ETC Cooperative
2022 Q2 Report
August 23, 2022
Sections
1 Core-Geth development
Merges from upstream, bug-fixes, and three releases (1.12.7, 1.12.8, 1.12.9).
2 Hyperledger Besu development
8 releases during Q2. During Q2 Besu development work was focused on three topics:
- Merging IPC support, which added the possibility to connect to the node using UNIX sockets.
3 Public RPC endpoints billing and usage
The switch to Rivet has pretty much eliminated our reliability issues. The endpoints are getting plenty of usage.
| Rivet | Cloudflare | |||
|---|---|---|---|---|
| Usage(requests) | Cost | Usage(reqs+gb/s) | Cost | |
| January | 423,525,521 | $4236.00 | 367M+8,148M | $167.55 |
| February | 689,015,118 | $6891.00 | 307M+7,756M | $158.55 |
| March | 551,021,444 | $5511.00 | 435M+9,688M | $202.75 |
| April | 495,508,638 | $4956.00 | 316M+14,142M | $234.90 |
| May | 404,561,906 | $4046.00 | 303M+12,664M | $220.45 |
| June | 436,773,467 | $4368.00 | 272M+12,282 | $203.30 |
4 Gnosis Safe for ETC
In an effort to add missing tools directly for ETC chains, we started working on deploying the Gnosis Safe contracts and services on the Mordor testnet.
The Gnosis Safe is a multi-signature smart contract wallet that allows users to define a list of owner/signer accounts and a threshold number of signers to approve a transaction before it can occur (M-of-N).
Gnosis Safes are commonly used to manage pooled DAO funds. Allowing DAOs ecosystem run over ETC Classic will help us grow the ETC user base.
After the successful deployment of the minimal services on Mordor, we are going to deploy the same setup at the ETC Classic chain as well.
List of forked repos that we had to modify:
- safe-global/safe-singleton-factory
- safe-global/safe-core-sdk
- safe-global/safe-react
- safe-global/safe-react-apps
- safe-global/safe-transaction-service
Upcoming tasks:
- Other libraries had to be updated as well in order to set the updated versions for the above dependencies.
5 Protocol Research
Continued work on ECIP-1105: Restricted Chain Context Type Transactions, which defines a new transaction type with constraints on ancestor block hash, block author, and/or block timestamp. Finalize work on the first paper: ADESS: A Proof of Work Protocol Modification to Deter Double-Spend Attacks. This will be finished and published within Dan's PhD thesis at MIT Econ.
Propose ECIP-110x: TABS: An Experiment with a 2-Dimensional Consensus Scoring Protocol, outlining the general shape of the strategy.
6 Finance
Expenditures in $US
| Q2 2022 Actual | Q2 2022 Budget | Variance $ Q2 2022 vs Q2 2022 Budget | Q2 2021 Actual | Variance $ Q2 2022 vs Q2 2021 | |
|---|---|---|---|---|---|
| Overhead & Management | $58,292 | $75,269 | $(16,977) | $50,975 | $7,317 |
| Development | $143,106 | $207,500 | $(64,394) | $38,488 | $104,618 |
| Protocol | $0 | $0 | $0 | $0 | $0 |
| Comms&Marketing | $7,781 | $38,963 | $(31,181) | $12,500 | $(4,719) |
| Finance | $6,217 | $10,375 | $(4,158) | $6,000 | $217 |
| Infrastructure | $0 | $9,300 | $(9,300) | $0 | $0 |
| Partnerships | $0 | $50,000 | $(50,000) | $0 | $0 |
| ETC Summit | $0 | $0 | $0 | $0 | $0 |
| Total Expenditures | $215,397 | $391,406 | $(176,010) | $107,963 | $107,434 |
Net (Loss)/Income in $US
| Q2 Actual 2022 | Q2 Budget 2022 | Q2 Actual 2021 | |
|---|---|---|---|
| Income | $0 | $0 | $1,684,497 |
| Operating Expenses | $215,397 | $391,406 | $107,963 |
| Net (Loss)/Income | $(215,397) | $(391,406) | $1,576,534 |
| Non-cash items | $0 | $0 | $0 |
| Adjusted Net Income | $(215,397) | $(391,406) | $1,576,534 |
Financial Positions in $US
| 30-Jun-22 | 31-Mar-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 | 31-Dec-18 | |
|---|---|---|---|---|---|---|
| Cash & Cash Equivalents | $5,592,352 | $5,446,437 | $4,689,209 | $303,313 | $146,318 | $530,268 |
| ETC (at book value)¹ | $78,115 | $78,115 | $78,115 | $78,115 | $154,363 | $154,363 |
| Accounts Receivable | $0 | $0 | $0 | $0 | $12,057 | $7,057 |
| Prepaid Expenses & Deposits | $0 | $0 | $0 | $0 | $2,250 | $0 |
| Total Assets | $5,670,466 | $5,880,555 | $5,145,057 | $433,341 | $333,796 | $684,960 |
| Accounts Payable & Accrued Liabilities | $37,383 | $25,046 | $22,208 | $18,507 | $44,393 | $20,305 |
| Due to Grayscale | $0 | $0 | $0 | $0 | $(1,000) | $3,022 |
| Total Liabilities | $37,383 | $25,046 | $22,208 | $18,507 | $43,393 | $23,328 |
| Retained Earnings | $5,122,541 | $5,122,541 | $414,834 | $290,403 | $661,632 | $239,640 |
| Net Income/(Loss) for the year | $510,543 | $732,968 | $4,708,015 | $124,431 | $(371,229) | $421,992 |
| Total Equity | $5,633,084 | $5,855,509 | $5,122,849 | $414,834 | $290,403 | $661,632 |
| Total Liabilities & Equity | $5,670,466 | $5,880,555 | $5,145,057 | $433,341 | $333,796 | $684,960 |
| ETC at Market Value¹ | $121,792 | $385,946 | $278,521 | $46,284 | $72,540 | $81,430 |
| Liquid assets² | $5,714,143 | $5,832,382 | $4,967,730 | $349,597 | $218,858 | $611,698 |