Cardano’s CEO joins the Board of Directors of the Ethereum Classic Cooperative

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Cardano's CEO joins the Board of Directors of the Ethereum Classic Cooperative
Cardano's CEO joins the Board of Directors of the Ethereum Classic Cooperative

Ethereum Classic Cooperative the non-profit organization that advocates the adoption of Ethereum Classic (ETC) has announced the decision to add Cardano founder Charles Hoskinson to its Board of Directors.

Cardano’s CEO Staunch Support of the Project Since 2016

Hoskinson is a co-founder of the Ethereum blockchain and has been a staunch supporter of Ethereum Classic since the hard fork in 2016.

Hoskinson joins existing members such as Digital Currency CEO Barry Silbert, ETC veteran Cody Burns. In 2018 he was a member of the initial advisory committee of the ETC Cooperative. According to a statement from ETCC,

“Charles needs little introduction within the ETC community, given his long-standing support for the ETC ecosystem all the way back to 2016. He laid out IOHK’s first commitments in the immediate aftermath of the DAO fork and the birth of ETC.”

The co-founder of IOHK has been an integral part of the ETC journey since ETC was founded in 2016. Even the initial promise of the agreement, after the DAO hard fork, was written down by Hoskinson, sustainability and stability. “

In addition, the development team behind Hoskinson’s creative Cardano also formed a development team called the Grothendieck Team, which created a client especially for the ETC community in 2017 and eliminated the myths associated with it. The Mantis client was developed to bring important integrations and functions into the network and to make it comparable to modern networks.

Although the client was deactivated shortly after it was handed over to the ETC community, IOHK brought it back to life in late 2020. The new Mantis is supposed to offer the network “unrivalled levels of assurance, security, and usability”.

After repeated 51% attacks on the network made it unsafe and risky in the eyes of existing and potential investors, this played a role in mitigating the damage. This loophole stems from ETC’s commitment to proof-of-work consensus, even though its counterpart Ethereum is turning to the proof of stake.

Hoskinson’s First Proposal was Rejected

Interestingly, Hoskinson’s original proposal to save the community was rejected after these attacks because they maintained a strong front. After the ETC community rejected his proposal to build a decentralized vault system similar to Cardano, the math genius commented:

“It’s not worth my company’s time or our strategies to pivot for a grant or a one-off payment to go and bail us out.”

His first proposal for the funding system was rejected by other developers who believed that cutting rewards for miners would force them to withdraw from the network. Nevertheless, an original financial system was implemented together with the new Mantis customer, which offers stable income and funds for future developments and innovations.

Magneto is now focusing on optimizing gas charges and transactions while ensuring network security. The hard fork is set to happen on July 21st, and analysts are hoping that this will be the bane of falling token prices. At the time of writing, ETC has moved to 19th place on CoinMarketCap and is trading at a price of $48.75. It is down 14% in the past week and is more than 70% below the ATH in May.