One of the main development team of Ethereum Classic (ETC), the world’s first chain-split coin of a top crypto, has announced they can no longer continue their operations. They publicly said:
“Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities.”
The team of 10 coders describes itself as the “leading Ethereum Classic development company.” They maintain ETC’s main client, Classic Geth, and have built a set of tools for coders called Emerald as well as the Emerald wallet for ordinary users.
They say they could not raise any funds, either from external investors or the ETC community fund, to continue working on ETC.
The closest to an official spokesperson for ETC said: “Ethereum Classic is not ETCDEV. Ethereum Classic is IOHK, ETC Co-op, ETC Labs, ETCDEV, and a litany of volunteers. Keep Calm, and Build On.”
IOHK is kind of the creator of Cardano, so it is more just ETC Co-op and ECT Labs. Elizabeth Kukka, Program Director at ETC Labs, said:
“Twelve projects are joining ETC Labs in San Francisco this January 2019. Teams will be announced next week if not sooner because of this mess.”
So portraying a mixed picture of: where to for ETC? The chain has now fallen in price to a level below that of the first mini-bubble in May 2017. Its market cap is down 90% from its high, now at “just” half a billion.
Ethereans don’t like it at all because it uses the name ethereum, confusing individuals who are not familiar with this space. A change of name, however, has not occurred and it does not look like there is any plan to do so.
The value proposition of this coin was as a sort of back-up, if something happens with eth or if eth takes decisions some don’t like. Early on, however, ETC devs diverged very meaningfully from ETH to the point where ETC probably won’t PoS and might not implement sharding not least presumably because they don’t have the devs to do so.
Now they’ll have even less devs, with it unclear whether ETC’s geth will be maintained or otherwise. If the latter, obviously the chain will keep running and that itself might have a value proposition as ETC would sort of naturally be set in stone, but current blockchains are “dumb.” Their design is too simple, and therefore they can not scale.
To get that dial-up to broadband and then fibre, or the version 1 blockchain to one usable at a global scale and for centuries, you need sharding and you might need rent and you might need pruning and you might need PoS and you need a lot of things.
Only eth is currently working on a world scale public blockchain for generations. Their core devs team has secured funding for years we should think. The rest probably can’t keep up. So time will tell what will be of ETC.