Ethereum Classic Is “Dead Project With No Purpose”, According To Charles Hoskinson

Ethereum Classic (ETC), according to Cardano (ADA) founder Charles Hoskinson, is a “dead project with no purpose or convincing rationale to exist outside of spite.”

Hoskinson responded in this way to claims that he sought to take advantage of ETC miners. After Hoskinson proposed a 20% miner tax, an Ethereum Classic fan on Twitter said that he was trying to take advantage of the network.

Hoskinson recently suggested establishing a decentralized treasury protocol and an ETC development fund. According to the idea, a percentage of ETC block rewards would be given to the decentralized treasury protocol.

This notion was rejected by ETC miners since it reduced their payouts.

The Cardano founder did not miss the opportunity to clarify matters and took a jab at ETC after a user brought up the concept in criticism of Hoskinson.

“A sustainable development fund” was taken to signify “a miner tax,” according to Hoskinson, who also stated that “ETC still makes me sad for what may have become.”

Given that Hoskinson has a history of attacking other blockchain networks, his opinion of ETC is not altogether unexpected. Previously, the creator of Cardano compared Solana (SOL) to an outdated Nintendo system.

Is Ethereum Classic failed endeavor?

Hoskinson believes that ETC is a dead project, but other cryptocurrency companies, like Grayscale and the largest mining company AntPool, would argue otherwise because they have invested heavily in the network.

Around $490 million of the Ethereum Classic Trust’s assets are managed by Grayscale, and AntPool contributed $10 million to the ecosystem of the blockchain network.

Vitalik Buterin, a co-founder of Ethereum (ETH), also urged miners to switch to ETC since it is a “fine chain” with a “welcoming community.”

ETC, on the other hand, has recently had one of the strongest performances among digital assets. In the last day, the value of the digital asset has increased by almost 25%, reaching a price above $40.

Ergo is suggested by Hoskinson for proof-of-work miners

For proof-of-work (PoW) users, Charles Hoskinson suggests the Ergo (ERG) blockchain because it is “one of the few coins in the PoW ecosystem still innovating and has a strong community.”

The blockchain network is a decentralized smart contract platform that guarantees the economic liberty of regular people, according to the project website.

After ETH switches to proof-of-stake, the PoW network has urged Ethereum miners to switch to its blockchain.

According to a recent Twitter survey, the majority of Ethereum miners want to continue mining Ergo after the Merge.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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