that Burns and Igor "actually formed a highly-centralized decision-making system" because of which there were several ideas that were "rejected and wasted". They stated:

"We are aware that removing other owners would bring criticism and misunderstanding, but we're going to shoulder that, because it's truly a" now or never situation. " future of ETC, and we have absolutely zero malicious intentions. Our goal is to revolutionize the ETC community and to inject competition. "

Following which, they stated ETC Labs and Krykoder are the only admins of the Github, and that "multiple appropriate owners will be added to the democratic and decentralized ways".

They said:

"We also noticed the revolution has begun to take effect. Some people are getting busy, and we hope they are busy doing the right thing for ETC. Our congratulations to the owner of the 'new' repo as he wished, and we hope the new repo does well, for the sake of ETC "

Nonetheless, this statement also drew the Igor's attention, who said: