The Future Coin

Bitcoin

$31,178.59

BTC -2.62%

Ethereum

$1,295.48

ETH -3.16%

XRP

$0.25

XRP -4.36%

Litecoin

$124.86

LTC -6.60%

EOS

$2.53

EOS -3.29%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Press Releases

Ethereum Classic Collective Board Member Resigns, Withdraws Funding

by The Future Coin
May 2, 2020
in Press Releases
0
Ethereum Classic Collective Board Member Resigns, Withdraws Funding
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

  • A board member of the Ethereum Classic Cooperative has resigned
  • The board member, James Wo, said his resignation is due to disagreement with the organization’s executive director Bob Summerwill 
  • Ethereum Classic Cooperative is a Digital Currency Group-backed research organization focusing on the development of Etheruem Classic

A board member of Ethereum Classic Collective (ECC) announced today that he decided to leave his post at the nonprofit research organization that focuses on the Ethereum Classic Network.

“I regret to say that, as a matter of principle, I must resign from the Board, effective immediately, because of gross mismanagement. I have reluctantly concluded that the executive director, Bob Summerwill, lacks the integrity and judgment needed to build the organization,” the board member James Wo wrote in a statement.

Wo, who is also the founder of another Ethereum Classic research group Ethereum Classic Labs, was one of the three board members of ECC, with the other two being Digital Currency Group CEO Barry Silbert and Cody Burns, a long-term Ethereum core supporter and manager of blockchain architecture at Accenture.

Besides resigning from the board, Wo will also discontinue the financial support to ECC in 2019 and 2020, although he claimed he “provided significant funding” in 2018, per the statement.

Wo’s statement was published hours after the Ethereum Classic network’s miner subsidy was cut from 4 ETC to 3.12 ETC per block. The change took place around 2 a.m. EST.

”James quitting ECC [will have a] big impact. He’s one of the few strong supporters after ETC went quiet after 2017,” said China-based ETC community member Chao Du.

“The Asia-side is mainly supported by James. The America side is mainly Terry promoting some cooperation with Ethereum,” Chao continued, referring to Ethereum Classic Labs CEO Terry Culver.

The allegations

Wo said that his resignation is solely due to what he alleged as incompetence and mismanagement on the part of Summerwill. In the statement, Wo accused Summerwill of nepotism, failing to meet the basic goal of expanding the ECC funding, pursuing a personal agenda at the organization’s expenses, among other things.

“There is a lack of transparency about the budget, operations, and programs. There is consistent mismanagement of finances, including funding for pet projects that have little value, and constant travel expenses that seem more personal than professional,” Wo wrote. 

Among the allegations outlined in the statement, Wo noted that Summerwill’s supporting for shift the existing Proof-of-Work mining algorithm Ethhash to SHA3 as an example of him pursuing a personal objective, which, in this case, is to do the opposite of Ethereum regardless of the consequences.

Summerwill is said to continuously push for this shift even though the community did not reach an agreement on it during a discussion in November last year. Based on a screenshot Summerwill sent to a group chat titled #Core in February and reviewed by The Block, Summerwill described the next hard fork as including the SHA3 proposal, although Wo said this proposal was not discussed nor agreed upon.

Transparency?

Meanwhile, Summerwill has allegedly not provided Wo or the board with any financial reports. Nonprofit organizations in the U.S. are required by laws to file Form 990 to the Internal Revenue Service to maintain its tax exemption status.

ECC filed the form for 2018 and Wo said this is the only report available to him. However, ECC did publish mid-year and end-of-year reviews for 2018 that stated that its had $530,000 in cash at the end of 2018.

In January, Grayscale Investments, a subsidiary of DCG, announced that it will extend its financial support for ECC for another two years. Since 2017, the firm has donated around $1 million to the organization. In the latter half of 2018, the firm donated $250,000, with 15,000 ETC registered as other contributions, according to ECC’s end of year report for 2018.

It is unclear whether some of the 15,000 ETC is Wo’s contribution, as he stated that he “provided significant funding to the ECC in 2018 and was prepared to do so in 2019-2020.”

Meanwhile, ECC promised to publish a full-year transparency report for 2019 by March 2020 when the Grayscale announcement was made, although the report cannot be found on the ECC website.

“I don’t make this decision lightly. I respect Bob’s experience. But I cannot, in good conscience, continue to be associated with an organization whose executive director divides our community, lacks integrity, and is only looking out for himself. The Coop needs an experienced and professional leader who can collaborate with others,” Wo wrote.

Source link

EDITOR’S CHOICE

WATCH: Top cryptocurrency trends in 2021, according to the Cointelegraph crew

OKCoin Becomes First Major Exchange to Support Blockchain Domain Names

DeFi users shouldn’t wait idly for Eth2 to hit its stride

As Bitcoin ETFs stall, a new $180M crypto trust fund from Ninepoint goes public

Five Biggest Altcoin Gainers From Jan. 18 – 25

n-Tier Announces its Consensus-Based Reference Data Blockchain Solution

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 30,776.00
ethereum
Ethereum (ETH) $ 1,270.97
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 15.51
ripple
XRP (XRP) $ 0.253477
cardano
Cardano (ADA) $ 0.315777
chainlink
Chainlink (LINK) $ 21.11
litecoin
Litecoin (LTC) $ 123.31
bitcoin-cash
Bitcoin Cash (BCH) $ 379.96
binancecoin
Binance Coin (BNB) $ 40.77
usd-coin
USD Coin (USDC) $ 1.00
stellar
Stellar (XLM) $ 0.240560
uniswap
Uniswap (UNI) $ 15.03
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 30,752.00
aave
Aave (AAVE) $ 281.45
bitcoin-cash-sv
Bitcoin SV (BSV) $ 161.43
eos
EOS (EOS) $ 2.53
monero
Monero (XMR) $ 129.56
havven
Synthetix Network Token (SNX) $ 15.86
nem
NEM (XEM) $ 0.235289
tezos
Tezos (XTZ) $ 2.79
tron
TRON (TRX) $ 0.028576
theta-token
Theta Network (THETA) $ 2.02
celsius-degree-token
Celsius Network (CEL) $ 4.74
vechain
VeChain (VET) $ 0.027032
cosmos
Cosmos (ATOM) $ 7.04
dai
Dai (DAI) $ 1.00
compound-ether
cETH (CETH) $ 25.39
neo
NEO (NEO) $ 21.19
crypto-com-chain
Crypto.com Coin (CRO) $ 0.064985
okb
OKB (OKB) $ 5.30
binance-usd
Binance USD (BUSD) $ 1.00
leo-token
LEO Token (LEO) $ 1.32
cdai
cDAI (CDAI) $ 0.020989
maker
Maker (MKR) $ 1,360.83
compound-usd-coin
cUSDC (CUSDC) $ 0.021493
iota
IOTA (MIOTA) $ 0.394742
huobi-token
Huobi Token (HT) $ 5.51
filecoin
Filecoin (FIL) $ 21.45
dash
Dash (DASH) $ 97.84
solana
Solana (SOL) $ 3.71
dogecoin
Dogecoin (DOGE) $ 0.007446
compound-governance-token
Compound (COMP) $ 225.86
sushi
Sushi (SUSHI) $ 7.42
avalanche-2
Avalanche (AVAX) $ 11.39
zcash
Zcash (ZEC) $ 80.99
ftx-token
FTX Token (FTT) $ 9.62
kusama
Kusama (KSM) $ 95.80
yearn-finance
yearn.finance (YFI) $ 28,349.00
ethereum-classic
Ethereum Classic (ETC) $ 6.99