Cut production and "downsize" : a member of the ECC board withdrew and withdrew financial support due to differences in philosophy

Source: The Block

By Celia Wan

Daily planet Azuma

Ethereum Classic Collective (ECC) board members & NBSP; James Wo  Announced that it had decided to leave the non-profit research group, which specialises in the Etheruem Classic network.

Odaily planet note: the main role of ECC is to manage funds from the greyscale ethereum classic trust fund, which is used for ETC development and community operations.

"Regrettably, as a matter of principle, I must resign from the board, effective immediately," James Wo wrote in a statement. "I have reluctantly come to the conclusion that executive director Bob Summerwill lacks the integrity and judgment required to build this organization."

James Wo is one of ECC's three board members, along with two who are known as & NBSP; Digital Currency Group  CEO Barry Silbert and Cody Burns, a longtime supporter of ebony's core and a blockchain architecture manager at Accenture. James Wo is also the founder of Ethereum Classic Labs (ETC Labs).

Settlement in addition to the announcement, James also said it will stop to ECC funding - "in 2018, I provided a lot of money to the ECC, and ready to continue to do so during 2019-2020. But Bob  keep open against us and our partner, privately, to us for money at the same time, this makes everything (financial support) is no longer possible."

Just a few hours earlier, aether classic had completed its first block bonus reduction, with block output falling from 4 ETC to 3.2 ETC per block. As of 23:57 PM, ETC was quoted at 4.59 USDT, down 0.92% on the day.

& have spent

"James' exit will have a huge impact on ECC," ETC community member Chao Du said in a comment. "he is one of the few strong supporters of ETC after 2017.

Directed at & NBSP; Bob Summerwill

James Wo said his resignation was due to "incompetence and mismanagement". In a statement, James Wo & cake; Accused & have spent Summerwill  Cronyism, failure to achieve the basic goal of expanding ECC funding, and the use of organizational funds to promote personal agendas.

"[ECC] has a lack of transparency in terms of budget, operations and projects," said James Wo. "there has always been financial mismanagement, including funding of pet projects of little value and constant travel expenses that seem to be more personal."

Additionally, James Wo points out that Summerwill supports converting the existing PoW mining algorithm Ethhash to SHA3, which is & hash; Summerwill  A classic example of pursuing personal goals, in this case, is recklessly doing the opposite of ethereum.

Summerwill is understood to be continuing to push for the shift, even though the community failed to reach an agreement on it during a discussion last November. According to Summerwill's February post to a chat group called "# Core," Summerwill mentioned that the next hard fork in the etheric classic would include the SHA3 proposal, although & NBSP; James Wo said the proposal was not discussed and no agreement was reached.

Is ECC transparent?

Meanwhile, James Wo blames & cake; Summerwill does not provide any financial reports to it or the board. U.S. law requires nonprofits to file a Form 990 with the internal revenue service to maintain their tax-exempt status.

The ECC did submit the 2018 form, and James Wo said it was the only report he could get. However, the ECC did release a mid-year and year-end review for 2018, and revealed in the report that the organization had about $530,000 in cash at the end of 2018.

In January Grayscale Investments, a DCG subsidiary, announced it would extend its financial support for ECC for another two years. The company has donated about $1 million to the group since 2017. According to the ECC's 2018 year-end report, the company received $250,000 in donations in the second half of 2018, of which $15,000 ETC was registered as "other donations".

It is not clear whether some of the 15,000 ETC. James Wo  The contribution.

Meanwhile, the ECC has pledged to publish a transparency report for the whole of 2019, ahead of the release of the grey scale announcement in March 2020, but the report is not currently available on the ECC website.

I respect Bob's experience. But, in good conscience, I cannot continue to be associated with an organisation whose executive director has divided our community, lacks integrity and is self-interested. ECC needs a leader who is experienced, professional and able to work with others."

After the announcement, James Wo himself appeared in the community and stressed that he was only leaving ECC, not ETC -- "I am still fully committed to supporting the development of ETC and will continue to focus on the work of ETC Labs and ETC Core.

The original link: https://www.theblockcrypto.com/post/58953/ethereum-classic-collective-board-member-resigns-withdraws-funding-support

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