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Ethereum Foundation donates $150,000 to Ethereum Classic – the duo patch up!

Priya

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Ethereum Foundation donates $150,000 to Ethereum Classic - the duo patches up!
Source: Unsplash

On October 30, Ethereum announced a donation of 15,000 ETC to Ethereum Classic Cooperative on Ethereum Special Projects official Medium blog.

This announcement has resulted in the community claiming that the two are back after two years of break-up. Ethereum Classic is a smart contract platform which refers to itself as the original Ethereum as it still runs of the old chain. The roots of the separation go way back to the DAO hack, which resulted in the hard fork and separation of Ethereum and Ethereum Classic.

Decentralized Autonomous Organization [DAO], a smart contract which was based on Ethereum, was hacked and this could have led to the loss of over $50 million. The hacker had taken advantage of the smart contract’s split functionality. However, due to the binding contract, the hacker had to wait for 28 days to withdraw the Ether.

In pursuit of avoiding a successful hack from taking place, the only solution which remained was a hard fork after the consideration of soft fork. This eventually led to a voting system, Carbon Voting wherein the community members from essay writing service decided whether to split the network or not. A majority of the members voted in favor of a  fork, which took place on block 1.9M on July 20, 2016.

Nonetheless, the members who were against the hard fork remained on the old chain, naming it Ethereum Classic [ETC]. For almost two years the Ethereum classic showed their disdain towards the hard fork as they considered the move to be against the essential value of the blockchain.

Since then, the two communities have maintained their distance in the cryptocurrency community and also the Ethereum Foundation sold their ETC tokens in the market.

However, the Foundation now claims that their relationship has been better since May 2018, after the Foundation welcomed Anthony Lusardi, Director of ETC Cooperative, to speak about ‘How ETH and ETC can work together’ at the EDCON. This was followed by Ethereum Classic inviting Virgil Griffith to speak on the same at ETC summit.

The blog post read:



“The Ethereum Foundation and the ETC Cooperative are jointly funding Akomba Labs to build the ETH-ETC peacebridge to represent each chain’s transactions on the other. Fracticious yet semi-productive engagement between IOHK’s research team and Ethereum Research on proof of stake consensus algorithm”

In addition to this, IOHK’s Mantis will be supporting Ethereum [ETH]. The blog further added that they found over 15,000 ETC in their cold wallet during a “financial sweep”. To celebrate this event, the Foundation donated the ETC to ETC Cooperative.

Barry Silbert, Founder of Digital Currency Group, said on Twitter:

“The Ethereum Foundation just donated $150,000 (in $ETC) to the Ethereum Classic Cooperative. Thrilled to see bridges being built between the Ethereum and Ethereum Classic communities”





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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.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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