Cryptocurrency

Charles Hoskinson calls Ethereum Classic ‘dead project with no purpose’

Cardano (ADA) founder Charles Hoskinson has said that Ethereum Classic (ETC) is “nevertheless a dead project without a purpose to exist or a compelling argument.”

Hoskinson responded to allegations that it wanted to exploit ETC miners. His Ethereum Classic supporters on Twitter said, defendant Hoskinson tried to squeeze the network after proposing a 20% miner tax.

Hoskinson in recent times Proposed Proposed a decentralized treasury protocol and recommended setting up a development fund for ETC. In this proposal, the allocation of ETC block rewards will be changed and a portion of the rewards will be sent to the decentralized treasury protocol.

ETC miners rejected this idea on the grounds that it would reduce their rewards.

Now that users criticized Hoskinson and brought back the idea, Cardano’s founder didn’t miss an opportunity to clarify things and set his sights on ETC.

Hoskinson said the “Sustainable Development Fund” was interpreted to mean the “miners tax,” adding, “It still saddens me that it could have been ETC.”

Hoskinson’s take on ETC should come as no surprise given his history of criticizing other blockchain networks.Former Cardano founder We compared Solana (SOL) to an older Nintendo console.

Is ETC a dead project?

Hoskinson believes ETC is a dead project, but several cryptocurrency companies such as Grayscale and major mining companies AntPool disagrees with this as they invest heavily in their network.

The Ethereum Classic Trust under Grayscale has approximately $490 million in assets, and AntPool has invested $10 million to support the blockchain network ecosystem.

Separately, Ethereum (ETH) co-founder Vitalik Buterin urged miners to move to ETC because it is a “great chain” with a “welcome community.” .

Meanwhile, ETC has been one of the best performing digital assets in recent weeks. Digital assets are up more than 25% in the last 24 hours and are trading above $40.

Hoskinson recommends Ergo for proof of work miners

Charles Hoskinson is Recommended Ergo (ERG) Blockchain for Proof of Work (PoW) users said, “It is one of the few coins that are still innovating in the PoW space and have a great community.”

According to the project websitea blockchain network is a decentralized smart contract platform that guarantees economic freedom for ordinary people.

On the other hand, the PoW network will allow Ethereum miners to pivot After ETH transitions to Proof of Stake, onto its blockchain.

A recent Twitter poll revealed that most Ethereum miners intend to mine Ergo after the merger.

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