{"id":27859,"date":"2018-12-04T00:12:52","date_gmt":"2018-12-03T23:12:52","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=27859"},"modified":"2018-12-04T07:03:31","modified_gmt":"2018-12-04T06:03:31","slug":"ethereum-classic-etc-development-team-shuts-down-operations-due-to-funding","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/ethereum-classic-etc-development-team-shuts-down-operations-due-to-funding\/","title":{"rendered":"Leading Ethereum Classic (ETC) Development Team Shuts Down Operations Due to Funding"},"content":{"rendered":"<p style=\"text-align: justify\">In a tweet only hours old, one of the leading teams furthering the development of Ethereum Classic (ETC), threw in the towel citing funding difficulties that made it hard for them to continue operations. The tweet included a screenshot of the announcement from ETCDEV&#8217;s founder and CTO, Igor Artamonov, that stated the following:<\/p>\n<blockquote><p>As is publicly known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company.<\/p>\n<p>We appealed to investors in the ecosystem as well as external to it. We\u00a0also did the community fund, but in none of these cases were we successful in securing short-term financing.<\/p><\/blockquote>\n<p style=\"text-align: justify\">The full tweet can be found below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities <a href=\"https:\/\/t.co\/N6xWnpBNJJ\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/N6xWnpBNJJ<\/a><\/p>\n<p>&mdash; Emerald (@getemerald) <a href=\"https:\/\/twitter.com\/getemerald\/status\/1069625401515872256?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">December 3, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4 style=\"text-align: justify\"><strong>Who is ETCDEV?<\/strong><\/h4>\n<p style=\"text-align: justify\">According to <a href=\"https:\/\/www.etcdevteam.com\/\" rel=\"nofollow noopener\" target=\"_blank\">the team&#8217;s website<\/a>, the ETC Development team is responsible for the following functions in the Ethereum Classic ecosystem.<\/p>\n<blockquote>\n<p style=\"text-align: justify\">ETCDEV is a leading Ethereum Classic development company with a strong focus on decentralized computing providing long term support for the ETC blockchain.<\/p>\n<p style=\"text-align: justify\">The ETCDEV team maintains\u00a0Classic Geth, the main client for the ETC blockchain. We also contributed original projects, such as\u00a0Emerald\u00a0to help others develop on the ETC blockchain,\u00a0Emerald Wallet\u00a0for end users, and\u00a0SputnikVM\u00a0as a standalone, modular, embeddable and IoT ready EVM.<\/p>\n<\/blockquote>\n<h4 style=\"text-align: justify\"><strong>A Polite Plea for Funding From the Community<\/strong><\/h4>\n<p style=\"text-align: justify\">On the 2nd of December, the team at ETCDEV had asked the ETC community if they would be willing to help fund operations at the development company. 59% of a total of 692 community members responded that they would NOT contribute to fund ETCDEV. A screenshot of the current results of the poll can be found below.<\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/ethereumworldnews.com\/wp-content\/uploads\/2018\/12\/ETCDEV-Tweet.jpg\"><img decoding=\"async\" width=\"570\" height=\"263\" class=\"wp-image-27873 size-full\" src=\"https:\/\/ethereumworldnews.com\/wp-content\/uploads\/2018\/12\/ETCDEV-Tweet.jpg\" alt=\"\" title=\"\" srcset=\"https:\/\/ethereumworldnews.com\/wp-content\/uploads\/2018\/12\/ETCDEV-Tweet.jpg 570w, https:\/\/ethereumworldnews.com\/wp-content\/uploads\/2018\/12\/ETCDEV-Tweet-300x138.jpg 300w\" sizes=\"(max-width: 570px) 100vw, 570px\" \/><\/a><\/p>\n<h4 style=\"text-align: justify\"><strong>Other ETC Development Teams<\/strong><\/h4>\n<p style=\"text-align: justify\">ETCDEV is one of many Ethereum Classic development teams. There is also, IOHK (Grothendieck), Ethereum Commonwealth,\u00a0<a href=\"https:\/\/www.etclabs.org\/\" rel=\"nofollow noopener\" target=\"_blank\">ETC Labs<\/a> and ETC Cooperative.<\/p>\n<ul style=\"text-align: justify\">\n<li><strong> IOHK (Grothendieck)<\/strong> -a motivated group of math and science-driven engineers and developers. At the forefront of team\u2019s development is Mantis which easily connects to the IOHK Daedalus Wallet UI, allowing users to easily manage their ETC<\/li>\n<li><strong>ETC Labs<\/strong>&#8211;\u00a0provides funding, industry connections, and office space to\u00a0burgeoning ETC projects; with office space in San Francisco and Singapore<\/li>\n<li><strong>ETC Cooperative<\/strong> &#8211;\u00a0created to financially support the growth and development of Ethereum Classic by funding three key aspects of the ETC ecosystem: development, marketing, and community<\/li>\n<li><strong>Ethereum Commowealth<\/strong> &#8211;\u00a0works on multiple blockchain projects including ETC and currently maintains Classic Ether Wallet<\/li>\n<\/ul>\n<p style=\"text-align: justify\">More on the teams can be found on <a href=\"https:\/\/ethereumclassic.org\/teams\/\" rel=\"nofollow noopener\" target=\"_blank\">the Ethereum Classic website<\/a>.<\/p>\n<h4 style=\"text-align: justify\"><strong>Does This Mark the End of The Road for Ethereum Classic?<\/strong><\/h4>\n<p style=\"text-align: justify\">Further checking <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum-classic\/\" rel=\"nofollow noopener\" target=\"_blank\">coinmarketcap.com<\/a>, <strong>ETC has fallen 13.3% in the last 24 hours. <\/strong>The drop in value might be a mix of the current bear market and the reaction to the news\u00a0of the development team throwing in the towel. Early Monday found ETC trading at around $5.08. The digital asset is now valued at $4.52 as news continues to reach the crypto-verse about the fate of ETCDEV.<\/p>\n<p style=\"text-align: justify\">ETC had shown some much needed momentum when it was<a href=\"https:\/\/ethereumworldnews.com\/coinbase-pro-launches-ethereum-classic-support\/\"> listed on Coinbase<\/a> this August. However, any market gains have been eroded by the bear market. The announcement by ETCDEV might also have a lingering effect on ETC as the other development teams strive to continue working on the project.<\/p>\n<p style=\"text-align: justify\"><strong>What are your thoughts on the Ethereum Classic Development Team ceasing operations due to funding? Please let us know in the comment section below.\u00a0<\/strong><\/p>\n<p style=\"text-align: justify\"><strong><em>Disclaimer:<\/em><\/strong><em> This article is not meant to give financial advice. Any additional opinion herein is purely the author\u2019s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a tweet only hours old, one of the leading teams furthering the development of Ethereum Classic (ETC), threw in the towel citing funding difficulties that made it hard for them to continue operations. The tweet included a screenshot of the announcement from ETCDEV&#8217;s founder and CTO, Igor Artamonov, that stated the following: As is publicly known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":27871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,825,947,823],"tags":[65,83,1322,2099],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/27859"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=27859"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/27859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/27871"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=27859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=27859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=27859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}