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Chart for ETC / USD (1W)
Ethereum Classic (ETC) is a strange coin. Until recently, we talked about how it shares the same values and principles as Bitcoin (BTC). However, now all of a sudden we are comparing it with Ripple (XRP). In fact, Ethereum Classic (ETC) currently seems all like Ripple (XRP) just before its main rally last year. Let's start with the cases of use. Ripple (XRP) has decided to solve a big problem in the banking sector with the help of blockchain. Ethereum Classic (ETC) has decided to solve a big problem in the Internet of Things sector (IOT) with the help of blockchain. Both projects had dedicated teams and the likelihood that they reached what they wanted was very high.
Just like ETCDev and ETCLabs, Ripple (XRP) worked on R3 and Ripple Labs. R3 was more focused on the project and was in no hurry to push for aggressive marketing. However, Ripple Labs wanted to capitalize on the growing interest in their project so that more people invest in XRP so they can have more funds for development and growth. Similarly, ETCDev was more focused on working on the project and did not feel the urge to push for aggressive marketing. In fact, they had funding problems, but they tried to circumvent the problem. ETC Labs on the other side had different plans. The last few months have shown them that there is a growing interest in Ethereum Classic (ETC) and its Internet of Things (IOT) connection on which they can capitalize. So, they have launched a program to get more Dapp developers on board.
Chart for ETC / BTC (1W)
Now, here's the thing. Just like R3 and Ripple Labs, both ETCDev and ETCLab are loyal to the project; they want to see it work. However, their plans and methods are not aligned. ETCDev wanted to keep the project free from foreign influences so that it continued to be decentralized and unchangeable in its proper sense. On the other hand, ETCLab believed it could work with foreign players to push for greater adoption that would help the long-term project. At this point, I must say that those in it for the money have nothing to worry about. If nothing else, they should be even more confident considering what is going to happen later. However, for those of us who care about the principles, we will have to see where all this will go and if compromises are made along the way.
The situation with ETCDev that has come to light under the claim of funding problems is much larger than that. This could happen to Ethereum Classic (ETC) now, but it has happened to most other successful projects in the past. When great players see a project with great potential, they do what they can do to get it. At the moment, Ethereum Classic (ETC) is one of those projects. Igor Artamonv, CTO of ETCDev mentioned in one of his posts a few days ago that ETC Labs approached and offered jobs to most of his team members with better packages.
He also claims that Darcy Reno and other members held a meeting behind him. In short, it is not about financing; it is a change of regime. The Digital Finance Group, the major force behind ETCLabs, is backed by Foxconn and leading industry leaders such as Bo Shen and Fenbushi Capital. These people know what they are doing and have done it successfully over the years. In markets like these, sometimes this is a necessary evil that paves the way for adoption and leads the community to see the real value of a project.
