ETC Cooperative
Q2 2021 Board Report
Overview
Staffing changes
- Stevan Lohja, who has been the Director of Developer Relations at the ETC Cooperative since September 2020, resigned in mid-May. He left to join IOHK in a very similar role on the Mantis team.
Magneto hard-fork preparation
- An ETC core developers call was held on 21st May to discuss the proposal for a Magneto hard fork (bringing "Berlin" changes to ETC).
- This was ECIP-1103: Magneto EVM and Protocol Updates.
- Treasury progress: We have been in frequent contact with IOHK about the treasury proposal. There has also been an increasing amount of discussion of the proposal on the ETC Discord.
Common "pain points" are becoming quite evident as a result of these discussions. Most people's primary concerns are about the amount of funds being allocated to client teams, together with wanting to see accountability for that spending.
Comms & Marketing
Polls in favor of a Treasury
- A recent 7-day poll conducted on Twitter showed 82.7% of 515 votes in favor of an Ethereum Classic Treasury to fund multiple independent core development teams and community grants. Previous polls showed:
- ETC Telegram: 77% of 91 votes in favor of Treasury.
- Twitter: 78% of 604 votes in favor of Treasury.
- ETC Reddit: 60% of 64 votes in favor of Treasury.
Keccak-256 (SHA-3) Progress
- ETC Coop supports ECIP-1049 which proposes to change the ETC PoW to Keccak-256 (Sha-3).
- We are funding development and implementation regarding ECIP-1049 which is already implemented and merged into the Hyperledger Besu mainline.
- ETC Coop funded Keccak implementation support in Core-geth.
- IOHK has merged Keccak mining into Mantis.
- There has been ongoing coordination with ePIC Blockchain, who seem likely candidates to produce a Keccak-256 ASIC.
Finance
Exceptional income for Q2
- The ETC Cooperative received an exceptional amount of funding from Grayscale during Q2, as ETC prices hit an all-time high during May.
- Nearly $1.7M USD of revenue was received by the ETC Coop during Q2, leaving over $2.2M USD of assets on our balance sheet at the end of the quarter. Historically, those assets have usually varied between $300K and $600K. This leaves us in a very strong financial position heading into Q3.
Finance Expenditures in $US
| Category | Q2 2021 Actual | Q2 2021 Budget | Variance | Q2 2020 Actual | Variance |
|---|---|---|---|---|---|
| Overhead & Management | $50,975 | $61,769 | $(10,794) | $52,220 | $(1,245) |
| Development | $27,894 | $120,000 | $(92,106) | $32,249 | $(4,354) |
| Protocol | $0 | $51,000 | $(51,000) | $13,300 | $(13,300) |
| Comms & Marketing | $12,500 | $13,463 | $(963) | $829 | $11,671 |
| Finance | $6,000 | $16,375 | $(10,375) | $5,290 | $710 |
| Infrastructure | $10,594 | $14,300 | $(3,706) | $17,377 | $(6,784) |
| Partnerships | $0 | $0 | $0 | $750 | $(750) |
| Total Expenditures | $107,963 | $276,906 | $(168,943) | $122,015 | $(14,052) |
Financial Positions in $US
| Date | Assets | Liabilities | Equity | Total Liabilities & Equity |
|---|---|---|---|---|
| 30-June-21 | $2,224,666 | $55,116 | $2,169,550 | $2,224,666 |
| 31-Mar-21 | $610,439 | $17,423 | $593,016 | $610,439 |
| 31-Dec-20 | $433,341 | $18,507 | $414,834 | $433,341 |
| 31-Dec-19 | $333,796 | $43,393 | $290,403 | $333,796 |
| 31-Dec-18 | $684,960 | $23,328 | $661,632 | $684,960 |
| 31-Dec-17 | $371,505 | $131,864 | $239,640 | $371,505 |