An Ethereum Core developer set up a new organization called the Ethereum Community Foundation, with one of its goals to bring Ether prices to $ 10,000.
ECF is led by Ethereum core developer Zak Cole, who Explained His justification for the ECF setting up at the eighty Ethereum community conference held in Cannes, France, on Tuesday.
According to Cole, the Ethereum Foundation neglects ETH as an asset class.
The new organization is set to fund infrastructure projects that grow the Ethereum ecosystem, while increasing the price of ETH, according to Cole.
“We are the Ethereum Community Foundation. We say what (Ethereum Foundation) can’t do, we will do what (Ethereum Foundation). Cole says.
To an x PostCole said the price of ETH was a “direct security operation.” He said ETH had to head to the $ 10,000 mark for this reason.
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The project has no connection with the Ethereum Foundation.
The ECF said it would provide grants to projects that increase “eth burn, contribute to public goods, advance core infrastructure, and scale Ethereum.”
To receive grants, projects must use Ethereum as a layer of regulating, which will lead to ETH burns due to transactions processed in Ethereum Mainnet.
In addition, projects should be unimaginable and irreversible in nature, According to On the ECF website.
During her presentation, Cole called Uniswap, Ethereum name service and optimism for receiving support from the Ethereum Foundation, but eventually launching their own tokens supported by Venture Capital funding.
“Public -funded projects should remain public and benefit those who pay for them,” Cole said.
Cole is licking the Ethereum Foundation for neglecting ETH as an important property.
Cointelegraph reached the Ethereum Foundation but did not receive a response at the time of publication.
Ethereum Validator Association
The Ethereum Validator Association (EVA) has been announced as the first recipient to receive a grant from the ECF.
Cole said that in Eve, validators will have to say how Ethereum’s financial policy is shaped by prioritizing EIP road maps and choosing Ethereum’s client priorities.
“The EVA is introducing the representation of the validator,” Cole said.
Cole said EVA will give clients power based on their performance.
In addition, Cole has highlighted a potential conflict of interest as Offchain labs, the team behind the layer-2 network arbitrum, has a stake of ownership in the Prysmatic Labs.
Interestingly, the Prysm is the second largest largest consensus layer client of the Ethereum network, According to in Ethernodes. Prysmatic labs operate the Prysm client.
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