Odaily Frontline | The production cut was only a few hours, and the ETC community was shocked by "infighting"

Azuma

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@azuma_eth

2020-03-17 23:55 (UTC+8)

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ECC board member James Wo has announced his departure and will stop funding the organisation.

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ECC board member James Wo has announced his departure and will stop funding the organisation.

This article comes fromThe Block, original author: Celia Wan

Odaily Translator |

This article comes from

, original author: Celia Wan

Ethereum Classic Collective (ECC) board member James Wo announced today that he has decided to leave the non-profit research organization focused on the Ethereum Classic network.statementOdaily Note: The main role of ECC is to manage the funds provided by the Ethereum Classic Trust Fund under Grayscale Investment, which are used for the development of ETC and community operations.

James Wo in a copy

statement

"Unfortunately, out of principle, I must resign from the Board of Directors, effective immediately. I reluctantly conclude that Executive Director Bob Summerwill lacks the integrity and judgment required to build this organization .”

It is reported that James Wo is one of the three board members of ECC, the other two are Digital Currency Group CEO Barry Silbert and Cody Burns, the latter is a long-term supporter of Ethereum core and Accenture blockchain architecture manager. In addition, James Wo is also the founder of Ethereum Classic Labs (ETC Labs), an Ethereum Classic research organization.

In addition to his resignation statement, James Wo also stated that he would stop providing financial support to ECC-"I provided a lot of money to ECC in 2018 and intend to continue to do so during 2019-2020. But Bob continues to publicly attack us and our partners, while privately seeking funding from us, which makes all (financial support) impossible.”

Just a few hours ago, Ethereum Classic had just completed its first block reward reduction, and the block output was reduced from 4 ETC per block to 3.2 ETC. As of 23:57 tonight, ETC was quoted at 4.59 USDT on Huobi, an intraday drop of 0.92%.

Chao Du, a member of the ETC community, commented on this: "James' withdrawal will have a huge impact on ECC. He is one of the few staunch supporters of ETC after 2017. James is mainly responsible for Asia. The United States is mainly Terry Culver [ETC Labs CEO] is pushing for some collaboration with Ethereum.”

Targeting Bob Summerwill

James Wo said his resignation was solely due to "Summerwill's incompetence and mismanagement". In the statement, James Wo accused Summerwill of cronyism, failing to achieve the basic goal of expanding ECC funding, and using organizational funds to promote a personal agenda.

According to James Wo: "[ECC] lacks transparency in terms of budget, operations and projects. There has been a history of financial mismanagement, including funding for "pet" projects of little value, ongoing travel expenses, and These expenses appear to be more of a private matter."

In addition, James Wo pointed out that Summerwill's support for converting the existing PoW mining algorithm Ethhash to SHA3 is a typical example of Summerwill's pursuit of personal goals, in this case, reckless to do the opposite of Ethereum. matter.

Summerwill is reportedly continuing to push for the switch, even though the community failed to come to an agreement on it during a discussion last November. According to records posted by Summerwill in a chat group called "#Core" in February, when Summerwill described the next hard fork of Ethereum Classic, he mentioned that the SHA3 proposal would be included, although James Wo pointed out that this proposal was not discussed. , and no agreement was reached.

Is ECC transparent?

Meanwhile, James Wo accused Summerwill of failing to provide him or the board with any financial reports. U.S. law requires nonprofits to file a "Form 990" with the Internal Revenue Service in order to maintain their tax-exempt status.

The ECC did submit the 2018 form, and James Wo said it was the only report he could get. However, the ECC did publish its mid-year and year-end assessment for 2018, and in the report revealed that the organization had approximately $530,000 in cash at the end of 2018.

In January, DCG subsidiary Grayscale Investments announced that it would extend its financial support to ECC for another two years. The company has donated about $1 million to the organization since 2017. According to ECC’s 2018 year-end report, in the second half of 2018, the company accepted donations of 250,000 US dollars, of which 15,000 ETC was registered as “other donations”.