Zak Cole, one of the main developers of Ethereum Core, has launched a new initiative to stimulate the expansion of the Ethereum network and increase its market value.
In a speech During the Ethereum community conference on July 2, Cole presented the Foundation of the Ethereum Community (ECF), an independent entity dedicated to support in Ethereum as an asset and to bring its price to $ 10,000.
What is the Ethereum community foundation?
Cole stressed that ECF’s mission is to finance projects aimed at strengthening the Ethereum ecosystem.
ECF website said the project is distinguished from the Ethereum Foundation (EF) by focusing on the initiatives that the EF could not continue.
According to the ECF website:
“The price of the ETH has been neglected for too long. The ECF is there to change this. We are focused on the mission on the growth of its value thanks to education, financing, awareness and support of the ecosystem. ”
To achieve its $ 10,000 ETH target, Cole explained that the ECF would adopt a more direct approach to support ETH holders and promote the growth of the ecosystem.
This includes financing projects that aim to improve Ethereum’s infrastructure, to collaborate with governments and institutions, and to prioritize actions that maximize the value of the ETH and minimize the issue of new tokens.
He also highlighted the importance of ETH’s value, declaring that the price is more than simple speculations and actually plays a vital role by supporting the validators, securing the network and allowing ETH to manage global transactions.
According to him:
“ETH at 10k is not a meme. It is a requirement, a reference, a mandate. A market capitalization of $ 1.2 billion of dollars makes Eth competitive with the monetary role of Gold. The price is not only speculation.
Meanwhile, the creation of the ECF follows criticism from the Ethereum Foundation, in particular its decision to sell ETH earlier this year, which, according to some, contributed to a drop in the price of assets.
In response, the EF has introduced a new management team and now uses a more aligned approach to the community, including ETH loan for stablecoin liquidity via platforms like Aave to avoid other sales.
