Ethereum Classic or also ETC is actually a strange coin. Until recent times, it was talked about how this coin shares the same principles and values as Bitcoin or BTC. But now all of a sudden – it is compared to Ripple or XRP.
Ethereum Classic looks everything like Ripple
Actually, ETC is now looking everything like XRP just before its major rally of 2017. We will start with the use cases. XRP set out to solve a huge issue in the banking sector with the help of blockchain. ETC set out to solve a huge issue in the Internet of Things or IoT sector with the support of blockchain.
Both of the projects had dedicated their teams behind it and their possibility of achieving what they set out to have been very high.
Simply like ETCDev and ETC Labs, XRP had R3 and Ripple Labs working on it too. R3 was better focused on the project, and it has been in no rush to push for some aggressive marketing. But, on the other hand, Ripple Labs really wanted to capitalize on the growing interest in their project to get more people to invest in XRP so that they can have some more funds for growth and development.
Similar to this, ETCDev has been more focused on working on the project, and it did not feel the urge to push for some aggressive marketing. Actually, they had funding problems, but they tried to work around it, somehow. On the other hand, ETC Labs had some different intentions and plans. The past several months had shown that there is actually a growing interest in the ETC and its IOT connection one which they can capitalize. So, they actually rolled out a program to get more Dapp developers onboard.
ETCDev and ETC Labs are loyal to the project
Just like R3 and Ripple Labs, ETCDev and ETC Labs are also loyal to the project; they want to see it work. But, their plans and methods don’t align. ETCDev wanted to keep its project free of some foreign influence so that it will continue being decentralized, as well as immutable in the actual sense.
On the other hand, ETC Labs thought that they can work with foreign players to push for more adoption that will help the project for a more extended period.
So, those that are in it for the money have nothing to worry about, but those that care about principles will have to see where all of this goes, and if there are some compromises made on the way.
This situation with ETCDev which came to light under the pretense of funding problems is much bigger than that. This can be occurring to ETC right now. However, it happened to a lot of other successful projects in the past.
ETC Labs offered jobs to ETCDev’s team members
When the big players see some project which has a lot of potentials, they will do what they can in order to get behind it. Now ETC is one of those projects. The CTO of ETCDev, named Igor Artamonv, said that ETC Labs approached, as well as offered jobs to most of the members of his team with some better packages. Also, he alleged that Darcy Reno, as well as some other members, held meeting behind his back. This does not imply funding, but it is about a regime change.
The dominant force standing behind ETC Labs, the Digital Finance Group is backed by the likes of Foxconn and prominent industry leaders such as Bo Shen, as well as Funabashi Capital.
These are people that know what are they doing, and they have done it quite successfully over the years. In such markets, this is sometimes a necessary evil which paves the way for adoption, as well as brings the community to see the actual worth of a simple project.