Charles Hoskinson, a co-founder of the Cardano blockchain protocol, finds that Ethereum Classic is a dead project. He shared this opinion while responding to a user tweet on the rejection of his recent proposal to make changes to the ETC's treasury fund. The Cardano executive recommended changing block reward allocation in a way that blocks allocate a portion of every reward to a newly created decentralized treasury. The protocol would use funds for further developments.
Related: Ethereum Classic soars in price by 300% in a week
However, the community rejected this proposal. Responding to allegations that the proposal aimed to implement miner tax and milk ETC, Hoskinson said the goal was a sustainable development fund. He added that the project makes him sad for what it could have been. According to Hoskinson, ETC is a dead project with no purpose or real compelling argument to exist outside of spite.
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
Meanwhile, Ethereum Classic continues its development. In the last 24 hours, the Ethereum Classic price increased by 19% and now hovers near $40.