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Ethereum Classic is the Cash Bitcoin of the Ethereum blockchain. Made as a hard fork from the original Ethereum project in 2016, the purpose of Ethereum Classic was to enable Ethereum developers and fanatics to regain control of the Ethereum blockchain, allowing it to remain close to its roots and exist as an Ethereum project, with close ties to the ethics and the original values of Ethereum.
According to the Ethereum Classic Website:
"Ethereum Classic (ETC) is a smarter blockchain, it is a network, a community and a cryptocurrency that brings digital resources forward, besides allowing people to send value to each other, ETC allows complex contracts that operate independently and not they can be modified or censored. "
"This can best be explained by an analogy, imagine Bitcoin as a landline phone: it does a very good thing ETC is like a smartphone: it can do all that Bitcoin can do and much more.
If the Internet were simply a collection of interconnected computers and did not have users or creators building websites, it would be largely useless. In much the same way a blockchain needs users and creators. ETC has both and we are working to solve problems in the real world of interconnecting people and their devices ".
Essentially, Ethereum Classic is a product that has been designed to bring Ethereum a step forward, without losing sight of the original goals and objectives of Ethereum.
Because of the nature of the hard fork, there is some hostility between fans of Ethereum and Ethereum Classic, with many of the Ethereum Classic field claiming that Ethereum is actually the most recent currency and that Ethereum Classic is actually the original Ethereum cryptocurrency. It gets a little complicated, but as we know there is such a hostility between Bitcoin Cash and Bitcoin – I imagine the crypto-fans like to argue, do not they?
The Ethereum donation
Therefore, despite the hostility and despite both projects being markedly different, according to a new announcement by Virgil Griffith of the Ethereum Foundation, the Ethereum special projects subsidiary made a donation of 15,000 ETCs to the Ethereum Classic Cooperative, which is only of $ 150,000.00.
The Ethereum Classic Cooperative was established to help direct and finance the Ethereum Classic project. Known as the ECC, the cooperative focuses on financing the development of the Ethereum Classic project, on marketing the project and also provides funding to community members within the project, so the donation made by the Ethereum Foundation will go directly into the future development of Classic Ethereum.
Who are the ECC?
According to the ECC website:
"The ECC believes that the Ethereum Classic protocol can improve the ways in which information and value are shared in a digital economy and is committed to doing its part to realize this potential. Intelligent and intuitive programming, developed by ETC, Ethereum Classic can promote the development of a global, secure and decentralized Internet of Things.The ECC has established guidelines for the deployment of its capital in three key investment areas: (1 ) development; (2) marketing; and (3) community.The ECC will also introduce standards of responsibility that will be used to monitor the progress of its investment program. "
A spark in the "Ethereums" report
As previously stated, historically there has been hostility between Ethereum and Ethereum Classic, however in May 2018 this hostility subsided a little when the Ethereum Foundation invited an Ethereum Classic official to a conference in order to distinguish some of the differences between two projects with the goal of creating a plan for the future that sees the two teams working together. According to ad by Griffith:
"In May 2018, relations began to fade when the Ethereum Foundation invited Anthony Lusardi to speak at the EDCON conference about how ETC and ETH can work together, and the Ethereum Classic Cooperative also invited you to really speak at the ETC Summit on same argument. "
By making this donation, Ethereum is ready to kick off what looks like a new and more positive relationship between the two projects, one that hopes to inspire Ethereum Classic to grow and, judging from the appearance, make sure that Ethereum Be well. If they did not want to get positive PRs from this, then why would they make such a high-value donation?
According to Griffith:
"To celebrate and foster these thaw tensions, we decided to donate 15,000 ETCs (~ $ 150,000 USD at the time of writing) to the Classic Ethereum Cooperative, which will be satisfied by some with confusion – after all, this is a loan that could go to the next wave of subsidies ".
Why did they make this donation?
Well, according to Griffith:
"The Ethereum Foundation is committed to a variety of quality and production-minded customers, and alongside new customers like Pantheon, the Mantis client is a step towards that goal – ETC and ETH are definitely one of the closest pairs in both the technology stack that in the vision.The cryptic world (including ETH and ETC) is well capitalized and the world awaits that we create something extraordinary.To meet these expectations will not be easy.As it is in our common interest to work together, as far as possible, to meet them ".
"This donation is the Ethereum Foundation which invests in a long-term positive-sum relationship with ETC. The divorce was bitter, and the small-scale narcissism will continue to raise our heads within our two communities. , the ETC community will always be a part of us for both history and vision ".
What does all this mean?
Well, we can not examine this too much. It is a sure sign that Ethereum wants to help Ethereum Classic and is a sign that the two want to start working together. Even so, these projects are separate and very different, so we can only expect things to stay that way. It means that yes, Ethereum Classic and Ethereum are working together in a sense, but do not expect that huge new products emerge as a result. See this donation as a friendly gesture and nothing else, a chance to build bridges and start over.