Ethereum Classic (ETC) Fifthening is not Halving! Transparent Monetary PolicyMarch 19, 2020
Ethereum Classic (ETC) call themselves to be the money. They claim they are unstoppable and as being principled, and therefore call it the reason for the investor to Choose ETC.
Bob Summerwill tweeted: “The AGM for @ETCCooperative happened earlier. Two Resolutions were passed today, which strengthened our Board of Directors and put the new governance policies, processes and procedures in place: Welcome to the Board, @eiaine, @realroyzou and @CraigSalm!”
Several investors expressed their happiness about having Elaine back. All of them are familiar faces and they are on a mission to accelerate the growth of Ethereum Classic.
Eiaine expressed: “I am honored to be a part of the ETC Cooperative Board, and confident that ETC Coop will continue to make formative contributions to the ETC ecosystem.”
Ethereum Classic (ETC) Fixed Monetary Policy
Ethereum Classic have recently started a monumental new era as they are entering the second era of their ‘5M20’ Monetary Policy, reducing $ETC block rewards. The block reward was at 4 ETC previously. There is a block reward reduction of 20% every 5,000,000 blocks. And the block reward is currently at 3.2 ETC.
Donald McIntyre explained this in his tweet stating: “Later today the #ETC protocol is cutting miner rewards per block from ETC 4 to ETC 3.20, also known as the #fifthening.”
An understanding of the Ethereum Classic’s fixed monetary policy with capped supply helps.
Sydney Ifergan, the Crypto Expert tweeted: “It is important to understand that the Fifthening is not Halving! ETC are still going strong and consumers are interested in a monetary policy that is predictable and transparent.”
Ethereum Classic (ETC) James Wo
James Wo, Board member quit from being a board member of ETC stating: “I regret to say that, as a matter of principle, I must resign from the Board, effective immediately, because of gross mismanagement. I have reluctantly concluded that the executive director, Bob Summerwill, lacks the integrity and judgment needed to build the organization.”
Wo also stated that they will be discontinuing financial support to ECC. Wo’s statement came immediately after the miner subsidy was reduced. James quitting is expected to impact the network.
The transparency issue is related to Bob not having provided either Wo or the Board with financial reports. NPOs in the US are to file Form 990 to the IRS to sustain their Tax Exemption Status.
Wo clarified that he did not take this decision lightly. He stated that the Coop requires can efficient and professional leader.