ETC Cooperative Q3 2021

Board Report

(+ October update)

November 18, 2021

Sections

  1. Overview
  2. Staffing
  3. Infrastructure
  4. Protocol
  5. Comms & Marketing

Overview

General Staffing Changes

  • Diego Lpez Len joined the ETC Cooperative at the end of August.
  • Diego is a very experienced Java developer who has been working as a blockchain core developer since 2017, first as part of Rootstock (both Bitcoin and Ethereum protocol work) and more recently as part of

Infrastructure

  • Diego takes over Ethercluster
  • Besu upgrade
  • Nginx routing improvements

Switch to Rivet

  • ETC Coop has provided free public endpoints since 2019 which are used by the majority of ETC wallets.
  • We have suffered uptime and reliability issues during 2021.
  • In November we will be switching our self-hosted ETC mainnet endpoint over to Rivet-hosted servers, with service guarantees and 24/7 operational staffing.

Infrastructure: ETC Node Explorers

Node ID Country Client Version Protocol (eth) Protocol (snap) Fork ID (Current) Fork ID (Next) Uptime
f102eb082b... Brazil CoreGeth 1.12.1 v66 v1 Magneto - 5 days
2a62660cce... France CoreGeth 1.12.1 v66 v1 Magneto - 23 days
e7f7d86ffd... Japan CoreGeth 1.12.1 v66 v1 Magneto - 4 days
ee8ae70838... Singapore CoreGeth 1.12.1 v66 v1 Magneto - 2 month
749263c7c7... United States CoreGeth 1.12.1 v66 v1 Magneto - 4 days
dea1f60692... United States CoreGeth 1.12.1 v66 v1 Magneto - 8 days
5c70a202ee... Austria CoreGeth 1.12.1 v66 v1 Frontier Homestead about 2 hour
89bc93a79a... Finland CoreGeth 1.12.1 v66 v1 Magneto - 1 day
93119384f4... Germany CoreGeth 1.12.1 v66 - Magneto - 8 hour
99e48dee9e... Japan CoreGeth 1.12.1 v66 v1 Magneto - 5 days

Protocol

Magneto hard-fork activation

  • The ETC Magneto hard-fork was successfully activated on 23rd July, as specified in ECIP-1103: Magneto EVM and Protocol Updates

Mystique hard-fork preparation

  • The proposed ETC Mystique hard-fork specification is in Draft form in ECIP-1104: Mystique EVM and Protocol Updates.

Treasury Progress (July/August - Historical)

  • This slide preserved for historical purposes but see the following slide for the latest information.
  • We have been in frequent contact with IOHK about the treasury proposal.
  • The common "pain points" are becoming quite evident as a result of these discussions.
  • There has also been an increasing amount of discussion of the proposal on the ETC Discord.

Withdrawing support for ECIP-1098

  • On September 20th, the ETC Cooperative withdrew support for the ECIP-1098 Treasury proposal.
  • Article explaining this change.

Another Treasury Proposal?

  • The ECIP-1098 treasury proposal was ultimately unsuccessful because it failed to address the "pain points" which were very evident to the community.
  • We had hoped that the proposal could have been iterated from its initial form to one which addressed these weaknesses, but that did not prove to be possible.

Hyperledger Besu development work

  • Diego has been dedicating most of his time to Besu development work.
  • His contributions have included fixes for multiple consensus issues.

Comms and Marketing

Adoption: Back on the road to ETC 2.0

  • Continue on-strategy messaging:
    • ETC is just like ETH1.x but without all the mistakes i.e., network bloat, network issues
    • ETC is a perfectly suitable decentralized computing platform; will be largest PoW smart contract platform once ETH2 launches

ETC Weekly: ETC Co-op Newsletter

  • Provide users, Node operators, and other stakeholders with critical updates regarding Ethereum Classic News
  • Total Subscribers: 5,044
  • Avg. click rate 2.35% per campaign

Finance

Expenditures in $US

Q3 2021 Actual Q3 2021 Budget Variance $ Q3 2021 vs Q3 2021 Budget Q3 2020 Actual Variance $ Q3 2021 vs Q3 2020
Overhead & Management $53,436 $61,719 $(8,283) $51,723 $1,713
Development $32,806 $120,000 $(87,194) $40,014 $(7,208)
Protocol $0 $10,000 $(10,000) $21,000 $(21,000)
Comms&Marketing $12,500 $13,463 $(963) $7,361 $5,139
Finance $6,000 $21,375 $(15,375) $15,428 $(9,428)
Infrastructure $0 $10,200 $(10,200) $10,715 $(10,715)
Partnerships $0 $0 $0 $750 $(750)
ETC Summit $0 $0 $0 $0 $0
Total Expenditures $104,742 $236,756 $(132,014) $146,992 $(42,249)

Net (Loss)/Income in $US

Q3 2021 Actual Q3 2021 Budget Q3 2020 Actual
Income $1,714,608 $213,075 $190,573
Operating Expenses $104,742 $236,756 $151,992
Net (Loss)/Income $1,609,866 $(23,681) $38,582
Non-cash items $0 $0 $5,000
Adjusted Net Income $1,609,866 $(23,681) $43,582

Financial Positions in $US

30-Oct-21 30-Jun-21 31-Mar-21 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17
Cash&Cash Equivalents $3,740,091 $745,488 $416,965 $303,313 $146,318 $530,268 $0
ETC(at book value)^{1} $78,115 $78,115 $78,115 $78,115 $154,363 $154,363 $0
Accounts Receivable $0 $0 $(1) $0 $12,057 $7,057 $0
Due from Grayscale $547,807 $1,401,063 $115,361 $51,914 $18,808 $(6,729) $371,505
Total Assets $4,366,013 $2,224,666 $610,439 $433,341 $333,796 $684,960 $371,505
Total Liabilities $69,035 $55,116 $17,424 $18,507 $44,393 $20,305 $0
Total Equity $4,296,977 $2,169,550 $593,016 $414,834 $290,403 $661,632 $239,640
Total Liabilities&Equity $4,366,013 $2,224,666 $610,439 $433,341 $333,796 $684,960 $371,505