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.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance