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Ethereum Classic’s ETCDEV comes to an end after two and a half years of service




Ethereum Classic's ETCDEV comes to an end after two and half years of service
Source: Unsplash

Ethereum Classic [ETC], one of the leading cryptocurrencies and smart contract platform, is back in the limelight. However, since the past few days, the news the coin is related to has only been unpleasant. Now, Ethereum Classic Development company has released a statement on their Twitter handle stating that they would be shutting down their current activities. Additionally, this news comes to light a few days after they posted a statement related Classic Geth’s security.

Igor Artamonov, Founder and CTO of ETCDEV said on Twitter:

“It is with great regret that I communicate the shutdown of ETCDEV current activities related to Ethereum Classic, effective immediately. As is publicly known we have struggled with funding our operations in the last few weeks.”

Artamonov went on to say that the main reason they failed to raise funds was because of the market crash. He further stated that the company’s cash crush is also an added factor. The announcement also stated that they were unable to secure short-term funds despite appealing to investors inside and outside the ecosystem, along with doing a community fund.

ETCDEV was a development company built on the Ethereum Classic platform. The team was responsible for maintaining the main client of Ethereum Classic, Classic Geth. The other projects included Emerald, Emerald wallet, and SputnikVM.

The development team has been maintaining Classic Geth since the famous DAO fork occurred, resulting in ETC and ETH. However, Artamonov recently stated that they lost admin control of Ethereum Classic community organization along with Classic Geth.

On the same day, the Founder stated:

“We wish to announce that ETCDEV is currently experiencing an attempt to takeover all of its properties, including code, and an attempt to poach our developers, which we are trying to prevent.”

This was followed by Artamonov speaking about the whole situation on his Medium blog titled, ‘On the Attempt to Take Over Ethereum Classic [ETC]’. In the post, Artamonov claimed that he lost access for funds which were meant to be utilized for the development of ETCDEV, succeeding which he approached ETC Labs and DFG for financial assistance.

Furthermore, the Founder claimed that he provided access to krykoder, a representative of DFG, because of their request. However, the representative removed access of all the other admins and has been accused of copying all the ETCDEV projects into his own repository.

He said:

“Removing an admin is not a simple operation. GitHub asks for a special confirmation and password, and it has to be done several times, and for each admin. This can’t be done by mistake as ETC Labs, together with ETC Coop, are trying to portray no”

Additionally, according to Artamonov, ETC was under a social attack and that it is orchestrated by ETC Labs and DFG.

DerSchorsch, a Redditor said:

“ETC never had any genuine usage to begin with apart from serving as a pump and dump by Barry Silbert / Digital Currencies Group.”

Wantedtogetinvolved, another Redditor said:

“Completely shilled by Charles Hoskinson who made of Eth classic was doing amazing things when if fact they were struggling Makes me wonder if Cardano is even a legit project or just a phantom webpage with a good visual update page”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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