Ethereum Classic Cooperative Review: ECC Created To Support ETC Coin?
Ethereum Classic Cooperative: Part of the 2018 Plan to Accelerate the Growth of ETC Cryptocurrency Token
The Ethereum Classic Cooperative (ECC) was developed with an aim of supporting the growth and development of the Ethereum classic protocol (ETC). ETC is a next-generation blockchain platform for a new internet infrastructure. The ETC coin has been among the 10 most traded coins over the past weeks following its recent drop in its price.
ETC will be transformed through the efforts of ECC. The ECC will enhance the Ethereum Classic Protocol to enable it to be the best platform for sharing value and information.
How ECC Supports ETC
According to ECC, the Ethereum Classic Protocol can enhance the means by which value and information are shared in the digital economy. ECC is powered by an intuitive and flexible smart contract-programming platform powered by ETC and is set to allow for the development of a secure, decentralized, and global internet of things (IoT).
The ECC has a set agenda of upgrading the ETC protocol in a way that the investment platform will emerge as the best in terms of sharing information and value.
The ETC foundation works with the belief that a proper development of ETC and its platform will be achieved by the development of three key areas namely Ethereum classic marketing, community programs and, protocol enhancement.
ECC has set up guidelines on how the platform is going to use capital provided across three core investment areas namely development, community, and marketing. Additionally, ECC hopes to come up with accountability standards that will be used to check on the progress of its investment.
Goals of ECC
The aim of ECC is to expedite development by supervising every facet of the blockchain. This is why ECC has set up rules that will be used to ensure that capital gets to all the areas of interest.
The ECC goals include:
- Support the development of the Ethereum Classic Protocol, its infrastructure, and associated applications.
- Accelerate the deployment of the Ethereum classic based technologies by use of business and individual operators and enterprises by use of effective education, marketing, and branding.
- Encourage community collaboration between the different Ethereum classic constituents that include business operators, miners, investors, and developers.
Grayscale, which is also the sponsor of the ETC trust, has made a commitment to appropriate one-third of the Trust management fee into the ECC for three years. The Ethereum classic cooperation was born from this initial contribution.
The ECC oversee the use of capital received from grayscale investment and other individual or entity sponsors who have contributed to the Ethereum classic through its funding platform. The ECC is also tasked with reporting and monitoring and evaluation functions. The ECC will be expected to summarize the below list on a quarterly basis:
- The uses of capital provided in the fund in the preceding quarter
- Planned uses of capital in the forthcoming quarters
- Evidence on how the fund is being used to achieve its objectives.
The ECC is expected to monitor and occasionally evaluate its success in meeting its objectives. This will help it optimize the allocation of funds towards activities that support the development and growth of ETC.