ETC Cooperative
November 2020 Board Report
December 31, 2020
Purpose Board Report
The purpose of the report is to update the ETC Cooperative Board members and provide them with information about the activities, operations, progress or objectives. These presentations will include a financial section as well as progress towards the annual goals and objectives.
A full 2020 annual report, similar to the 2019 retrospective will be completed in 2021.
Sections
1 Overview
2 Protocol
3 Infrastructure
4 Comms & Marketing
5 Finance
Overview
ETC mainnet was successfully hard-forked to Thanos, reducing the size of the DAG used for mining.
- Continued championing of core ECIPs.
- Hyperledger Besu maintenance.
- Q3 Transparency report.
- Decrypt Podcast.
- ETC Weekly relaunched.
Protocol
Thanos hard-fork was successful
ETC Cooperative actively engaged in coordinating the Thanos hard-fork with network stakeholders contributing to a successful hard-fork.
- The Thanos hard-fork successfully activated on the Ethereum Classic main-net on November 28th 2020. Thanos halved the size and growth rate of the Dag making Ethereum Classic minable to 3-4 GB hardware.
- Ethereum Classic experienced an all-time-low hash rate of ~1.5 TH/s in September of 2020, but hash rate has increased up to ~4.5 TH/s in October, then breaking ~5.
Continued championing of core ECIPs
ETC Cooperative continues to champion ECIP-1049 which proposes to change the Ethereum Classic PoW to Keccak-256 (Sha-3).
- Content and review around other proposals regarding Checkpointing and Treasury are in progress.
Infrastructure
Hyperledger Besu maintenance
- Besu had an issue with calculating the gas price which has been shipped since release 20.10.2.
- Users have reported reduced syncing performance which is being investigated.
- Ethercluster updated to Besu 20.10.2.
Comms and Marketing
Q3 Transparency Report published
- The Q3 transparency report was published on Nov 22nd.
- ETC Consortium translated and published a Mandarin version too. Thank you!
Decrypt Podcast
- Bob appeared on the Decrypt podcast on 25 November, talking about 51% attacks, Thanos and MESS.
- Plus forward-facing summary of arguments for Keccak-256, Checkpointing and Treasury.
Comms and Marketing IOHK collaboration & new channels
Relaunch and maintenance of "ETC Weekly", the former ETC Co-op newsletter, done so through Mailer Lite, called ETC Weekly. Since its inception, the co-op has released a new newsletter every week which is then posted on the co-op's Medium channel.
Throughout the month of November, Kevin has fulfilled the responsibilities as community manager such as: educating users regarding Thanos, checkpointing, and the proto-treasury while also collaborating with IOHK, while also moderating ETC social media channels.
Finance
Expenditures in $US
| Nov 2020 Actual | Nov 2020 Budget | Variance $ Nov 2020 vs Nov 2020 Budget | Nov 2019 Actual | Variance $ Nov 2020 vs Nov 2019 | |
|---|---|---|---|---|---|
| Overhead & Management | $17,006 | $20,854 | $(3,848) | $17,021 | $(15) |
| Development | $10,000 | $10,000 | $0 | $6,340 | $3,660 |
| Protocol | $0 | $0 | $0 | $10,500 | $(10,500) |
| Comms&Marketing | $4,166 | $0 | $4,166 | $4,766 | $(600) |
| Finance | $2,000 | $5,325 | $(3,325) | $2,477 | $(477) |
| Infrastructure | $8,662 | $2,750 | $5,912 | $6,230 | $2,431 |
| Partnerships | $0 | $0 | $0 | $0 | $0 |
| ETC Summit | $0 | $0 | $0 | $0 | $0 |
| Total Expenditures | $41,834 | $38,929 | $2,905 | $47,334 | $(5,500) |
| Non-cash Items | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $41,834 | $38,929 | $2,905 | $47,334 | $(5,500) |
Finance
Net (Loss)/Income in $US
| Net (Loss)/Income in $US | |||
|---|---|---|---|
| Nov 2020 Actual | Nov 2020 Budget | Nov 2019 Actual | |
| Income | $58,198 | $44,160 | $58,027 |
| Operating Expenses | $41,834 | $38,929 | $47,334 |
| Net (Loss)/Income | $16,364 | $5,231 | $10,693 |
| Non-cash items | $0 | $0 | $0 |
| Adjusted Net Income | $16,364 | $5,231 | $10,693 |
Financial Positions in $US
| Financial Positions in $US | 30-Nov-20 | 30-Sep-20 | 30-Jun-20 | 31-Dec-19 | 31-Dec-18 | 31-Dec-17 |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash&Cash Equivalents | $283,800 | $273,538 | $233,278 | $146,318 | $530,268 | $0 |
| ETC(at book value)^{1}$ | $78,115 | $78,115 | $78,115 | $154,363 | $154,363 | $0 |
| Accounts Receivable | $0 | $0 | $5,000 | $12,057 | $7,057 | $0 |
| Due from Grayscale | $46,969 | $48,089 | $46,849 | $18,808 | $(6,729) | $371,505 |
| Prepaid Expenses&Deposits | $0 | $0 | $750 | $2,250 | $0 | $0 |
| Total Assets | $408,884 | $399,741 | $363,992 | $333,796 | $684,960 | $371,505 |
| Liabilities | ||||||
| Accounts Payable&Accrued Liabilities | $11,974 | $29,889 | $34,888 | $44,393 | $20,305 | $0 |
| Due to Grayscale | $0 | $0 | $0 | $(1,000) | $3,022 | $131,864 |
| Total Liabilities | $11,974 | $29,889 | $34,888 | $43,393 | $23,328 | $131,864 |
| Equity | ||||||
| Retained Earnings | $290,403 | $290,403 | $290,403 | $661,632 | $239,640 | $0 |
| Net Income/(Loss) for the year | $106,507 | $79,450 | $38,701 | $(371,229) | $421,992 | $239,640 |
| Total Equity | $396,910 | $369,853 | $329,104 | $290,403 | $661,632 | $239,640 |
| Total Liabilities&Equity | $408,884 | $399,741 | $363,992 | $333,796 | $684,960 | $371,505 |
| ETC at Market Value^{1}$ | $54,829 | $44,128 | $46,812 | $72,540 | $81,430 | $0 |
| Liquid assets^{2}$ | 338,629 | 317,666 | 280,090 | 218,858 | 611,698 | 0 |