Ethereum (ETH) Unexpectedly Donates $150k to Ethereum Classic (ETC)


There has been no love lost between the foundations attached to the Ethereum (ETH) and Ethereum Classic (ETC) projects after the two forked back in July 2016 in the fallout of a hacking event that called into question the true nature of blockchain decentralization.

Now, in what can be considered a fairly surprising move, the Ethereum Foundation has made a $150,000 donation in ETC to the ETC Cooperative.

According to the announcement, the donation is intended to help grow the relationship between the two foundations, while supporting Ethereum Classic’s development efforts.

“Beyond our usual unicorn benevolence, this is an opportunity to bury the hatchet between our two communities. Will ETH and ETC suddenly become best friends? Probably not. But if you look at the top 25 coins, ETC and ETH is certainly one of the closest pairs in both tech stack and vision,” said Ethereum’s Virgil Griffith in the announcement. “As such it is in our mutual interest to work together, wherever possible, to meet them. This donation is the Ethereum Foundation investing in a long-term positive-sum relationship with ETC.”

However, not all members of the Ethereum Classic community find this move to be genuine. For instance,¬†Donald McIntyre, who’s involved with the business development of ETCDEV, an Ethereum Classic development group unattached to the ETC Cooperative, had some choice words regarding the donation.

Interestingly, the Ethereum Foundation cited a number of technologies in the announcement that are not actually being developed by the ETC Cooperative but are the products of ETCDEV. It is currently unclear whether or not the Ethereum Foundation team understood that prior to the donation.

ETH and ETC are currently ranked 2nd and 15th, respectively, in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Ethereum Special Projects announces 15,000 ETC donation to Ethereum Classic Cooperative

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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