An Ethereum Core developer has created a new organization called Ethereum Community Foundation, with one of its objectives to bring the price of ether to $ 10,000.
The ECF was led by the developer of Core Ethereum, Zak Cole, who explained his justification for the creation of the ECF during the eighth community conference of Ethereum held Tuesday in Cannes, in France.
According to Cole, the Ethereum Foundation has neglected ETH as a class of assets.
The new organization is expected to finance infrastructure projects that develop the Ethereum ecosystem, while simultaneously increasing the price of ETH, according to Cole.
“We are the Ethereum community foundation. We say what the [Ethereum Foundation] cannot, we do what the [Ethereum Foundation] won’t. We serve ETH holders because you deserve better. Said Cole.
In a post X, Cole said that ETH’s price is a “direct security function”. He then said that ETH has to go to the $ 10,000 mark for this reason.
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The project has no connection with the Ethereum Foundation.
The ECF affirms that it will grant subsidies to projects which increase “Burn ETH, contribute to public goods, the basic infrastructures in advance and on the scale of ethereum”.
In order to receive subsidies, projects must use Ethereum as a layer of settlement, which will cause ethn burns due to the transactions treated on the Mainnet Ethereum.
In addition, projects must be of a token and immutable nature, according to the ECF website.
During its presentation, Cole called Uniswap, a name service of Ethereum and optimism for having received the support of the Ethereum Foundation, but later, the launch of their own tokens supported by funding for venture capital.
“State -funded projects should remain public and benefit those who paid them,” said Cole.
Cole also castigated the Ethereum Foundation for neglecting ETH as a precious asset.
Cointelegraph contacted the Ethereum Foundation but did not receive a response at the time of publication.
Ethereum Validator association
Ethereum Validator Association (EVA) was announced as the first beneficiary to receive a subsidy from the ECF.
Cole says that with the EVA, the validators will now have their say on how Ethereum’s monetary policy is shaped by prioritizing EIP road cards and choosing the priorities of Ethereum customers.
“EVA presents the representation of the validator,” said Cole.
Cole said that EVA will empower customers according to their performance.
In addition, Cole underlined a potential conflict of interest as Labs Offchain, the team behind the layer of layer 2 arbitrum, has a participation in Prysmatic Labs.
In particular, Prysm is the second largest customer of the consensus layer in the Ethereum network, according to Etherodes. Prysmatic Labs operates the PRYSM client.
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