Ethereum Classic brings new governance policies and procedures in place as we can read from the tweet by Bob Summerwill:
“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!”
A few other investors expressed their excitement about getting Elaine back since all of them are friends, and they have been trying to speed up the process of Ethereum classic expansion and further development. Elaine commented:
“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 brings a new monumental era to the foundation as they are entering in the second phase of the 5M20 Monetary Policy by reducing the ETC block rewards. The block rewards were set at 4 ETC previously, and there is always further reward reduction by 20 per cent every 5,000,000 blocks. The current block reward is currently at 3.2 ETC. Donald McIntyre explained that the ETC protocol would be cutting the rewards per block which are also known as the ‘’fifthening’’ and not halving.
As per the other Ethereum classic news, the crypto expert Sydney Ifergan 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.”
The Board member James Wo recently quit his position as a member of the Ethereum Classic Foundation and said that it was a matter of principle. He noted some disagreements between him and Bob Summerwill and gross mismanagement. He concluded that the executive director doesn’t have the needed integrity and judgment to make the organization better. Wo also be noted that he will be discontinuing his financial support for ECC, which was something that he made clear once the miner subsidy was reduced. His resignation is expected to make a significant impact on the foundation.
The main issue was the transparency that Bob lacked for how to provide Wo or the Board with financial reports. Wo Clarified that he didn’t take his decision lightly and he stated that the Coop needs efficient leaders to continue growing.
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