ETC Cooperative
2022 Q3 Report
November 17, 2022
Sections
1 Core-Geth development
2 Erigon development
3 Hyperledger Besu development
4 Gnosis Safe for ETC
5 Documentation
6 Finance
Development
Core-Geth development
Upstream patches merged through at least v1.10.23, with v1.10.21 on master.
Core-Geth is
Fixed a consensus bug in Etchash caching logic, which
ETC’s majority
presented originally as an ephemeral consensus
client, with
failure on Mordor testnet (#499).
95% adoption.
Cross-client tests generated by core-geth can now be run by Besu, and have been improved in this dialogue.
Thanks Diego!
Erigon development
Erigon is a go-ethereum fork, a prototype client using differential designs for database and RPC.
ETC support has been implemented and its first successful flight has taken place. Full synchronization on ETC took a
few days, and uses about 160 GB.
Cross-client tests will be further incorporated, but are already largely running and passing.
Hyperledger Besu development
7 releases during Q3
During Q3 Besu development work was focused on three topics.
Gnosis Safe for ETC
In Q3 the following features have been configured and tested for Gnosis Safe which was been started at Q2:
Add/modify of safe owners.
Documentation
7 ETC
A website for "Risk Evaluation of 51-Percent Attacks on Ethereum
Classic" has been created by Isaac, so as community can further trust
ETC chain.
- https://meowsbits.github.io/51-percent-docs/
Finance
Expenditures in $US
| Q32022 Actual | Q32022 Budget | Variance $ Q32022 vs Q32022 Budget | Q32021 Actual | Variance $ Q32022 vs Q32021 | |
|---|---|---|---|---|---|
| Overhead & Management | $68,898 | $80,719 | $(11,820) | $53,436 | $15,463 |
| Development | $137,910 | $217,500 | $(79,590) | $32,806 | $105,104 |
| Protocol | $0 | $0 | $0 | $0 | $0 |
| Comms & Marketing | $20,744 | $42,233 | $(21,489) | $12,500 | $8,244 |
| Finance | $6,219 | $13,375 | $(7,156) | $6,000 | $219 |
| Infrastructure | $4,370 | $9,900 | $(5,530) | $0 | $4,370 |
| Partnerships | $0 | $50,000 | $(50,000) | $0 | $0 |
| ETC Summit | $0 | $0 | $0 | $0 | $0 |
| Total Expenditures | $238,141 | $413,726 | $(175,585) | $104,742 | $133,399 |
| Non-cash Items | $766 | $0 | $766 | $0 | $766 |
| Total Operating Expenses | $238,907 | $413,726 | $(174,819) | $104,742 | $134,165 |
Q3 2022 Budget vs Q3 2021
Overhead & Management $68,898 $80,719 $(11,820) $53,436 $15,463 Development $137,910 $217,500 $(79,590) $32,806 $105,104
Finance
Non-cash-items are related to FX.
Q3 2022 actual costs compared to Q3 2021 were about double, mainly due to the additional core developers in 2022.
Net (Loss)/Income in $US
| Q3 Actual 2022 | Q3 Budget 2022 | Q3 Actual 2021 | |
|---|---|---|---|
| Income | $11,229 | $0 | $1,714,608 |
| Operating Expenses | $238,907 | $413,726 | $104,742 |
| Net (Loss)/Income | $(227,678) | $(413,726) | $1,609,866 |
| Non-cash items | $766 | $0 | $0 |
| Adjusted Net Income | $(226,912) | $(413,726) | $1,609,866 |
| Sept YTD Actual 2022 | Sept YTD Budget 2022 | Sept YTD Actual 2021 | |
|---|---|---|---|
| Income | $956,928 | $878,485 | $3,719,305 |
| Operating Expenses | $674,035 | $1,076,490 | $354,724 |
| Net (Loss)/Income | $282,893 | $(198,005) | $3,364,582 |
| Non-cash items | $766 | $0 | $0 |
| Adjusted Net Income | $283,659 | $(198,005) | $3,364,582 |
Financial Positions in $US
| 30-Sep-22 | 30-Jun-22 | 31-Mar-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & Cash Equivalents | $5,332,011 | $5,592,352 | $5,446,437 | $4,689,209 | $303,313 | $146,318 |
| ETC (at book value)^{1}$ | $78,115 | $78,115 | $78,115 | $78,115 | $78,115 | $154,363 |
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $12,057 |
| Due from Grayscale | $(0) | $(0) | $356,004 | $377,733 | $51,914 | $18,808 |
| Prepaid Expenses & Deposits | $0 | $0 | $0 | $0 | $2,250 | |
| Total Assets | $5,410,126 | $5,670,466 | $5,880,555 | $5,145,057 | $433,341 | $333,796 |
| Liabilities | ||||||
| Accounts Payable & Accrued Liabilities | $34,800 | $37,383 | $25,046 | $22,208 | $18,507 | $44,393 |
| Due to Grayscale | $0 | $0 | $0 | $0 | $0 | $(1,000) |
| Total Liabilities | $34,800 | $37,383 | $25,046 | $22,208 | $18,507 | $43,393 |
| Equity | ||||||
| Retained Earnings | $5,122,541 | $5,122,541 | $5,122,541 | $414,834 | $290,403 | $661,632 |
| Net Income/(Loss) for the year | $252,785 | $510,543 | $732,968 | $4,708,015 | $124,431 | $(371,229) |
| Total Equity | $5,375,326 | $5,633,084 | $5,855,509 | $5,122,849 | $414,834 | $290,403 |
| Total Liabilities & Equity | $5,410,126 | $5,670,466 | $5,880,555 | $5,145,057 | $433,341 | $333,796 |
| ETC at Market Value^{1}$ | $226,359 | $121,792 | $385,946 | $278,521 | $46,284 | $72,540 |
| Liquid assets^{2}$ | $5,558,370 | $5,714,143 | $5,832,382 | $4,967,730 | 349,597 | 218,858 |
Due from Grayscale $(0) $(0) $356,004
Prepaid Expenses & Deposits $0 $0
Cash & Cash Equivalents $5,332,011 $5,592,352 $5,446,437 $4,689,209 $303,313
ETC (at book value) $78,115 $78,115 $78,115 $78,115 $78,115
Accounts Receivable $0 $0 $0 $0 $0
Prepaid Expenses & Deposits $0 $0 $0
Total Assets $5,410,126 $5,670,466 $5,880,555 $5,145,057
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