Ethereum Classic Incubator Program Receives 120 Start-Up Applications

  • Elizabeth Kukka, Program Director for ETC Labs, recently sat down to give an interview and update the community about ETC Labs’ launch.
  • During this talk, she explained how ETC Labs’ waitlist is already 120 start-ups long.

Recently, Elizabeth Kukka, Program Director at ETC Labs, gave an interview Medium explaining how her Ethereum Classic (ETC) incubator (ETC Labs) is doing. Since launching on October 1, 2018, ETC Labs has, accoding to her, created quite a buzz as there's beeen a "lof of interest and inquiries about the program," which is set to launch in the first quarter of 2019.

ETC Labs is currently in its pilot program, testing out the incubator to see how it works. She explained the benefits of working with their incubator here:

“Pilot projects get free working space, great coffee ;), and the opportunity to work alongside some of the best minds in the business. They will also have the opportunity to pitch their ideas to a roomful of investors at our launch event on October 25th. The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live.”

Elizabeth Kukka, Program Director, ETC Labs

Once these six companies pass through the pilot program, ETC Labs will be adding more projects to their team. The official launch of ETC Labs will be in the first quarter of 2019. Even though ETC Labs just launched, there’s been massive interest in the incubator. According to Elizabeth, “we have received around 120 applications so far!” That’s a big number, considering that “we plan to support around 20 to 24 startups per year.”

This is not the first blockchain incubator to be launched this year. In May, the cryptocurrency exchange Huobi announced that it would be launching a blockchain incubator. In August, Binance followed suit and announced Binance Labs.

Ethereum Classic?

Ethereum Classic is the original Ethereum blockchain. In 2016, Ethereum was victim to “The DAO” hack - a smart contract exploitation that stole millions of ETH tokens. After the hack was discovered, the Ethereum community held a vote and decided to roll back the chain and return the hacked coins. The Ethereum Classic community decided to hard fork and keep the chain as-is: stolen coins and all.

ETC has all of the features of ETH, but with a completely different developer community. ETC has not performed as well as ETH, but it has become popular enough to receive listing on Coinbase.

Libra Association Members Consider Quitting Due to Government Pressure

Neil Dennis

Three founding members of the Libra Association, the cryptocurrency project announced by Facebook earlier this year, are considering withdrawing from the group following government and regulatory opposition.

A report in the Financial Times on Friday suggested that two - unnamed - members of the Association are discussing their "right next steps". A further member - also unnamed - was reportedly concerned that its support for the project will raise regulatory scrutiny of its own business.

Founding Members

Among the 28 founding members are payments firms PayPal and Visa, internet marketplaces eBay and Booking Holdings, blockchain groups Coinbase and Xapo, and venture capitalists Andreessen Horowitz and Thrive Capital.

One of the partners told the FT:

Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.

The backlash has not just been regulatory. Central banks are concerned about the impact on monetary policy, while governments have an obligation to protect their sovereign currencies. Indeed, such has been the furore over Libra that Facebook admitted on July 31 that the cryptoasset may never be launched.