Ethereum Classic: “No Bailouts” in ETC ICOs
The Ethereum Classic team took to Twitter to eschew a position on the ICOs which will inevitably start happening on the ETC network:
The statement may be unclear to those that are not familiar with the Ethereum community, but last July two forks of Ethereum emerged. The Classic team explains that in another tweet:
Ethereum Classic chose not to implement changes that fixed a fundamental error for the Ehereuem development Decentralized Autonomous Organization. The whole issue caused serious concern for the health and future of the Ethereum project.
Ethereum Classic tokens are currently worth around 5% of what Ethereum are worth, making them a significantly cheaper vehicle for ICO investors to experiment in. The tweet which begat this article, however, is more a jab at the Ethereum team for having made major changes to the protocol in order to benefit one party, the DAO, who through a bug had been bereft of their funds.
ICOs have always been possible on Ethereum Classic, so it’s not announcing that it can facilitate them. Just like Ethereum, ETC users are able to issue their own tokens and generate their own smart contracts.
A list of upcoming ICOs [https://docs.google.com/spreadsheets/d/1Nvo56-rxrzKRGsVN-UysfOq9m28y0ZCVw5tLiamPomQ/edit#gid=0] was published during the Twitter conversation. It seems that since ETC lost much of the thunder that Ethereum had and continues to have, it will take ETC some time to gain adoption, but by comparison, there is a lot money in the ETC economy that could be tapped to fund businesses and ideas, so we may see a tertiary resurgence of ICOs following the eventual pop of the ICO bubble.
David Harrison had something even more interesting than this author to add:
https://twitter.com/tradewithdave/status/872722244237221888
Not everyone on Ethereum Classic’s Twitter feed thought the statement was accurate, though, or fully assessing the situation:
https://twitter.com/mikehorton/status/872546348133785600
However, sorry, Mike, ETC didn’t need to create such a thing because there is already a platform for scammers: life. So many from-scratch ICOs turned out to be scams that it’s hardly worth addressing the attitude expressed here, but it is worth noting that Ethereum’s tight integration with legacy banking (being able to buy Eth in your wallet with a credit card, for instance) would likely not be possible without the willingness to make hard-forking changes when “$50M in ether were claimed by an anonymous entity. ”
Featured image from Shutterstock.
