Cardano founder Charles Hoskinson has criticized Ethereum Classic (ETC), noting that the project has not lived up to its potential.
I love how a sustainable development fund turns into a miner tax. ETC still gives me sadness for what could have been. It’s a dead project with no purpose or real compelling argument to exist outside of spite. https://t.co/JxUGyLYDTu
— Charles Hoskinson (@IOHK_Charles) September 5, 2022
While discussing the prospects for mining cryptocurrencies using GPUs after the transition of Ethereum to the Proof-of-Stake (PoS) algorithm, one of the users recalled that Hoskinson proposed introducing a 20% “tax” on Ethereum Classic miners.
In response, he retorted that we are talking about a fund for the sustainable development of the network. The commentators added that these funds are managed in a decentralized manner by the community.
“ETC still makes me sad about what it could have become. This is a dead project that has no purpose or really strong arguments to exist, except for evil, ”said Hoskinson.
In August, JPMorgan analysts assumed that Ethereum Classic would be one of the main beneficiaries of the influx of miners after the Ethereum merger.
The largest mining pool on the Ethereum network, Ethermine, recommended that users after The Merge switch to mining other cryptocurrencies, including ETC. Bitmain-affiliated AntPool made a similar offer.
A group of Ethereum miners led by Chandler Goh intends to launch a fork of the network, which will continue to work on the Proof-of-Work algorithm. Bob Summerville, head of the ETC Cooperative behind the development of the Ethereum Classic ecosystem, approached them with a proposal to connect to the cryptocurrency network after the merger.
“ETC hasn’t grown since it was born. Over the past five or six years, it has froze, stagnated and has not been able to create any ecosystem. It is quite possible that ETC will remain a giant child, ”the developers of the fork project said in a response.
Recall that in early September, the Ethereum Classic hashrate updated its historical maximum at around 46 TH/s. The indicator is approximately 19 times less than the capacity of the ether network.
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