Ethereum Classic Labs are exploring ways to protect the network and move forward following the 51% attack two weeks ago.
Initial discussion on what to do are taking place today. Attendees include IOHK CEO Charles Hoskinson, as well as other stakeholders.
Source: twitter.com
Previously, Hoskinson said Ethereum Classic needs to innovate, to which the implementation of a treasury function would fund this.
However, in a blog post published ahead of today’s meeting, Terry Culver, CEO of ETC Labs, expressed his concerns over implementing a treasury function.
Ethereum Classic Labs CEO Believes a Treasury Function Would Contradict Core Values
The treasury system proposed by Hoskinson would collect a portion of the block mining reward and distribute it to relevant parties. This includes IOHK, as well as ETC Coop, ETC Labs/core developers, and others.
In response, Culver states that this proposal conflicts with the core values of Ethereum Classic. What’s more, a treasury system doesn’t address any of the security problems on the ETC network right now.
“Unfortunately, we think that the Treasury proposal is contrary to ETC’s core values. In practice, the Treasury doesn’t address the problem of how best to increase network security, which is the critical priority at the moment. In my view, it may actually destabilize both the technical and social networks, leaving ETC more vulnerable.”
With that, he acknowledged that having no foundation, ICO, or charismatic leader, puts ETC at a disadvantage. But at the same time, Culver believes these “grassroots” and “purist” conditions are what makes Ethereum Classic what it is.
Culver implied that ETC Labs already has a war chest, and they are willing to spend it on upgrading the network’s security. So funding is not the principal issue.
But he still acknowledged that more money could help. However, he made it clear that funding must come from, and more importantly, go to, equitable sources.
“The community would benefit enormously from additional sources of funding. But these sources have to be additive, rather than redistribute existing resources from one stakeholder